06 Jun EDM ScenariOWs
I love the scenarios that the EDM solution providers talk about. It really tells you a lot about their approach to marketing. Here are some I have culled from a quick Google on “Event Driven Marketing”.
Imagine that your customer Susan is on your website and looks at two products, adding them to her cart. But before she checks out, Susan exits and abandons her shopping basket. This is an important event. Two days later, Susan is walking within one hundred feet of one of your stores. One of the items Susan abandoned is overstocked, and you’d like to offer a ten percent discount on that item and entice her to enter your store. The offer is delivered to her phone; she enters, and purchases that item along with several things she noticed as she shopped.
My question, what is the objective of this system they are proposing (Clue: it is meant to be Loyalty)?
In the scenario given, is the company concerned about Susan the customer and her needs (in any way shape or form) or are they simply trying to find a way to ram their overstocked product down her throat?
I think they have neglected to ask the following questions
- Why didn’t she buy in the first place?
- Why did she abandon her shopping cart?
- Is this purchase significant or relevant for her?
- By the time I make the new offer, has she already bought these products elsewhere?
- How does she feel about unsolicited offers on her phone when she is out walking?
- Is this going to make Susan more loyal?
Now the answers to all of these questions may still result in the fact that the customer is interested. Hooray. But until you ask all of them you are as likely to put people off as you are to delight them. But maybe you don’t care.
Susan purchases an airline ticket online using her credit card. In a couple of hours your bank’s call centre executive gets in touch with her to sell a travel insurance product. The chances of the customer positively responding to this call are very high, simply because the bank has grasped upon the right time to sell the right product to the right customer.
Imagine this scenario:
Susan purchases an airline ticket online using her credit card. In a couple of hours your bank’s call center executive gets in touch with her to sell a travel insurance product. The chances of the customer positively responding to this call are very high, simply because the bank has grasped upon the right time to sell the right product to the right customer.
Alternatively, Susan might respond with “why the hell are you tracking what I buy. This has nothing to do with my bank. Leave me alone.”
A major financial institution is using a combination of event-triggered transactional and real-time communications to increase product penetration and proactively turn customer behaviours into profitable product investments (Profitable for whom – the bank or the customer).A series of event-triggered transactional marketing strategies have been designed to detect significant customer deposits and withdrawals. Once an event is identified, a campaign leverages lifetime value, response, and cross-sell models to determine the most effective offer, if any, for the individual. If an offer is recommended, the customer is contacted within 24 hours by a Relationship Manager.
Hmm. Not very real-time is it? This is straight forward batch EDM. Well at leas they were up front about pushing products.
Or Consider this scenario:
A customer disputes a bill for the third time. What does a marketer do before this occurrence? Proactively e-mail the customer details about a cheaper plan.
Or how about fixing the initial problem so it doesn’t happen again? Which would you prefer, a cheaper phone bill you have to dispute each month or one that is just correct?
The promise of real-time EDM and big data offers you unrivalled ability to analyse and determine opportunities. Just make sure that the opportunities are relevant to the Customer and actually have a value for them. Otherwise you have simply switched your campaign product push to real-time product push. With campaigns you can opt-out or ignore them. With real-time unless it is handled EXTREMELY carefully, it is more likely that the customer finds this an intrusion and simply leaves you.
What is your brand promise?
– we will monitor, track and pester you.
– we respect you.
With the new and emerging technologies you can do either. The choice is yours.
Finally I leave you with an alternative view on Big data and its use in your marketing here.