23 Oct eventricity Ltd Releases OfferManager
Press Release 22nd October 2013
Following successful trials at Raiffeisen Bank and based on input from several other Banks, UK based software provider, eventricity Ltd, has today announced the release of OfferManager and updates to Timeframe and Coffee, their suite of Event Driven Marketing (EDM) software applications.
OfferManager is a content creation tool. It allows a marketer to create detailed lead content that is specific and explicitly for each individual Customer instead of using standard, generic scripts. OfferManager can use data from multiple external sources, such as a marketing database, or scores and indexes created by statistical analysis tools such as SAS. This information is vital for supporting the Relationship Manager and Call Centre agent in their discussions with Customers.
Timeframe has been updated to include Alerts. These are Events that are requested and specified by the Customers themselves.
Coffee now supports the filtering, deduplication and channel limiting of leads from external systems such as lists from a campaign manager. This means that Coffee can provide Contact Optimisation for all of a Bank’s communications, instead of just for Events.
In normal processing, the leads from a marketing tool are passed directly to the Channel ‘as is’. The problem with this is that Relationship Managers complain about not knowing what to say and that any lead has to be researched extensively before they can make contact with the Customer. Similarly the Call Centre Agents complain that their cookie-cutter scripts are not appropriate.
Using OfferManager the lead text can be enhanced and refined with the information that the bank already has about the Customer so that instead of a Lead stating that a ‘Large Deposit’ has happened, it can now also provide specific and detailed information about the customer and their status. This information provides a more complete picture or story for the Relationship Manager or agent to use in his contact.
The scripts produced are not fixed but are completely variable and different for each Customer based on their particular data values.
“Content management is one of the most difficult parts of marketing,” says Mark Holtom, Director, eventricity Ltd, “And a single Event could result in as many as 50 different communication texts depending upon the Customer’s Age, profitability, Risk score, product holdings, etc.. This complexity is managed and automated by OfferManager.”
Raiffeisen Bank Project
“The initial implementation of Event Driven Marketing from eventricity was very successful and well received by both our staff and our Customers,” said Dr. Josef Holböck, Director of Analytik for Raiffeisen Bank. “In moving forward to the next stages, our users wanted more information delivered about each Event lead so that they could better prepare their discussions with the Customer. OfferManager provides this information, and it has been extremely well received by the end users.”
“The bank has also used the new features in Coffee to deliver leads to a Relationship Manager from multiple sources within the bank. We call this our ‘Chance Pool’ and using it an RM receives a list of actions and leads which are prioritised and refreshed daily,” said Holböck.
Event Driven Marketing
An Event Driven Marketing approach analyses the needs and actions of customers individually on a daily basis to determine when something significant has happened to them and that they require contact. This is termed Customer Pull instead of Product Push. Research and results have shown that the average response rates for Event Driven campaigns typically range from 20% to 50% compared to the 2%-5% achieved using traditional CRM methods
Timeframe and Coffee
Timeframe is an application designed for implementing Event Driven Marketing. It is a pre-packaged application containing a data framework, a library of Events and all of the Business logic for the implementation of an Event Driven Marketing solution.
In its simplest form, Timeframe is an automated process which will take daily data feeds from a Bank, analyse them and produce a list of leads. These leads are Bank Customers to whom a significant Event has occurred within the last 12-24 hours.
Coffee is a tool for filtering and optimising the Event leads generated by Timeframe before passing them to the Bank’s CRM Tool / Marketing Automation system for delivery to the Channels.
Timeframe and Coffee are designed to run in an automated fashion, and on a day to day basis require no user intervention. They are database and CRM tool agnostic.
“Implementation of an EDM system has always been a bespoke effort requiring >$1m and 12 months to complete. With Timeframe, eventricity is able to deliver a working solution within a few weeks at a fraction of this price. This approach dramatically reduces the risk and payback time for the Bank,” said Mark Holtom, director of eventricity.
The Raiffeisen Banking group is the largest bank group in Austria. Almost every second Austrian is a customer of the Raiffeisen bank. The Raiffeisen Banking Group provides the densest banking network in the country and is a universal retail bank offering a complete range of financial products and services.
For further information see Raiffeisen Bank
eventricity Ltd is a UK based software developer and consultancy focussed on providing complete solutions for Event Driven Marketing.
For further information please get in touch