13 Oct The old Campaigners
In its simplest form, traditional campaign management is the matching of lists of people to products or services to be delivered through a channel.
Following this, the timing, planning and scheduling of campaigns is based on when a Bank wants to communicate with their customers with regard to particular products, eg. If it’s January then it must be a Mortgage campaign, etc.
When applying this approach to Event Driven Marketing we come up against several problems.
1) As we know Events are characterised by being focussed on individuals who have had something significant happen to them today. People buy houses when they decide, not when the bank plans it. The same applies to starting jobs, getting married, having children and receiving inheritances.
Consequently with EDM the timing of the campaign is defined by the customer’s actions not the planning of the bank. In reality the campaign must run as a daily process rather than as a scheduled project.
2) An Event may tell us that something significant has happened, but we may not know what to offer as a product or service. In talking with Jonathan Huth of drive conversion (who implemented EDM very successfully at Scotiabank), he found that there are over 20 different reasons why a customer may receive a large deposit into their account. Thus it is not possible or practicable to link an Event such as a Large Deposit to a product offer – which on is the right one?
This gives traditional campaigners problems as they want to map a product offer to the Event lead. Which in turn means they can report on campaign success, effectiveness, product sales, etc.
So what did we find? Well traditional campaigns map products to lists of people, whereas EDM campaigns don’t use lists of people and they often can’t link products to the customers.
If we don’t have products and lists of people, what is left?
The answer is a (daily) process that manages dialogue with customers to whom something significant has happened. What falls out from the dialogue is a set of actions, product offers and services based on the actual customer’s needs rather than those planned by the Bank’s product managers.
It is hard work, and requires turning your standard project based campaign approach upside down, but Events help you communicate with the customer at the right time and dialogue helps you make to right offer.