Timeframe is an application used by the Marketing department to create, manage and detect Events and to deliver EDM leads to the Bank’s existing CRM tool or Marketing Automation application. Once set-up, Timeframe processing is fully automated and requires no effort or input.
There are three main areas of overall functionality in the Timeframe Application;
The Events in the Timeframe library are those which have proven themselves to be the most profitable and effective. They use data which is common and readily available and can be implemented by the vast majority of Retail Banks.
The Events themselves cover a spectrum of functionality and have been classified into types such as Sales, Churn (Attrition), Risk and Service.
Currently there are between 30 and 45 base Events in the Library (depending upon data availability). Base Events provide key logic and functionality such as the detection of a Large Deposit.
These Events can be taken and cloned to produce many variants specific for different needs. In one instance a customer took an initial 7 Events but deployed 35 separate variants of these as part of their rollout. More recently another customer’s initial deployment was for over 300 variants of just 16 events from the library.
Part of eventricity’s approach to delivering an EDM solution is to conduct a workshop with the Bank, where Events are selected from the Timeframe library and where new, Bank-specific Events are defined.
As part of the implementation process eventricity determines the data availability and content to support each Event. Once this has been done and the tables have been set-up to receive the data, we then implement and tune Events against the Bank data as it is loaded.
Timeframe Events and their parameters will be set up as part of the installation process. However parameterisation allows the Marketing user to change or to further fine-tune Events in order to achieve specific goals.
In general, each Event is a discrete piece of SQL code. As such it has been developed by a technical expert and requires such expertise to change it. However, Timeframe Events have been designed to allow Marketing users to change their scope and capabilities.
Event parameterisation allows a non-technical user to adjust and change Events without recourse to technical support or SQL expertise. They can even use a cloning facility to create new Events using existing Events as a template.
Not only is it easy, but it is also fast.
Let’s take an example. A Bank is running the ‘Large Deposit’ Event and after a month’s processing they find that the Event delivers an average of 5,000 leads per day which they feel is too many. Further that the vast majority of these leads are for amounts of less than €7,000. Preferring to concentrate of fewer leads with higher value, they decide that a more appropriate minimum level of value would be €25,000.
The marketing user changes the Minimum Value parameter of the Event to adjust this. They then run Test Processing to see how many leads would now be generated.
The actual parameters for an Event are specific to the Event itself. Thus an Event that looks at transaction history may have a parameter for setting the history period, whereas an Event looking at transaction values may have parameters for percentage uplift or minimum amounts.
In the normal course of operations, Event processing is fully automated. Data is loaded into the Timeframe database overnight and the Events are then triggered to run.
The results of the processing are placed in the Leads table to be augmented by OfferManager, then filtered by Coffee and finally delivered to the Bank’s Campaign Management tool or Marketing Automation application.