WHAT IS EDM & WHAT IT CAN DO FOR YOUR BANK

Event Driven Marketing (EDM) analyses each customer’s needs and actions in order to determine when they need something (Customer pull) not when you want to sell them something (Product Push).

EDM is the discipline within marketing, where communication is based upon relevant and identified changes in a customer’s individual needs [1].

In this context, an “Event” is defined as a detectable change in an Individual’s circumstances, today, which is relevant and significant, either in fact or in their mind.

To see an infographic which highlights the key benefits and results obtained from EDM, click here.

Significant Events are major happenings in a customer’s life. They can lead to a measurable change in a customer’s behaviour, state of mind, circumstances, or interaction pattern. A Significant Event offers a reason to communicate with the customer, with a relevant proposal, at the right time.

Events increase the knowledge, understanding and information about a customer that enables you to make better, more intelligent and informed decisions. Customers feel that you know and understand them better. This is a more authentic and natural way to communicate, which is more likely to receive a positive response.

Event Driven Marketing (EDM) is exactly the same as Event Based Marketing (EBM) and ‘Trigger based’ marketing. The definition above is consistent for all these terms.

Instead of conducting a campaign based on the marketer’s sales objectives, an Event Driven approach is focused more on the customer’s needs and how the Bank can satisfy these.

The beauty of this approach is that each message is optimal. There’s little waste. Customers receive relevant promotional offers and service messages that are of interest to them at the right moment, and marketers avoid the shotgun approach and cost typical of most campaigns.

Events determine when Customers need something not when you want to sell them something
There is a lot of talk about Event Driven Marketing (EDM) in the marketplace, although most people can’t even agree on what is an Event. It is a key topic in marketing conferences and seminars.

The results of EDM are often spectacular; including response rates of 20%-50%
Whilst figures vary, the research done on EDM showed that the average positive response rates for Event Driven campaigns typically range from 20%-50%! Imagine having those results for your campaigns.

All of the Banks which have implemented an EDM approach report that Events provide between a 5 and 10 times increase over their previous response rates along with an associated increase in sales.

They also report changes in other Key Performance Indicators such as increased customer satisfaction, lower attrition rates and lower marketing costs.

If EDM is so good, why isn’t everyone doing it?

The results of EDM are often spectacular, yet there are still only a tiny handful of banks in the world that seem to have implemented this successfully.

  • Every time, this was done by developing a solution from scratch.
  • Even today with literally hundreds of CRM tools in the marketplace, there is no single Event ‘product’.
  • If a bank wishes to implement EDM they must do so using bespoke development.
  • The time and cost for implementing EDM runs at around €1.5m-€3m and 24-36 months – that is if you have staff with experience.

 

Why isn’t everyone doing it? Because implementing EDM is expensive, difficult and requires specialised expertise in order to be successful – until now.

At eventricity, we have developed a complete, packaged Event Driven Marketing solution – Timeframe & Coffee. We believe this to be the only application software of its type in the world.

Using our Event Driven Marketing technology, we can link to to any existing CRM solution achieving up to 10 times better response rates.

Check out the Awards we have won and our customer case studies ( click here and see the sidebar).

Next Steps

If you want to find out more, then please feel free to explore this site. You can find details of our approach and the solutions and services that we offer answers to Frequently Asked Questions, the Key Performance Indicators influenced by EDM and an overview of our Products.

Do look at our offer to Prove the Business Value of EDM to a Bank along with more details of Timeframe and Coffee and a discussion on Data Quality.