Events and Event Driven Marketing
An event indicates significant happening or changes in customer’s life such as got married, or changed the job and or an important moment in its life such as birth day or marriage anniversary.
A few organizations are good at communicating to their customers on based on events such as birth date or marriage anniversary to establish relationship or solicit a personalized offer.
Example of Event driven communications
A mutual fund organization wishing on customer’s birthday
A hospitality chain wishing on anniversary of a customer along with 10% discount on a stay
“Event-Driven Marketing (EDM) adds the important dimension of the right time. Marketers now have the ability to make that right offer to that right customer at the right time—at exactly the moment that customer develops a need for your product or service. The result is the same as each of the preceding revolutions: increased response and conversion rates and improved profitability of marketing investments”1
Some of the important but common events such as birth day are available with the organizations. The organizations need to leverage other customer touch points and interactions information to identify additional set of events. These events can help the originations to communicate proactively with the customers or identify customer needs at right time.
Events driven personalized communication can help in increasing share of wallet (SOW) or customer retention. Below are a few examples of events which could be relevant to bank managers in identifying additional customer needs and proactively communicating to customers for retention.
Banks and other organizations are facing challenges to set up a structured approach to identify & validate relevant events. The below example shows details on how we web activities can be leveraged to identify customer needs.
Banking Example – Web Events
Web transactions are used to identify customers’ mortgage needs. The customers researched on mortgage product and checked on interest rate related pages. An approach can be formulated to capture, define and validate transactions or activities which can be used for targeting customers for mortgage products.
A customer has signed in to a bank website for checking balance and transactions. He visited mortgage product pages; spend time on pages which depict comparison of interest rates, used EMI (Equated Monthly installment).
Hypothesis on reasons for customer vising Mortgage web pages
- Customer is interested in buying house and looking for mortgage
- Customer wishes to buy a house and is planning to start saving the money
- Customer has identified the house which it is interested in
- Customer just casually looking for information on mortgage products
- Customer is doing some research on mortgage products
- Customer is financial advisor and looking for information to help its clients
Key challenges are to segregate the web clicks which are indicators of customer interest vise a vise customer visits the pages randomly. C3 Online Customer engagement score can be used to identify potential list of customers who are more likely to be interested in mortgage product. The score will indicate online engagement and applying condition on mortgage product pages will help in identifying the target list.
- Follow That Customer! – The Event-Driven Marketing Handbook