Event-driven marketing

Event-driven marketing (EDM) is a discipline within marketing, where commercial and communication activities are based upon the measurement of relevant and identifiable changes in a customer's individual needs. It is a distinct and different approach to direct marketing and traditional Database marketing which typically use statistical methods.

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.

A "Significant Event" is a major happening in a customer’s life. They can lead to a measurable change in a customer’s normal behaviour, state of mind, personal circumstance, or interaction pattern. It 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 the marketer to make better, more informed decisions.

Event-driven marketing is synonymous with and exactly the same as event-based marketing (EBM). In some cases it is also referred to as Trigger-based marketing (although "Triggers" are very much a subset of Events - see types of Event below). The definition above is consistent for all of these terms.

The theory behind event-driven marketing is that the most productive message is one that is relevant to the Customer and based on what’s going on in their life at that moment in time.

EDM expands the relationship with customers by monitoring them (and their personal or commercial situation) on a constant basis and responding immediately to relevant changes in their circumstances. This includes monitoring both their transactional behaviour (as is done in direct marketing) as well as their life or business circumstances beyond your immediate transactional relationship.

The results from implementing EDM are notably spectacular and have a positive effect on several common marketing KPIs and metrics. It is common to achieve average positive Customer response rates to communications of 34%. This compares to normal targeted direct marketing response rates of 1%-4%.

Other metrics affected include increased Customer Satisfaction and reduced Churn/Retention. An overview of the different results achieved can be found on eventricity's site

Finally Events (and EDM) play a key part in Marketing, particularly as the key catalyst in what are called "Moments of Truth" (see Moment of Truth (marketing)).

...
Wikipedia