Event Driven Marketing.
Simply put the Event Driven Marketing (EDM) approach is to analyse 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).
More formally, Event Driven Marketing (EDM) is the discipline within marketing, where commercial and communication activities are
based upon these relevant and identified changes in a customer's individual needs (see Wikipedia).
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.
An example of EDM might be the deposit of a large amount of
money. At this time, the customer is likely to
re-assess their financial situation to cater for these new and changed circumstances.
They may consider moving house, purchasing a
car, investing, opening a savings account for their
child, etc. Thus, if a bank could determine an Event such as this in a customer’s life, it would represent an excellent opportunity to contact them in order to offer appropriate products and services.
