EDM

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.

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