Events Response Marketing (ERM)

 

EVENTS RESPONSE MARKETING (ERM)

Event Response Marketing is a process of providing solution on need basis or on an immediate demand basis that seems not having it at that time it is the riskiest or serving when there is an expected scarcity of such services or things are expected to be unaffordable. This is a new kind of marketing to my research that works tremendously excellent and its success rate is higher than normal marketing

Such Events are like Hunger, Floods, Diseases example Covid19, Fire, Theft, Increase in Value, Political unrests and Wars, shortage of supplies etc.Such Events that has recently happened that can mean or validate the need for ERM is COVID 19, South Africa Unrests, Wars, Floods.

The benefits of ERM is that it is the easiest way to convince clients to buy your products even if they had no plan because it is a no other alternative time.

The challenges of ERM method is that its sustainability is not guaranteed that you can convince but retaining the clients when such events pass is  tough .After the insuarance managed to convince 20 clients for 7&15year contract in two years more than 5 clients wanted to stop the insuarance cover.

How to make the ERM work after having acquired your first clients due to the events, customer retention after acquiring is making sure  such service is relevant as it was introduced, improving in value ,learning more, researching of the clients other needs than that event which convinced them , making stronger and longer relationships with clients etc.

Practical example more than 20 people was sold life insuarance during the pandemic on the early stages and the sales person promise was that if you died within 6 months of your contribution your family could have got the money you have contributed and since it was fatal and deadly and people feared a lot they were all convinced joining the insuarance and agreed to contribute large sums of their salary for the same this is a proof how the ERM method works.

Companies can take advantage of the same to ensure any events they move swiftly to ensure they sell their services and acquire clients at the lowest cost possible ever. New business have formed as a results of the events that have been happening recently and in the pasts. Big business people have made their fortunes during time of crisis and some business were saved due to their proactive actions they took.

It is a wake up call for clients also to know what they need ahead and not purchase during the crisis times looking at what is happening in South Africa organizations are getting into big losses due to the unrest and fires burning their stores which can mean few have insured their business if they had moved ahead this will mean their business will survive but the same will mean they have vanished will not wake.

The ERM concepts for companies is that it is the best times to acquire clients at the lowest costs. Clients also it is the time to learn how to proactively cover themselves in case of catastrophic events occurs.

On one of my blogpost I talked on how to develop a business idea I talked about government policies and events this can drive new demands.

Stanley G Mkolangunzi:               Author/Business and Life Coach/Entrepreneur

smkolangunzi@gmail.com            Blog:Bizness startup secrets

 

 

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