Event-Based Marketing...

What is Event-Based Marketing and how does this differ from traditional Marketing? The write-up below tries to describe EBM and why it can be successful.

Traditional Marketing uses (typically) predictive models that tells us which are the customers that are likely to respond given the offers we have on hand. The predictive model scores the customers (usually, on a sample data set and this is applied on the universe) for further marketing. The flip side (to the traditional approach) is that its still a bet, albeit, a calculated one and it does work well, but many times it tends to go wrong as well. Cut.

Enter EBM, the (old) new kid on the block. EBM is not "likely" marketing or about marketing the offer you have on hand (whether the customer is interested or not), EBM is about watching the customer closely (tracking her transactions) and set up sensible workflows that capture certain events (which are of marketing significance to you) and immediately (well, almost) reach out to her with an offer. The chances of the customer reacting to your offer is higher since the offer is made because the customer has made a certain transaction - no statistical probability here, no predictive models here, no neural networks here. Pureplay transaction-based marketing.

The good thing about EBM is it works! We recently helped a customer design/run some complex transaction workflows and our customers have been pleased with the results they have seen. It works!

If you would like some help with designing Event-Based Marketing programs, do not hesistate to email.

Happy Marketing!