(Posted by guest blogger, James Taylor)
Adam Sarner at Gartner published Five Steps to Successful Event-Triggered Marketing last week. The abstract of this paper says:
Successful event-triggered marketing is a process of identification, categorization, monitoring, optimizing and executing. Marketers that do this right will see their marketing messages receive up to five times the response rate of nontargeted push messages.
It seemed to me that this was a good prompt for a quick reminder on how EDM - Enterprise Decision Management - can be used to deliver on the promises of event-based marketing. Taking Adam's five stages:
- Identification of the events that matter requires an understanding both of the rules of your business and your historical data. Considering events that can be described in terms of rules (customer's total balance exceeds $X) and analytics (customer's retention risk exceeds Z%) gives you a rich yet actionable set of events. You won't be able to monitor all of them but this will give you a nice superset.
- Categorizing the events to help decide which ones are important is critical to delivering something practical so use predictive analytics when categorizing. Predictive analytics, with their view into the future, will help to identify leading indicators where other forms of analytics will tend to be backward looking. Analytics for segmentation can also help determine when particular events matter to particular sub-groups of your population.
- Don't forget when monitoring that you must consider all channels. Using a common decision service to decide which events have happened enables you to detect these events across all channels thanks to decision externalization.
- Use adaptive control, champion/challenger testing and optimization to make sure that you are making the best offer for each event for each customer. What is best will change over time as your customers, competitors and the overall market change. Stay focused on the micro decisions of how to respond to a specific event for a specific customer to make the most of event-based marketing.
- Consider using more decision services to handle execution so that you can work across channels. A managed decision service can determine the next best action to take and then decide which channel to use to communicate with that particular customer using a combination of effectiveness and preference.
EDM is a very effective tool in your toolkit when implementing event-based marketing. Here are some other posts on marketing you might enjoy also:
- What's old is new - personalization is back
- Is your system smart enough to make your customers feel good?
- Customer focus with EDM
- Using EDM to improve marketing operations
- Data Mining, Predictive Analytics and Markets of 1
- A home page is a decision
- Hits and Niches
- Here's a way to have 1:1 communication and scale too
- Event-driven and decision-centric