An Introduction to Event-Based Marketing

As the digital landscape continues to grow in complexity, marketers are challenged with providing personalized, relevant communications across an ever-expanding array of channels. But all savvy marketers aspire to a similar goal — to enhance and ultimately retain each and every customer relationship.

Event-based marketing (EBM) — a process designed to enhance the dialogue and relationship a company has with each of its customers — provides the strategy and technology needed to eliminate expensive, underperforming mass marketing campaigns and enable timely communications tailored specifically to individual customers. The most sophisticated solutions help you recognize — or even anticipate — changes in an individual’s consumer behavior. They then enable you to respond to that customer with a timely and relevant message or offer.

The results speak for themselves. Top companies from around the world, representing industries as diverse as finance, insurance, telecommunications, retail, and travel have experienced immediate results with EBM, including:

• Response rates of 60% or more to highly-targeted customer communications
• Up to a 75% reduction in advertising and marketing expenses over a five year period
• A 98% customer satisfaction rating among the highest value segments

Are you listening to what your customers are saying with their actions?

Understanding and Responding to Customer Events

Customer behavior almost always indicates a specific interest or need. Something as simple as searching for products or services on a web site or calling to register a complaint about lost baggage or dropped cell phone calls present powerful marketing opportunities. An upswing in credit card or cell phone usage, the termination of automatic deposits, or the first instance of almost any type of behavior or transaction are changes that savvy marketers could leverage if they knew about them.

Unfortunately, every company can list instances of losing customers at precisely the moment when they should have been capitalizing on an opportunity. Some of those customers get lured away by better deals from the competition. Others are dissatisfied with some aspect of price or service and begin shopping around. The key to keeping your customers satisfied is using timely and reliable data analysis to anticipate and respond to their needs.

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With a sophisticated EBM solution, you gain three key advantages over traditional marketing programs:

• Significance. Detect events or behaviors that are unusual for each individual.
• Relevance. Deliver a highly-personalized message or offer.
• Timeliness. Make the offer quickly and automatically at the exact moment your customer is engaged with you, reducing missed opportunities and significantly increasing the probability of acceptance.

These three qualities help you build stronger, servicebased relationships. EBM also helps you reduce the use of costly and irrelevant communications and achieve much higher response and conversion rates than traditional marketing campaigns.

Making the Most of Your Marketing Opportunities

Effective EBM consists of more than just detecting customer events. The real promise and possibility exists in understanding how to act on individual events to create the greatest business advantage — and the most meaningful customer interactions. The most successful EBM programs must be able to:

• Trawl through thousands of detailed transactions that are captured and evaluated daily
• Identify behavioral changes, both simple and complex
• Determine the significance of a behavior based on the customer’s transaction and interaction history
• Prioritize and select the most relevant customer offer
• Determine the best communication channel based on customer preference
• Simultaneously execute, manage, and measure hundreds of triggered campaigns every day

Although establishing a well-defined set of rules is largely a manual process, EBM eventually becomes a technological advantage based on human ingenuity and business acumen.

Teradata has over 15 years of experience in developing EBM solutions and has developed a vast library of best practices and tools to help accelerate any EBM project. If your organization manages large numbers of transactions or interactions with customers, if you operate in a highly-competitive industry where success depends on top-notch customer service, or if increasing the range of products and services you offer is critical to your customer base, then it’s time to explore the power of EBM.

About Teradata

Teradata Corporation (NYSE: TDC), is the world’s leading analytic data solutions company, focused on integrated data warehousing, big data analytics, and business applications. Teradata’s innovative products and services deliver data integration and business insight to empower organizations to make the best decisions possible and achieve competitive advantage. Teradata acquired Aprimo, now Teradata Applications, in January 2011. For more information, visit www.Teradata.com.