What is Event Based Marketing?
Event-based marketing is a business strategy to deliver a personalized customer experience when your customers take certain actions or interact with your brand.
These particular interactions are known as “events” or “triggers”.
An event or trigger stores the information that is tied to a user’s identity. Brands access this information to create another personalized communication plan with users. Event-based marketing is also known as trigger marketing or event marketing.
Anatomy of an event in event-based marketing
An event can be assigned to the three parameters.
- One identity
- An event name that is unique
- All attributes stored in the event.
Events store information (user behavior attributes) in it. For marketers, events can be linked and identified with the “what”, “when” and “how” perspectives.
Why should you focus on event-based marketing?
Event-based marketing requires a detailed understanding and monitoring of customer interactions in the past. Once that’s done, however, it becomes easier to tweak the process to optimize conversions.
According to a survey by Harvard Business Review, 52% of respondents believe event-based marketing creates more business value compared to other marketing channels and strategies.
This is why your company should focus on event-based marketing.
Reach the most potential and targeted audience
Event Based Marketing (EBM) enables brands to attract customers who share highly relevant characteristics of their audience.
Event-based marketing allows you to segment your customers from a specific region that you focus on. You can also categorize your customers according to different segments, e.g. B. after the last phase of shopping, the initial phase or the intermediate phase of your trip, etc.
For example, let’s say you have a visitor to your website from the United States who is browsing the product comparison page.
Event-based marketing script codes allow you to record the location of the website visitor.
As soon as the visitors accept the cookies on your website, you will be assigned a unique ID.
You can use this information to segment these visitors by country and link them to information relevant to their location.
Builds customer loyalty
Customers stay loyal to brands they feel valued by. If you succeed in attracting your customers through personalized marketing, your users will prefer your brand to others.
Over time, your customers will in return help build awareness of your brand and even recommend it to others.
When a brand offers its customers what they want and are looking for, it certainly leads to conversions.
The EBM can double your conversions while keeping costs to a minimum.
Gather useful insights from customer feedback
When understanding your customers is done in a very researched manner, it will be easier to gather insights that will be helpful in determining future growth and sales strategy.
For example, when your customers reach a certain point in their journey and find it difficult to move forward. You can study the behavior and develop strategies to fill in the gaps. For example, it could be a missing demo video or a specific user query, etc.
Traditional behavioral marketing vs. event-based behavioral marketing
In order to carry out marketing activities, the behavior of the user is tracked across various points of contact.
Traditional behavioral marketing uses limited algorithms to track user behavior. While in event-based marketing the behavior of the user can be tracked in great detail with the help of intelligent algorithms.
Let’s understand this using the following example.
Abandoned shopping cart campaign with traditional behavioral marketing
For an ecommerce platform, it is important to involve users in checking out to ensure the purchase is made.
Therefore, with traditional marketing, you can monitor user behavior in the following ways:
- When a user puts the items in the shopping cart
- And when the user checks out the online shop.
The user interaction is followed here with limited options.
Abandoned cart campaign with event-based marketing
When the cart users are engaged in event-based marketing, engagement points to a deeper understanding of user behavior.
The user can be kept busy through various points of contact as follows.
- The products / articles are placed in the shopping cart
- When the user initiates the check-in process
- When a user enters shipping details
- When the user confirms the billing details
- When a user completes the payments
- If the payment process fails
- When the user checks out from the online store.
In event-based marketing, you know the correct and accurate position of users on their buying journey. Hence, it becomes easier to understand the interruption and then reach out to those particular users via push notifications, emails, SMS, etc. to pick up where they left off.
For example, when your user has added the items to the cart and confirmed the billing details. However, the purchase was not made. In this case, you can push a campaign with the payment link and ask the users to complete the payment.
How do I implement event-based marketing into your business plan?
Event-based marketing is fast becoming a must for companies that are data-driven. It improves the quality of marketing efforts to get users involved. In addition, EBM is adding various functions to the brand.
Event-based marketing is often confused with physical events that companies conduct to promote their products and services such as trade shows, conferences, etc. With this in mind, we refer event-based marketing to the digital marketing strategies that involve users across the online travel space.
In a digital context, EBM helps you to market your product effectively, to analyze various measurement data, to run advertising and campaigns in order to improve customer communication.
Event-based marketing uses events as mentioned in the blog above. These events do the following:
- Detects the change in the status or behavior of the user action.
Use of email in event-based marketing campaigns
Businesses use email campaigns to take advantage of events associated with specific users. There are several different types of campaigns that you can run if you have enough information to meet the criteria set for the event.
Some examples of email campaigns triggered based on EBM.
Welcome emails to new users
Welcome emails are sent to newly added users to your service. Here the specified criterion for the event to invoke the triggering action is the completion of the login.
Email campaign for inactive customers
Companies send this email when customers remain inactive for a set time limit. Once the time (event) crosses the threshold, these inactive campaigns will be triggered for your inactive users.
If you want to target users who are inactive for more than 3 days to use your products. You can then set up email campaigns that will be triggered after the third day of inactivity from users.
Other generic mails for your existing users
This type of email campaign can be used based on various user activity on your website or application.
For example, when a user is browsing your documentation guides, email campaigns can be sent with live integration video links.
Use of push notifications in event-based marketing campaigns
Push notifications have long been used to keep users engaged. Strategic use and implementation leaves a lot of room for improvement in customization.
Push notifications are short and precise modes of communication that reach your user’s devices in seconds.
Brands use push notifications in a number of ways. Some of them are mentioned below.
Trigger push notifications
Trigger push notifications appear when a user takes certain actions on your website or mobile app. Triggers create a sense of urgency in users’ minds and prompt them to keep looking at the brand.
For example, suppose you are an Ed Tech platform and the user is browsing a special page with training courses.
Using EBM technology, you can filter such users and send push notifications about their preferred rates with discounts.
Welcome notifications are triggered when a website visitor clicks “Allow” to receive push notifications from your website or applications.
Welcome push notifications not only greet your new users but also make their online trip a good experience.
Leaving the car is triggered
We talked about shopping cart triggers earlier on the blog. These push notifications are triggered when the user forgets to shop through your online shop and forgets the items in the shopping cart.
Event-based marketing is becoming the most important asset for businesses. Not only does it engage users in a personalized approach, but it also lays the foundation for future strategies that will lead to improved conversions, engagements, and retention.