For years Banks have relied on "push marketing". Manufacture a product (say a credit card) and then go pushing it into the market using the most "intrusive" methods possible. DSAs(direct sales associates) in the Indian market perfected this art and they would push a credit card to you outside an airport in a mall and in fact anywhere.This push marketing got the banks huge increase in acquistion rates and thereby the "Cards in force" jumped up but not the quality of the customer! And that has led to todays situation where most bank credit card portfolios are under threat with large deliquencies.
How do Banks and other Financial services marketers move from a paradigm of push marketing which is essentially choosing the "Banks time to market" to a new paradigm where the bank chooses "Customer's time to market" by observing changes in behaviour which occur in the customers life.A sudden substantial balance in a customers savings account should trigger a bank's campaign to sell insurance or a mutual fund.
Customers always have a reason behind their actions and the banks have all the data in which customers are actually leaving their "footprints behind". If companies deduce these reasons, event based marketing can positively exploit all customer database to draw a winning marketing strategy. Dan Smith talks about how Event-based marketing (EBM) has emerged as a new paradigm to turn traditional segment-centric direct marketing on its head.
Marketers understand "campaigns" to mean a one time & one way communication with customers.Here is an extremely interesting article on how Cisco is changing this traditional view of a "campaign" and moving from a "monologue" to a "dialogue" with it's customers.At Cequity we truly believe that many companies actually have the transactional data of their customers which allows them to set up "active dialogues" with their individual customers.We call this kind of marketing "Event based marketing" and it allows the marketer to create a two way dialogue basis the "customer behaviour change events" that the marketer can spot!