Hard bounce notification

You can do this with this type of Rule:

1. For the trigger, select "A Field is Updated". From the drop downs, select the "Bulk Email Status" field.
   
   
   
   
   
2. For the condition under "If This is True", select "Field is This Value". From the drop downs, select the "Bulk Email Status" field and "Equal To" > "Hard Bounced". 
   
   
   
   
3. Under "Then Do This", select either "Notify Someone with an Email" or "Send an SMS". When you create either the Email or SMS, any merge fields you use such as [First Name], [Last Name], [Email], or [Contact ID] will populate with the Contact's information even though you are sending the Email or SMS to yourself. 
   
   
   
   
   
   

You can create alerts this way for nearly any action your Contacts take!