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Optimization of offer creation process in enterprise marketing domain

IP.com Disclosure Number: IPCOM000226040D
Publication Date: 2013-Mar-21
Document File: 8 page(s) / 64K

Publishing Venue

The IP.com Prior Art Database

Abstract

This disclosure proposes a solution to optimize the offer creation process and generate more relevant and customer specific offers with higher acceptance rate.This proposed solution enables marketers to create the best offer for that particular customer based on his interest,histroy, present happenings, current marketting trends and budget. The proposed solution will generate the offers for customer in real time which will have very high acceptance rate compare to conventional offer generation mechanisms.

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Page 01 of 8

Optimization of offer creation process in enterprise marketing domain

In any Marketing world offer is the key component. The effectiveness of the campaign is highly depend on the offer generated for the particular customer or group of customer. It is always a big challenge for marketer to generate and send relevant offers to the right customer on right time. To achieve the targeted ROI ( Return On Investment) marketer needs to generate the offers very intelligently based on the market and customer information study.

In today world we can divide the offers into 2 types :


1. Product related Offerings


2. Non Product related Offerings

Product related Offerings: This is directly or indirectly offering products to the customer through the offer. e.g. On purchase of product X customer will get product Y free etc.

Non Product related Offerings: In this mechanism offer is related to the other things like discount, money back or some other customer needed things. e.g. On transaction of amount X in 1 week through bank account you will get the travel bag etc.

Problem Scenario:

The offer management done in today EMM world includes the already existing offer comparisons and select the appropriate one for the targeted group of customer or segment. Offer creation is done by the marketer based on his current trend and business analysis.

Creating new offer is highly dependent on the current market trend, individual customer's interest and sentiment, business logic or strategy of the organization. By analysis of all this part will only help in generating new offers relevant to each individual on right time.

The existing offer management mechanisms in industry do not offer this facility in offer creation which includes this entire factor.

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This disclosure proposes a technique to improve the offer creation/generation process by

proposing new solution which usage the customers history data, customers social & sentiments data, current industry trends along with the offer related history data.

This proposed solution helps marketer to generate the relevant offer to each individuals which will have very high acceptance rate. Proposed solution works with the history data along with the current business trend, customer's social data (gathered through the social network sites like Facebook, twitter etc) and sentiments to create or generate a most relevant offer to each customer. With this proposed solution the marketer's task of offer creation will be much faster and more effective.

Advantages -


 Proposed solution/algorithm optimizes the offer creation process.


 Proposed solution generates the most valid offer for each of the targeted individual.

 This solution helps marketer to generate and assign most relevant offer to a right person at right time, which helps marketing campaign to achieve maximum ROI.

This disclosure proposes a solution to optimize the offer creation process and generate more relevant and customer specific offers wi...