Determining target customers during marketing
AssigneeHewlett-Packard Development Company, L.P.
InventorsBiswajit Pal, Subhasish Misra, Abhisek Saha
Life of this patent
Estimating the term…
Abstract
A method of determining which customers to target during marketing is disclosed. Parameters are estimated from inputs of sample customers from statistical procedures, and an approximation model is created for each of the estimated parameters. The approximation models are applied to transaction data collect for customers on a customer list. For each customer, the transaction data is applied to the approximation models to determine a dropout probability and a transaction rate. A likelihood of repeat purchase is determined for each customer based on the dropout probability and the transaction rate.
Claims20
A method of determining customers to target during marketing, comprising:
- estimating parameters from inputs of sample customers and providing an approximation model for each of the estimated parameters;
- receiving transactional data collected for a plurality of customers from a customer list;
- for each customer from the customer list:
- determining corresponding explanatory variables from the transaction data;
- applying the explanatory variables to the approximation models to determine a dropout probability (p) and a transaction rate (λ);
- and
- determining a likelihood of a repeat purchase during a selected time period based on the dropout probability (p) and a transaction rate (λ);
- and
- scoring the customers from the customer list based on the likelihood of repeat purchase.
A system for determining customers to target during marketing, comprising:
- a first module configured to estimate parameters of dropout probability and transaction rate from inputs of sample customers and provide an approximation model for the dropout probability and an approximation model for transaction rate;
- and
- a second module configured to receive transactional data collected for a plurality of customers from a customer list and configured to apply the transactional data to determine a likelihood of a repeat purchase during a selected time period based on the dropout probability and a transaction rate from the approximation models.
A computer readable storage medium storing computer executable instructions for controlling a computing device to perform a process for determining customers to target during marketing, the process comprising:
- estimating parameters of dropout probability and transaction rate from inputs of sample customers;
- providing an approximation model for the dropout probability and an approximation model for transaction rate;
- receiving transactional data collected for a plurality of customers from a customer list;
- and
- applying the transactional data to determine a likelihood of a repeat purchase during a selected time period based on the dropout probability and a transaction rate from the approximation models.
Dependencies are inferred from the claim text.