Trend-factored RFM scores to improve campaign performance

Abstract

A computer determines an RFM score for each of a plurality of contacts, each RFM score comprising a recency score, a frequency score and a monetary score respectively based on assigning recency values, frequency values, and monetary values of the plurality of contacts to groups. The computer generates trend factors, wherein the trend factors are based on the monetary values and timestamps of each of a plurality of transactions for each contact of the plurality of contacts. The computer generates a mean trend factor, based on the trend factors generated for each of the plurality of transactions for each contact of the plurality of contacts, and determines, by one or more processors, a trend adjusted RFM (tRFM) score based on applying the mean trend factor to at least one of the recency score, the frequency score, and the monetary score, for each contact of the plurality of contacts.

Description

BACKGROUND OF THE INVENTION[0001]The present invention relates generally to the field of consumer behavior forecasting, and more particularly to improving the effectiveness of response to solicitations.[0002]Marketing campaigns are used to focus sales or solicitation efforts and improve desired results. A marketing campaign uses organized activities to promote a product or a specific result through the use of different mediums, typically using various types of advertizing. Undirected advertizing can be ineffective, costly and wasteful, therefore campaigns benefit from efforts that identify distinguishable groups that are most likely to respond positively to marketing solicitations.[0003]Commercial solicitations, whether for traditional sales, direct sales or for contributions, make use of marketing techniques to identify contact sets having higher probability of responding. All forms of marketing carry a cost-benefit ratio, and determining the appropriate target audience for the mar...

AI Technical Summary

Benefits of technology

The present invention provides a method, computer software product, and system for calculating a trend factor in recency, frequency, and monetary scores. This is done by assigning recency, frequency, and monetary values to groups of contacts, and then generating trend factors based on the monetary values and timestamps of transactions for each contact. These trend factors are then applied to adjust the recency, frequency, and monetary scores for each contact. The technical effect of this invention is to provide a more accurate measure of the value of each contact's influence on the sales process, based on their recency, frequency, and monetary scores.

Problems solved by technology

Undirected advertizing can be ineffective, costly and wasteful, therefore campaigns benefit from efforts that identify distinguishable groups that are most likely to respond positively to marketing solicitations.

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