Benchmark Conversion Rate Setting for Sales Pipeline Automation
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Solution Overview
Problem
Current methods for managing a sales pipeline are inefficient due to manual steps and lack of accuracy, necessitating a solution that automates the process while improving precision.
Innovation Solution
The system accesses user search data to identify promotions, generates identification pairs, calculates search velocity, and sets benchmark rates based on conversion rates, prime merchant metrics, and inventory thresholds, enabling the identification and classification of suitable providers and regions for lead generation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual steps are used in sales pipeline management, then flexibility and adaptability are maintained, but efficiency and accuracy deteriorate
Solution Approach 1:
The system enables self-service by automatically calculating conversion rates, generating benchmark rates, and identifying suitable providers without manual intervention. The automated pipeline management system performs data processing, analysis, and provider selection independently, eliminating the need for manual execution of these tasks while maintaining system adaptability through configurable parameters.
Solution Approach 2:
The patent replaces manual mechanical processes with automated computational systems. Instead of manually tracking conversion rates and selecting providers, the system uses automated data processing, algorithmic benchmark rate calculation, and computational analysis of user search data to manage the sales pipeline, thereby improving efficiency and accuracy.
2Measurement precision
If automated systems are implemented, then efficiency and accuracy improve, but system complexity increases
Solution Approach 1:
The system segments the sales pipeline management into distinct functional modules: user search data collection, conversion rate calculation, benchmark rate generation, and provider identification. Each module handles a specific aspect of the process independently, which reduces overall system complexity while maintaining high measurement precision through specialized processing in each segment.
Solution Approach 2:
The automated system performs multiple functions within a unified framework: it collects user search data, calculates conversion rates, generates benchmark rates, and identifies suitable providers. This multi-functional approach consolidates complexity into a single system rather than requiring separate systems for each function, thereby improving efficiency without proportionally increasing complexity.
3Reliability
If multiple thresholds and metrics are applied, then provider selection accuracy improves, but processing time increases
Solution Approach 1:
The system performs preliminary actions by pre-calculating conversion rates, establishing benchmark rates, and defining selection criteria before the actual provider selection process. User search data is pre-processed and organized, and thresholds are predetermined, which reduces the time required for actual provider evaluation while maintaining high selection accuracy through comprehensive pre-analysis.
Data Source
AI summary
Provided herein are systems, methods and computer readable media for setting a benchmark conversion rate. An example method comprises accessing user search data, the user search data generated by a user interacting with a promotion and marketing service to identify a requested promotion, generating an identification pair for the search data, the identification pair comprising an identification of a promotion tuple and a geographic subdivision, generating a search velocity based on the generated identification pairs, accessing a conversion rate for the promotion tuple in a plurality of geographic subdivisions and setting a benchmark rate for a promotion tuple, the benchmark rate corresponding to the conversion rate of a subdivision of the plurality of subdivisions based on the subdivision satisfying at least one of a search velocity threshold, a prime merchant metric threshold or a conversion rate threshold.