Consumer Financial Data Analysis for Market Profile Accuracy
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Solution Overview
Problem
Current methods for determining consumer markets for products and services are limited by requiring consumer proactive action, resulting in low participation and minimal insight into consumers who are attracted but do not purchase, leading to inaccurate market analysis and ineffective marketing campaigns.
Innovation Solution
A system and method that utilizes consumer financial data obtained from various sources, stored and analyzed to create consumer profiles and target market insights, allowing product marketers to understand attracted consumers without requiring significant consumer input or action.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If survey information is gathered through product/warranty registration materials, then consumer information can be obtained, but consumer participation is minimal and responses are limited to certain segments
Solution Approach 1:
The system automatically collects consumer information from financial data sources without requiring consumer action. The consumer's financial transactions and patterns are analyzed automatically to build market profiles, eliminating the need for consumers to actively participate in surveys or registrations.
Solution Approach 2:
The patent uses financial data intermediaries (banks, credit card companies, financial institutions) to provide consumer information to product marketers. These intermediaries act as mediators that can share consumer data without requiring direct consumer participation in the information gathering process.
2Productivity
If electronic media based marketing devices are distributed, then sales can be created, but little additional insight is gained into what type of consumers are attracted to given product
Solution Approach 1:
The system implements feedback loops where consumer responses to electronic marketing devices are automatically captured and fed back into the analysis system. This feedback mechanism provides continuous insight into consumer types and preferences, enabling refinements to marketing strategies based on actual consumer behavior data.
Solution Approach 2:
The system performs preliminary analysis of consumer financial data before marketing campaigns are launched. By pre-segmenting consumers based on their financial patterns and preferences, the system can target specific consumer types with appropriate marketing devices, thereby gaining insight into which consumer types are most responsive.
3Loss of information
If traditional survey methods are used, then consumer information can be collected, but accurate market analysis is hindered due to low participation and biased responses
Solution Approach 1:
The patent replaces the mechanical survey system with an automated financial data analysis system. Instead of relying on consumers to manually complete surveys, the system automatically extracts and analyzes consumer information from financial transaction data, eliminating the limitations of manual survey participation.
Solution Approach 2:
The system changes the parameters of data collection from self-reported survey responses to objective financial transaction data. This parameter change provides more accurate and reliable information about consumer behavior, spending patterns, and preferences, thereby improving market analysis precision.
Data Source
AI summary
A system and method for product market analysis using consumer financial data obtains financial data associated with a given consumer. At least part of the consumer financial data is then stored by the process for product market analysis using consumer financial data, or another party/application, typically in accounts/locations associated with the given consumer. An electronic media based marketing device is then provided by a product marketer, the electronic media based marketing device being capable of activation. When a consumer activates the electronic media based marketing device at least part of the consumer financial data associated with the consumer is transferred to the product marketer. As a result, the product marketer obtains significant amounts of information for market analysis purposes such as creating a potential consumer profile and determining a target market for the given product an/or service.