System and method of matching artistic products with their audiences

• US 20050256771A1
• Filed: 05/11/2005
• Published: 11/17/2005
• Est. Priority Date: 05/12/2004
• Status: Abandoned Application

• Current Assignee: Garret E. Ran
• Original Assignee: Garret E. Ran
• Inventors: Garret, E. Ran
• Application Number:
  US11/126,897
• Publication Number:
  US 20050256771A1
• Time in Patent Office: Days
• US Class Current: 705/14.250
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0631 Item recommendations

Abstract

A system and method of selecting products and services for an audience likely to purchase such products and services utilizes a collection of data reflecting, for individual consumers, a history of purchases, and retention or return of such purchases. For individual consumers, subsets of consumers are created whose tastes correlate positively and negatively with the individual consumer. Lists are created of products for a target consumer based on the likes of the subset positively correlating and the dislikes of the subset negatively correlating. Recommended products are offered with a financial incentive such as a money back guarantee which serves the dual purpose of inducing the purchase as well as providing the purchase and return data needed in the data collection.

Claims

1. A method for recommending goods and/or services to target customers based on general customer buying history using an information processing system having means for storing information, the method comprising the steps of:

a) receiving and storing customer information regarding purchase, retention and return of goods and services for a plurality of customers;

b) comparing the stored information of a target customer with the stored information of other customers whose information is stored and correlating the purchase and return history of each target customer with the purchase and return history of other customers to create, for each target customer, a first and second subset of customers with histories similar and dissimilar to that of each target customer, respectively;

c) selecting products and services that;

1) have not yet been purchased by a selected target customer, and

2) have generally been purchased and retained by customers of said first subset;

d) adding the products and services identified in step (c) to a list of recommended products; and

e) transmitting said list of recommended products to said selected target customer, whereby products recommended to each target customer are those retained by customers in said first subset corresponding to that target customer.

2. The method of claim 1, wherein the selecting step includes, for each target customer, selecting products and services that have been purchased and returned by customers in said second subset corresponding that target customer and said adding step includes adding to said list, the products and services purchased and returned by customers of said second subset.

3. The method of claim 1 wherein the purchase and return information and the lists of recommended products and services are communicated via a computer network.

4. The method of claim 2 wherein the purchase and return information and the lists of recommended products and services are communicated via a computer network.

5. The method of claim 1 wherein the network is the Internet.

6. The method of claim 2 wherein the network is the Internet.

7. The method of claim 1 wherein the network is a local area network.

8. The method of claim 2 wherein the network is a local area network.

9. The method of claim 1 wherein the distributed network is a wide area network.

10. The method of claim 2 wherein the distributed network is a wide area network.

11. The method of claim 1, further including the step of:

f.) offering to target customers a financial incentive for purchasing products and services on said list of recommended products, whereby the target customer is induced by the incentive to buy the product.

12. The method of claim 2, further including the step of:

f.) offering to target customers a financial incentive for purchasing products and services on said list of recommended products, whereby the target customer is induced by the incentive to buy the product.

14. The method of claim 12 wherein said financial incentive is a money-back guarantee.

15. The method of claim 1 wherein the measure of quality for the goods and services being provided is at least partially subjective.

13. The method of claim 111 wherein said financial incentive is a money-back guarantee.

16. A system for recommending a selection of goods and services to a target customer which is likely to appeal to the target customer for purchase and retention, the system comprising:

a) data storage means for storing, for each of a plurality of customers, purchase, retention and return history for identifiable goods and services;

b) correlating means, coupled to said data storage means, for determining, for each target customer, the correlation of purchase and return history of said target customer with the purchase and return history of other customers having purchase and return histories stored in said data storage means to create a first subset of customers with similar histories and a second subset of customers with dissimilar histories,

c) product selection means, coupled to said data storage means and said correlating means to create a list of products that

1) have not yet been purchased by a target customer, and

2) have generally been purchased and retained by said first subset of customers corresponding to that target customer; and

d) presentation means for furnishing to each said target customer the list of products created by said product selection means for that target customer.

17. The apparatus of claim 16, above wherein said second subset created by said correlating means includes, for each product purchased and retained by a target customer, customers who have purchased and returned each such product, and whereby said list of products includes products purchased and returned by said second subset of customers.

18. The system of claim 16 further including financial incentive means for inducing a target customer to purchase goods and services on said list of products.

19. The system of claim 17 further including financial incentive means for inducing a target customer to purchase goods and services on said list of products.

20. The system of claim 18 wherein said financial incentive means include means for processing a money-back guarantee upon return of products purchased from the list.

21. The system of claim 19 wherein said financial incentive means include means for processing a money-back guarantee upon return of products purchased from the list.

24. The system of claim 21 further including financial incentive means for inducing a target customer to purchase goods and services on said list of products.

26. The system of claim 24 wherein said financial incentive means include means for processing a money-back guarantee upon return of products purchased from the list.

22. A computer-implemented interactive system for recommending to a target customer a list of goods and services which are likely to appeal to the target customer for purchase and retention, the system comprising:

a. data storage means for storage of customer purchase, retention and return history for identifiable goods and services;

b. correlating means, coupled to said data storage means, for creating, for each target customer, a first subset of customers with similar histories of purchase, retention and return of the same goods and services;

c. data mining means coupled to said data storage means to ascertain, for a product not yet purchased by a target customer, the purchase, retention and return history for that product by said first subset of customers; and

d. compiling means, coupled to said data storage means and said data mining means for creating a list of products not yet purchased by said target customer that have been purchased and retained by said first subset of customers, whereby a list produced by said compiling means can be prepared and transmitted to said target customer as products recommended for purchase.

23. The system of claim 22, wherein said correlating means, creates, for each target customer, a second subset of customers with dissimilar histories of purchase, retention and return of the same goods and services and wherein said data mining means and said compiling means also ascertains for a product not yet purchased by said target customer, a list of products that have been purchased and returned by said second subset of customers to be included in said list transmitted to said target customer.

25. The system of claim 22 further including financial incentive means for inducing a target customer to purchase goods and services on said list of products.

27. The system of claim 25 wherein said financial incentive means include means for processing a money-back guarantee upon return of products purchased from the list.