CUSTOMER CENTRIC REVENUE MANAGEMENT
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Abstract
CCRM is a business method and computer software system, to be used by Enterprises selling portfolios of products/services, aiming to optimize the expected value of transactions (or contracts) with consumers or business customers. At a transaction level, CCRM estimates the probability of choice of potential offers by the customer. These offers may be presented alone with possible variation of their attributes (such as price), or in combinations/sets, or in sequences. CCRM calculates the probability of consequent conversion and realization of the sale. Probabilities of choice and conversion are forecasted based on a disaggregated customer choice model, taking into account customer characteristics and stated preferences as well as product/service attributes such as price. Offers are then scored and ranked by expected value based on their revenue, cost and choice probability. Finally, CCRM recommends which offer(s) to present to the customer, at which price(s) and in which display/sequence order, to maximize a business objective function such as the expected value of the transaction/contract.
601 Citations
58 Claims
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1-29. -29. (canceled)
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30. A system for recommending products or services to said customers to optimize business transactions or contracts, comprising:
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a customer centric revenue management (CCRM) modeler for establishing a disaggregated customer choice model based on account characteristics and known product, service or price preferences of a customer; a CCRM optimizer for computing at least one choice probability of a potential offer by said customer based on said disaggregated customer choice model established by said CCRM modeler, said potential offer being presented to said customer alone, instantiated across said at least one attribute, in combination with other offers, or as a part of a sequence of offers to provide a plurality of offers collectively referred to as an enterprise offering to said customer, and computing an expected value of each offer of said enterprise offering based on a revenue generated by said offering, incremental or opportunity costs associated with said enterprise offering, and said choice probability of said customer to said each offer of said enterprise offering; and a transaction manager for recommending whether any offer from said enterprise offering should be presented to said customer that maximizes a business objective, which is based on said expected value of said any offer or said at least one choice probability of said any offer, and determining terms, including at least an offering price, of said any offer to be presented to said customer, thereby improving said enterprise offering to said customer. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 57, 58)
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Specification