How does smart strings work?

The present method overcomes the drawback of the customer evaluation and customer retention system available in the state of the art by providing a system which evaluates individual customer based on transactions taking place at various touch points and delivers real time updated customer information to these touch points that assist the business owners to come up with efficient real-time customer retention programs

This block diagram which illustrates the sample network environment within which system for customer evaluation and retention is implemented in accordance with one or more embodiments of the invention. In one embodiment, the customer evaluation and retention system (100) comprises agent software (101) which is a software that contains code for creation of the interaction data packet. This interaction data packet specifies the details of all the actions performed by the customer. All internet enabled customer touch-points for e.g. Store, Call Center, Online website, Kiosk, Smart phones, Smart TV etc., where customers may perform transactions will be running a version of the agent software (101). The internet server (102) houses the software for the scoring system. It also hosts the Management Console Application (105), and the database server that contains details about respective customers

 The analytical engine software (103) is a data overlay application which imports data from agent software (101) deployed across all customer touch points and retrieves the scores for each transaction to build unified customer identification data. The Analytical engine software (103) is assisted by rule module (103 a) that stores all the conditions necessary to perform actions, configured by the marketing manager. Depending on the actions listed by rule module (103 a), the score module (103.b) assigns scores to each action listed and arrives at a cumulative count. Various attributes of customer are considered by score module (103 b) while assigning score.

The external system adapter module (103 c) is responsible for connecting to other data sources, for example, online data sources and offline data sources. As various external touch points are offered by different vendors so the external adapter module (103 c) assists in coordinating among different data sources for retrieving customer information for purpose of further analysis by scoring module (103 b) that is deployed in the analytical engine software (103).

The online social network adapter module (103d) is responsible for connecting to external customer touch-points like online social communities, groups and forums to get behavior, psychographics and sentiment Data. This new social network variable i.e. sentiment increases the accuracy in predicting customer retention. Here customer retention rate is calculated based on recency, frequency, monetary (RFM) model along with customer sentiment across all touch-points, along with churn trends that provides finer insight about the customer’s behavior pattern.

The analyzer module (103 e) takes the data from all the sources like encoder module (103 f), online social network adapter module (103 d), external system adapter module (103 c), scoring module (103 b) and returns the final updated customer identification data, that is sent back to the agent software (101) that provides real time up-to-date customer information to various touch points. The string encoder module (103 f) converts the recorded interaction data to Java script object notation (JSON) language. JSON is a text-based language independent open standard designed for human-readable data interchange. The JSON format is the most popular method in the prior art which is used for serializing and transmitting structured data over a network connection

The decoder module (103 g) receives the updated customer identifier data and decodes it before sending to the customer identifier publisher module (203) of the agent software (101) which is deployed in all the internet enabled touch points

 The database server (104) stores unique data of each customer and communicates with the analytical engine (103) of the system for customer evaluation and retention (100).

The management console (105) is a web Application provided to the business users, where the user can configure score range for every interaction, behavior and transactions. The scores defined in this system are used for scoring customer interactions and is used to auto-segment for real-time actions based on score ranges set by the business user.

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