Method, apparatus, and computer program product for determining closing metrics

Patent metadata

Field	Value
Publication number	US-12346941-B2
Application number	US-202418748962-A
Country	US
Kind code	B2
Filing date	Jun 20, 2024
Priority date	Oct 4, 2012
Publication date	Jul 1, 2025
Grant date	Jul 1, 2025

Abstract

A method, apparatus and computer program product are provided for calculating closing metrics regarding a contract between a promotion service and provider. A promotional system may calculate a probability of closing, and an estimated time to close. The promotion service may offer a promotion to consumers for a discounted product or service, to be honored by the provider. A category, lead source, historical data, stage in sales, and/or size of the provider may be used in calculating a probability of close and/or time to close. An example method may comprise supplying a classifying model with a dataset, wherein the dataset comprises an identification of a provider and attributes corresponding to the provider and identifying a class of the provider in accordance with the plurality of corresponding attributes, wherein the identification is determined based on one or more patterns determinative of a return rate by the classifying model.

First claim

That which is claimed:

1. An apparatus comprising at least one processor and at least one memory including computer program code, the at least one memory and the computer program code configured to, with the processor, cause the apparatus to at least:
classify providers based on a return rate of a provider;
generate a plurality of attributes corresponding to the provider by normalizing a plurality of raw data;
supply a classifying model with a dataset, wherein the dataset comprises an identification of a provider and the plurality of attributes corresponding to the provider;
identify a class of the provider in accordance with the plurality of corresponding attributes, wherein the identification is determined based on one or more patterns determinative of a return rate by the classifying model; and
identify a subset of the plurality of corresponding attributes determinative of an improved classification;
train the classifying model in accordance with the subset of the plurality of corresponding attributes; and
determine a probability of close with a particular provider, wherein the probability of close indicates the probability that the particular provider will contract with a promotion service to offer a promotion within a respective time period, wherein the promotion is offered to a consumer for purchase from the promotion service in exchange for at least one of a discounted service or a discounted product from the provider.

2. The apparatus of claim 1 , wherein the classifying model comprises a support vector machine.

3. The apparatus of claim 1 , wherein:
the corresponding attributes are assembled from one or more of internal data, external data, or web data; and
the corresponding attributes comprises one or more of category data, sub-category data, competitor feature data; wherein the comprised data consists of one or more of time data, financial stability risk data, median credit data, count of judgment data, or risk level data.

4. The apparatus of claim 1 , wherein generating attribute data comprises assigning one or more of: a plurality of reviews, an average review score, or a ratio of positive reviews to negative reviews.

5. The apparatus of claim 1 , wherein the probability of close is calculated based on at least one of a size of the particular provider, a merchant quality score of the particular provider, or a demand forecast.

6. The apparatus of claim 1 , wherein the at least one memory and the computer program code are further configured to, with the processor, cause the apparatus to at least:
rank a plurality of providers based on their respective probabilities to close.

7. The apparatus of claim 6 , wherein the plurality of providers is further ranked based on respective calculated return rates of promotions purchased by consumers.

8. A computer-implemented method comprising:
classifying providers based on a return rate of a provider;
generating a plurality of attributes corresponding to the provider by normalizing a plurality of raw data;
supplying a classifying model with a dataset, wherein the dataset comprises an identification of a provider and the plurality of attributes corresponding to the provider;
identifying a class of the provider in accordance with the plurality of corresponding attributes, wherein the identification is determined based on one or more patterns determinative of a return rate by the classifying model; and
identifying a subset of the plurality of corresponding attributes determinative of an improved classification;
training the classifying model in accordance with the subset of the plurality of corresponding attributes; and
determining a probability of close with a particular provider, wherein the probability of close indicates the probability that the particular provider will contract with a promotion service to offer a promotion within a respective time period, wherein the promotion is offered to a consumer for purchase from the promotion service in exchange for at least one of a discounted service or discounted product from the provider.

9. The method of claim 8 , wherein the classifying model is a support vector machine.

10. The method of claim 8 , wherein:
the corresponding attributes are assembled from one or more of internal data, external data, or web data; and
the corresponding attributes comprises one or more of category data, sub-category data, competitor feature data; wherein the comprised data consists of one or more of time data, financial stability risk data, median credit data, count of judgment data, or risk level data.

11. The method of claim 8 , wherein generating attribute data comprises assigning one or more of: a plurality of reviews, an average review score, or a ratio of positive reviews to negative reviews.

12. The method of claim 8 , wherein the probability of close is calculated based on at least one of a size of the particular provider, a merchant quality score of the particular provider, or a demand forecast.

13. The method of claim 8 , wherein the method further comprises:
ranking a plurality of providers based on their respective probabilities to close.

14. The method of claim 13 , wherein ranking the plurality of providers further comprises:
ranking based on respective calculated return rates of promotions purchased by consumers.

15. A computer program product comprising at least one non-transitory computer-readable storage medium having computer-executable program code instructions stored therein, the computer-executable program code instructions comprising program code instructions to:
classify providers based on a return rate of a provider;
generate a plurality of attributes corresponding to the provider by normalizing a plurality of raw data;
supply a classifying model with a dataset, wherein the dataset comprises an identification of a provider and the plurality of attributes corresponding to the provider;
identify a class of the provider in accordance with the plurality of corresponding attributes, wherein the identification is determined based on one or more patterns determinative of a return rate by the classifying model; and
identify a subset of the plurality of corresponding attributes determinative of an improved classification;
train the classifying model in accordance with the subset of the plurality of corresponding attributes; and
determine a probability of close with a particular provider, wherein the probability of close indicates the probability that the particular provider will contract with a promotion service to offer a promotion within a respective time period, wherein the promotion is offered to a consumer for purchase from the promotion service in exchange for at least one of a discounted service or discounted product from the provider.

16. The computer program product of claim 15 , wherein the classifying model is a support vector machine.

17. The computer program product of claim 15 , wherein:
the corresponding attributes are assembled from one or more of internal data, external data, or web data; and
the corresponding attributes comprises one or more of category data, sub-category data, competitor feature data; wherein the comprised data consists of one or more of time data, financial stability risk data, median credit data, count of judgment data, or risk level data.

18. The computer program product of claim 15 , wherein generating attribute data comprises assigning one or more of: a plurality of reviews, an average review score, or a ratio of positive reviews to negative reviews.

19. The computer

Assignees

• Bytedance Inc

Inventors

• Mullins Brian
• Deland Matt
• Ferdowsi Zahra
• Lang Stephen
• Stokvis John
• Finn Nolan
• Shariff Shafiq

Classifications

• G06Q10/06311

  Scheduling, planning or task assignment for a person or group · CPC title

• G06Q30/0201

  Market modelling; Market analysis; Collecting market data · CPC title

• G06N20/10

  using kernel methods, e.g. support vector machines [SVM] · CPC title

• G06Q10/06315

  Needs-based resource requirements planning or analysis · CPC title

• G06Q40/00

  Finance; Insurance; Tax strategies; Processing of corporate or income taxes · CPC title