Leader in One-to-One Offer Optimization Recognized for Technology Delivering True Consumer Customization at Scale
SAN FRANCISCO – August 4, 2021 – Formation, the pioneer in machine learning-powered offer optimization, today announced that it has been awarded a new patent covering its recently launched Dynamic Offer Optimization platform.
The “interactive gaming system” patent, published by the U.S. Patent Office as U.S. Patent No. 11,030,636 and awarded in June of 2021, covers all the core methods that have been developed to provide gamified personal offers at scale using machine learning and automation. It also covers the application of machine learning to offer assignment, personalization, and optimization and the automation of processes to construct, monitor, and analyze offers based on user interactions and other data.
This is the first patent in Formation’s intellectual property portfolio. Authors of the patent include Formation CEO Christian Selchau-Hansen, along with Stas Goldobin, Chris McKinlay and Greg Pfeil. Its functionality strengthens the Formation Dynamic Offer Optimization (DYNOO) platform’s capabilities around creating customized end-user interactions that deliver powerful brand experiences, engagement and customer retention at scale, while maximizing the effectiveness of marketing spend.
This new patent further extends the unique and proprietary personalization capabilities of the Formation platform for B2C marketers, observed Selchau-Hansen. “The functionality underpinning this new patent goes far beyond the ‘next-best’ offer optimization algorithms we see in the marketplace today and instead delivers true offer personalization through a process we call Dynamic Offer Optimization,” he said. “Enabled by machine learning and automation, these newly patented capabilities within our optimization platform enable brands to send millions of tailored offers at enterprise scale.”
With the ability to deliver billions of unique offers to consumers through Dynamic Actions & Rewards, the Formation platform delivers new value to the martech stack for consumer-facing brands. Formation’s patented approach leverages machine learning technology to personalize offers for each individual customer and to optimize subsequent offers. The result is dynamic offers that drive deep customer engagement, and a comprehensive platform that manages the creation & fulfilment of offers to maximize the value of first-party data, while improving the spend efficiency of rewards & discounts.
Formation helps brands build deeper relationships with every customer, beyond the transaction. Our patented Dynamic Offer Optimization Platform leverages brands’ 1st-party data to automatically generate each customer’s offer with the best action and reward, then manages the deployment, measurement and fulfillment of each offer across the marketing stack. Brands see 3X revenue lift, 2X more engagement and 10X faster time to market with their offers. Formation powers offer optimization for some of the world’s largest brands such as Starbucks, United Airlines and Giant Eagle.For more information, visit formation.ai. Formation also supports a community of digital and marketing leaders called Loyalty Innovators. For more information, visit loyaltyinnovators.com.