Formation Launches Dynamic Offer Optimization Platform
Formation, an offer optimization company, today released its Dynamic Offer Optimization Platform.
"Marketers send out billions of offers each year and count on those offers to engage customers throughout their journeys," said Christian Selchau-Hansen, CEO and co-founder of Formation, in a statement. "The challenge has always been in creating the optimal offer for each customer. That challenge has been compounded by rapid changes in customer behaviors during COVID, rising expectations from customers for relevance and value. We are excited to offer marketers unique technology to help them engage customers with relevant and valuable offers with tremendous speed and agility by better leveraging first-party data through automation and machine learning."
Formation's Dynamic Offer Optimization Platform empowers marketers and data scientists to automatically create and deploy more than 100 times the offers to market 400 percent faster, increase customer engagement with individualized offers powered by Dynamic Actions & Rewards, and respond quicker to market forces or changing customer needs with machine-learning optimization.
Formation's Dynamic Offer Optimization Platform consists of two main components: Offer Builder, which creates and optimizes individual offers; and Offer Engine, which drives real-time delivery, tracking, fulfillment, and measurement of each offer. The Offer Builder consumes any segment or customer journey data from anycustomer data platform or marketing solution and builds millions of unique offer variants using Dynamic Actions & Rewards. Offer Engine makes all these offers available via APIs to specified channels and then tracks, fulfills, and measures each offer's performance. Formation then applies machine learning to optimize each customer's offer for subsequent deployments.
Also, launching alongside the Dynamic Offer Optimization Platform is Formation's community, Loyalty Innovators.
"We're really excited to take all the knowledge and experience from working with some of the world's biggest brands for the past five years and make that breakthrough technology available to all companies," Selchau-Hansen said. "Automating the creation, deployment, and optimization of billions of offers not only drives material impact to the business but enables brands and marketers to also focus on all the other critical mindset and organizational shifts needed for comprehensive digital transformation. Our mission is to arm digital and marketing leaders with best-in-class optimization tech as well as to support them through their digital transformation journey with the Loyalty Innovators community."