How can I create a RFM model?
Asked 3 years ago
Hi there. I am having issues with retaining customers and I therefore am looking to implement an RFM model to improve customer experience. However, I do not know how to manually conduct an RFM analysis. Does anybody have a step-by-step guide I can use for this? TYIA.
Abeeha Qasmi
Wednesday, December 07, 2022
RFM model isn't restricted to a single process. Instead, it involves the segmentation and analysis using three different aspects of recency, frequency, and monetary adjustment of groups. Following are the steps involved in it:
- Assign the three aspect values to each customer.
- Classify the customer groups into appropriate categories.
- Select the groups you want to communicate with.
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