Good businesspersons acknowledge importance of “Value the customer". Instead of simply focusing on generating more clicks, businessperson follow the standard shift from increased Click-Through Rates to retention, loyalty, and building customer relationships. Instead of analysing the entire customer base, it is better to segment them into homogeneous groups, understand the characteristic of each group, and engage them with relevant campaigns. One of the most marketable and effective segmentation methods to enable businesspersons to analyse customer behaviour is RFM analysis.
RFM Analysis for Customer Buying Behaviour
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RFM is one of the most widely used techniques for selecting significant customers. It is a very popular customer segmentation technique that uses the customers’ past purchase behaviour to divide them into different groups based on similarities. RFM Analysis empowers personalized marketing, increases engagement, and ultimately improve sales.
- RFM stands for Recency, Frequency, and Monetary value
- Recency : (R) refers to the number of days or months since the last purchase was made by a customer
- Frequency : (F) denotes the number of purchases in a certain time.
- Monetary : (M) refers to the total amount of money spent by a customer during a specific period.
1. RFM Insight (Customer)
- It analyses overall report page, it plays significant role in determining the relation of a customer with the company. By effective analysis of RFM.
- Configuration used to display details according to given values in parameters
- It helps you to view ranking of customer which gives more profit that displays in rank and score field
- It also analyses which are the valuable customers
2. RFM Insight (State)
- This report focuses on State wise RFM Analysis
- It helps you to view valuable and which are the state that gains more profit by rank state and score field
3. RFM Insight (City)
- This report focuses on city wise RFM Analysis
- It helps you analyse which city is valuable and gives more benefits that displays in rank and score field