The definition of each of these three attributes are as follows:Radio: a measure uk email list 19 millions contact leads of how much a customer feels attracted by your brand (it can be a visit, a purchase, or some other form of engagement)Frequency: a measure of how frequently your customers are engaging with your brand (number of visits, number of open emails, or sharing social media content)Monetary Value: a measure of a customer’s intention of buying products from a particular eCommerce website (total amount spent, average amount spent per month, or lifetime value of a customer)RFM can be a complicated and straightforward process at the same time.
You can rank your customer base depending on these three attributes and then segment based on the score. Once you have ranked your customers, you can answer the following questions:Who are the most valuable customers in your audience?Who are the least valuable customers in your audience?Which customers are highly responsive?Which customers are the most likely to renew your business products or services?You must be aware of the importance of database marketing while answering these questions.
