RFM Analysis - Marketing Strategyby Setu Consulting Services Pvt. Ltd. https://www.setuconsulting.com
• Email Marketing (mass_mailing)
• Invoicing (account)
• CRM (crm)
• Inventory (stock)
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RFM analysis is a data driven customer behavior segmentation technique. RFM stands for recency, frequency, and monetary value. RFM is a method used for analyzing customer value. As you can gauge, RFM analysis is a handy method to find your best customers, understand their behavior and then run targeted email / marketing campaigns to increase sales, satisfaction and customer lifetime value.
- Recency : Date of Last of Purchase
- Frequency : Total Number of Orders
- Monetization : Total Order Value
RFM analysis increases eCommerce sales. It enables personalized marketing, increases engagement, and allows you to create specific, relevant offers to the right groups of customers. RFM analysis allows marketers to target specific clusters of customers with communications that are much more relevant for their particular behavior – and thus generate much higher rates of response, plus increased loyalty and customer lifetime value.
RFM Analysis, our solution helps you to run targeted email / marketing campaigns to increase sales, satisfaction and customer lifetime value. With our solution you can easily bifurcate your customers by RFM segments which gives you a clear idea about your marketing strategy.
Benefits of RFM Analysis
- Conducting an RFM analysis on your customer base and sending personalized campaigns to high value targets has massive benefits for your business.
- Personalization: By creating effective customer segments, you can create relevant, personalized offers.
- Improve Conversion Rates: Personalized offers will yield higher conversion rates because your customers are engaging with products they care about.
- Improve unit economics
- Increase revenue and profits
- Identify target audience easily with the help of RFM Analysis
- Easy to handle marketing campaigns for the target audience
- Business health checkup can be easily done with the RFM segmentation ratio analysis
- Measures growth easily by comparing RFM Segment Ratio Yearly Analysis
Marketing Strategy : Focus on loyalty programs and new product introductions. These customers have proven to have a higher willingness to pay, so don't use discount pricing to generate incremental sales. Instead, focus on value added offers through product recommendations based on previous purchases.
Marketing Strategy : Loyalty programs are effective for these repeat visitors. Advocacy programs and reviews are also common X1X strategies. Lastly, consider rewarding these customers with Free Shipping or other like benefits.
Marketing Strategy : These customers have demonstrated a high willingness to pay. Consider premium offers, subscription tiers, luxury products, or value add cross/up-sells to increase AOV. Don't waste margin on discounts.
Marketing Strategy : You've already succeeded in creating loyalty. Focus on increasing monetization through product recommendations based on past purchases and incentives tied to spending thresholds (pegged to your store AOV).
Marketing Strategy : Make limited time offers, Recommend based on past purchases. Reactivate them.
Marketing Strategy : Most customers never graduate too loyal. Having clear strategies in place for first time buyers such as trigger welcome email will pay dividends.
Marketing Strategy : Customers leave for a variety of reasons. Depending on your situation price deals, new product launches, or other retention strategies.
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