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How can I create a RFM model?

Asked 2 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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