What is RFM analysis?
Asked 2 years ago
Hi there. I have often heard people speaking about how using an RFM analysis has helped them to identify which customers to spend time on to make sure that their e-commerce businesses are successful, however I do not know exactly what an RFM analysis is. Anyone know what RFM stands for and what this analysis entails? Thanks in advance.
Abeeha Qasmi
Wednesday, December 07, 2022
The recency, frequency, and monetary value analysis is a marketing technique. This strategy focuses on ranking the customers in different sectors and specific campaigns according to their needs.
RFM helps you determine if a product is over or undervalued in your market for a specific group of customers. The RFM analysis also helps you determine whether a product is rightly priced or needs any price modification.
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