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Database/List Analysis The more you know about your customers, the better equipped you’ll be to develop winning short- and long-term marketing strategies, improve your profitability and increase your market share. And to help you get to the real meat of your customers, you should understand and apply analytical tools to your most valuable asset, your customer list database.
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Remember the 80/20 rule … 80% of your profits are generated by 20% of the customers.
Find out who these 20% are, what are their characteristics and buying
habits, and market most aggressively
to them. Want to know a proven method of segmenting your list into meaningful cells that can predict customer value? Want to stop wasting money on mailings to unknowingly unproductive customers? By using a tool called RFM (recency, frequency, monetary) on your data, you can identify high-response customers in marketing promotions, and improve overall response rates. Studies have consistently shown that customers who have purchased more recently, more often, and spent more dollar volume are most likely to be your most profitable return customers. Customers are ranked based on their R, F, and M characteristics, and assigned a "score". The higher the RFM score, the more profitable the customer is to the business now and in the future. High RFM customers are most likely to continue to purchase and visit, and they are most likely to respond to marketing promotions. Contact Us Now to find out how to get the most out of your interactive marketing strategy.
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