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APPLICATION OF RFM MODEL ON CUSTOMER SEGMENTATION IN DIGITAL MARKETING
Nigerian Journal of Science and EnvironmentCustomers playa pivotal role in the success of any business. The ability to attract and retain the right clientele, who consistently engage with a company's products and services, hinges on a thorough understanding of their purchasing behavior. Successful businesses tailor their offerings to meet the unique requirements and preferences
Maureen Akazue +2 more
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Customer lifetime value determination based on RFM model
Marketing Intelligence & Planning, 2016Purpose– One of the salient challenges in customer-oriented organizations is to recognize, segment and rank customers. Customer segmentation is usually based on customer lifetime value (CLV) measured by three purchase variables: “Recency,” “Frequency” and “Monetary.” However, due to the ambiguity of these variables, using deterministic approach is not ...
Fariba Safari +2 more
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Fast RFM Model for Customer Segmentation
Companion Proceedings of the Web Conference 2022, 2022Shicheng Wan +4 more
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Personalized Dynamic Pricing with RFM Modeling
Proceedings of the 2021 7th International Conference on e-Society, e-Learning and e-Technologies, 2021Dimitrios Kelesakis +2 more
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Study of Customer Value and Supplier Dependence with the RFM Model
2015In this study, data mining is applied to the use of an Enterprise Resource Planning (ERP) database to explore the core value of business operations by revising the RFM model into an RFGP model through “customer value analysis”. This model is used as a tool by enterprises to make proper adjustment to business strategies in a timely manner.
Jui-Hung Kao +3 more
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A Customer Segmentation Model Proposal for Retailers: RFM-V
2021Today's businesses have large quantity of demographic, economic and behavioral data on their customers with the rapid development of computer and internet technologies. Customer segmentation analyzes are carried out on the basis of various parameters in order to identify and group consumers with different needs and wishes and to develop marketing ...
Özkan, Pınar, Deveci Kocakoç, İpek
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Client Classification of Agricultural Products E-Commerce by RFM Model
2018 Eighth International Conference on Instrumentation & Measurement, Computer, Communication and Control (IMCCC), 2018It is the key link to maintain the relative competitive advantage to accurately classify the clients and take precise marketing strategy in the increasing competitive commercial market of Chinese agricultural products. The RFM model was introduced in this paper to construct the classification index of e-commerce clients of agricultural products and the
Jiaying Chen, Jinjing LI, Shaojiang Lin
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Dynamic Models for RFM Variables: A Forward Looking Approach
2015On the database marketing literature, it is common practice to summarize customers’ past behavior in terms of their Recency, Frequency and Monetary Value (RFM) characteristics. Recency is the time of most recent purchase, Frequency is the number of past purchases and Monetary Value is the average purchased amount per transaction.
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Customer Behavior Analytics in A Supermarket in Taiwan Based on RFM Model
International Journal of Industrial and Systems Engineering, 2023Mei Wei Huang +4 more
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