1 results listed
Over the last decades, marketing scholars have often drawn attention to the value of
customers for businesses that aim to endure in a harsh competitive environment. Customer
Relationship Management (CRM) has been a prominent approach in marketing management that
aims to improve relationships with customers. A practical implication of the CRM approach is the
analysis of customer data to extract value for businesses, as well as customers. Segmentation has
been a useful task that helps to group customers with similar attributes and designate better-tailored
marketing strategies for customer groups. Among a variety of approaches for customer
segmentation, Recency Frequency Monetary (RFM) Model stands out as an easy-to-adopt and
effective technique. In this study, segmentation with RFM approach will be conducted over the
purchase records obtained from an e-retailer. The segments and relevant marketing strategies will
be presented in the findings. Moreover, a software implementation for the RFM model will be
introduced along with a case study.
International Data Science & Engineering Symposium
IDSES
İnanç KABASAKAL