BOARD RFM application:
Unleash the hidden value of your customer database
Customer behavior over time is a key factor: it deserves to be carefully evaluated in order to build a deeper insight from the market. Ranking your customers and tracking their score changes at different periods are useful activities to leverage your marketing data and turn basic reporting into predictive or prescriptive analysis.
BOARD RFM provides an agile framework for analyzing customer behavior by monitoring how recently they have purchased (recency), how often they purchase (frequency) and how much each customer spends (monetary). The clusters of customers created by BOARD RFM are then immediately available as dimensions for any further analysis, planning or forecasting processes, driven by the principle that a fundamental predictor of future behavior is past behavior.
BOARD RFM allows your company to gain better knowledge about the value of your customers in order to understand their impact on the net revenue and develop the most successful strategies by means of a real marketing intelligence.
- ✔ Spend your budget in the right way, on the right customers;
- ✔ Build a more granular understanding of your customers;
- ✔ Identify your most valuable customers;
- ✔ Identify the associations between customer segment, customer profiles and product items purchased;
- ✔ Create better targeted campaigns and improve overall response rates;
- ✔ Increase customer retention and future profitability;
- ✔ Discover hidden market opportunities;
- ✔ Help sales determine metrics that make sales processes both efficient and effective