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Valuable customers through recency, frequency-monetary value

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Reference no: EM131770196

Implementing a CRM Strategy

Organizations can find their most valuable customers through “RFM” - Recency, Frequency, and Monetary value

How recently a customer purchased items (Recency)

How frequently a customer purchased items (Frequency)

How much a customer spends on each purchase (Monetary Value)

Develop a CRM strategy for a new company that sells office supplies. The strategy should address how to gain new customers and how to keep existing customers. For example,

The company should create personal promotions for its best customers

The company should target new customers in the surrounding area, especially business customers

The company should try to buy a list of business customers in the area from a valid source

The company should advertise in local trade papers, newspapers, radio stations, and restaurants

The company should track the responses it receives from the various advertising sources

Reference no: EM131770196

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