From the early days of data-driven marketing, it has been known that marketers can predict which customers are most likely to respond to an offer by ranking them on the basis of;
- how Recently they have transacted with you
- how Frequently they have transacted with you
- how much money (Monetary) they have spent with you.
It is also well known that of the 3: RFM, Recency is the best predictor of future business. My favourite database marketing guru, Arthur Hughes says;[Read more…]