Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
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Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
you need to store one vital piece of information in every customer’s database record—the most recent purchase date.
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
Customer lifetime value is the net present value of the profit that you will realize on the average customer during a given number of years—typically three years.
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
Now that your file is coded for recency, go ahead and do a promotion to your customer base. Not a special test promotion, but some communication that you had planned to do all along which asks customers to respond or make a purchase. Keep track of which quintile every customer is in and which ones respond.
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
database, we keep track of who they are, what they buy, when they buy, and how much they spend.
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
The best predictor of future behavior is past behavior. It beats demographics every time.
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
contains a search box and many links
Arthur Middleton Hughes • Strategic Database Marketing 4e: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
RFM is not as useful for e-mail marketing as it is for direct mail.