Customer Segmentation using RFM through Bizzconnecr

Registration ID: IJNRD_193248

Published ID: IJNRD2304686

DOI: Click Here to Get

Khushnuma Shaikh , Naziya Inamdar , Pranjal Ambulkar , Ankita Umale , Monica Charate

Customer segmentation, RFM model, Clustering, K-means clustering, Small Business

Abstract - Customer segmentation through RFM analysis is a powerful tool that businesses use to understand their customers and tailor their marketing strategies accordingly. The RFM model involves analyzing a customer's recency, frequency, and monetary value to identify valuable customers and develop effective marketing strategies. This method is an important indicator of customer behavior because it affects lifetime value and engagement. RFM analysis focuses on a customer's recent buying behavior and involves analyzing their purchasing history to determine their likelihood of making future purchases. By categorizing customers based on their behavior and preferences, businesses can create more targeted marketing campaigns and improve customer retention. This approach can help companies stay ahead of the competition and build long-lasting relationships with their customers.A literature review can also provide valuable insights into customer behavior and help businesses refine their RFM analysis. Direct marketing, customer value, and customer relationship management are all key components of this approach.By understanding their customers' needs and preferences, businesses can tailor their marketing efforts to maximize the value of each customer relationship. Together, customer segmentation and RFM analysis make the businesses perform better in every situation.

Published Paper   E-Certificate

Khushnuma Shaikh, Naziya Inamdar, Pranjal Ambulkar, Ankita Umale, & Monica Charate (April-2023). Customer Segmentation using RFM through Bizzconnecr. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(4), g616-g630. https://ijnrd.org/papers/IJNRD2304686.pdf

Volume 8 Issue 4, April-2023

Pages : g616-g630

Paper Reg. ID: IJNRD_193248

Published Paper Id: IJNRD2304686

Downloads: 000121985

Research Area: Engineering

Country: Mumbai, Maharashtra, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2304686.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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