You have identified those customers who have purchased any product from your firm within the past six months.Additionally,you have identified those customers who have spent at least $100 and those customers who purchase something from your firm three to six times a year.What formula are you using to select customers for your mailing
A) Distribution, dollar amount, frequency
B) Key customer, minimum amount, frequency
C) Recent, often, dollar
D) Product, offer, distribution
E) Recency, frequency, monetary amount

Question

Quizplus · Accepted Answer

The formula being used to select customers for the mailing is recency, frequency, monetary amount. This approach is commonly known as RFM analysis and is used to segment customers based on three criteria - how recently they have made a purchase (recency), how often they purchase (frequency), and how much they spend (monetary amount). By using this formula, the business can identify its most valuable customers and target them with personalized marketing messages.

You Have Identified Those Customers Who Have Purchased Any Product