Customer Behavior - RFM

Customers Analytics

Once you connect your store to Revamp CRM, we automatically create a Customers' report to help you better understand your customers' behavior in a glance.

Just click on Reports > Customer behavior.In this dynamic report, you'll see your:

Total number of customers
Number of orders
Number of products
Categories
AOV
ReOrder Cycle
AOC

Also you'll find recent statistics on the last 30 Days & Last 6 Months.

There are different type of Reports:

show when your customers was last contacted during different time frames.
Last order Date & corresponding number of customers.
Next order date based on the Re-order cycle & customer purchasing behavior
Activity in the last 90 days.

Understanding RFM and how it works?

To see eCommerce RFM Matrix, head to Marketing > Analytics, scroll to find it.

Basically, RFM ( recency, frequency, monetary) analysis is a technique used to determine quantitatively which of your customers are the top ones by identifying how recently a customer has purchased (recency), how often they purchase (frequency), and how much the customer spends (monetary).

Let's Define the Terms of RFM individually:

Just what are “ recency,” “frequency,” and “monetary” measures?

For recency, you’ll figure out how long it’s been since each customer interacted, in days, weeks, or months. You then use those time-based measures to rank your list in order, from most recent to the long-lapsed. The recency score comes from that ranked list, with the 20 percent who gave most recently assigned a score of 5.
For frequency, a measure is a number of interactions in a given period.
For monetary, the measure is total transaction value.

Calculating RFM scores:

In Revamp CRM, we automatically calculate your RFM score, and once you connect your online store. The report will be ready for you to check.

Note: Loyal Customers are considered so if they purchased 5+ orders. You can configure customer loyalty by heading to Settings > Top Spenders and change it into the number of orders that suits your business.

Importance of RFM Matrix

RFM report is considered important mainly for 3 reasons

1) to continue to provide the loyal group with what they’re looking for and keep them as frequent & recent customers.

2) to target your marketing efforts toward prospects who resemble your best customers.

3) Define customers who might need a little more attention to convert them into loyal

Segments based on Customer Analytics

Customers Analytics automatically are saved pre-built segments inside your account. when you click on the first 2 rows of your report, New Customers, Inactive Customers etc.. you'll be directed to the Segment screen, where you can take actions and follow-up with customers in this segment.

In the RFM Matrix part, by clicking on the Customers Count, you'll be directed to view customers' pre-filtered list so you can check each customer's profile, to learn more about them and take further actions.

Note: When you click on the RFM segments, it opens a "search result" based on pre-selected filters that we created. If you need to save that segment, just click on the Add Segment button that appears on top of your search results.

After adding a segment you can:

Send bulk Email Marketing Campaigns
Set up an eCommerce Automation to remind your customers to complete their purchases or buy other recommended products and more.
Set up a workflow automation to better manage your contacts, add tags, create tasks, assign to team member to follow-up and more.