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15 November, 13:56

What is the term that defines how recently a customer purchased items?

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  1. 15 November, 16:09
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    The answer is recency. This part of the RFM model. It is a marketing investigation tool used to classify a firm's best customers by calculating definite factors.

    The RFM model is founded on three quantitative factors which are:

    Recency - How recently a customer has made an acquisition or purchase of productFrequency - How frequent or often a customer makes a purchaseMonetary Value - How much cash a customer spends on purchases

    RFM analysis often sustains the marketing saying that "80% of business comes from 20% of the customers."
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