RFMx - An Approach for an Enhanced RFM Analysis of Customers Multiple-Product Transaction Based Data

The process of digital transformation targets various business sectors to transform their manual workflow into an efficient digital solution. Such transformation minimizes resource consumption while granting significant control to business owners over their business. Massive amounts of data are result of serious digital transformation effort. Almost all digital solutions are dedicated to some form of a customer against services or products. It became mandatory for business owners to eventually perform marketing research to review their targeted customers value [1]. Such process will significantly support stakeholders’ decisions for customers segmentation and marketing campaigns. Recency, Frequency and Monetary (RFM) is a customer value analysis method that is used widely in data base as well as direct marketing. It also gained significant attention in retail as well as professional services. In this paper we introduced RFMx that is an enhanced version of the RFM model. The proposed enhanced model illustrated better understanding for customer actual value in multi-product customer transaction-based data.