Customer Information & Ranking Tools
Customer ranking tools are vital for any business as they will allow the business to remember some important details of the customer. They allow businesses to see which customers are their top customers so that they can deal with them appropriately. Other customers will also be listed, and this will allow the business to be able to make these customers also become top customers. This will also make it easier and cheaper for the business to keep their old customers in contact. It depends on what your business is, for you to be able to choose the proper customer ranking tool.
You can use the Scoring Tool. This will be able to rank the customer’s likelihood of responding precisely based on some characteristics. You can utilize this tool when you wish to form a ranking for the particular customers with bases on some attributes. The Recency, Frequency and Monetary Value of Customers or RFM tool will rank customers who have recently purchased something, who purchase usually, plus who spend more, these will be the ones who are more likely to purchase again. If you want to rank previous behavior so as to predict the future response then this tool will do the work.
The LTV or Lifetime Value Tool is able to project profits precisely over the exact number of years that the customer stays loyal. If you want to justify larger investments due to payback occurring over the lifetime, then you can use this tool.
The Data Mining tool is able to find data patterns which will be able to predict responses. This will let you find new customers that seem to be in the target segment.
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Customer Ranking Tool Template
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