A business operating in 1970 was expected to have a lifespan of 60 years. Today, that lifespan is down to 18 years. That’s because competition is fiercer, customers are smarter and technology is a major factor in the business lifecycle. So what can you do to maximize the lifespan of your business?
Begin with the most fundamental process in marketing – Customer segmentation. Finding the right customers for your business isn’t a straightforward process. With so much consumer data at the disposal of businesses, it isn’t easy identifying the best customer for your business. After all, the leading firms know exactly which customer provides them with the most profit. So if your business is to succeed in the modern age, segmenting relevant customers from the masses is the bare minimum. The real trick is to find the most lucrative customers among your users and targeting them accordingly.
Fortunately, it’s the age of artificial intelligence. That means customer segmentation methods are more sophisticated than ever before. With RFM modeling and customer lifetime value analysis, companies can pinpoint the most valuable customer a mile away.
But what is RFM Modeling? How does it work? How does artificial intelligence implement RFM Modeling for businesses today? And what does customer lifetime value have to do with customer segmentation in the modern age?
Find out the answers to these questions in our latest Lucrative Insight that explores the world of AI-driven customer segmentation techniques.
Book a meeting with our experts to integrate AI-driven customer segmentation techniques in your business strategy today!