CUSTOMER LIFETIME VALUE (CLV) MEASUREMENT BASED ON RFM MODEL

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SOHRABI BABAK; KHANLARI A.

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Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2007 | Volume:14 | Issue:47 Page(s): 7-20

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Title

CUSTOMER LIFETIME VALUE (CLV) MEASUREMENT BASED ON RFM MODEL

Author(s)

SOHRABI BABAK | KHANLARI A. | Issue Writer Certificate

Keywords

CLUSTERINGQ3

CUSTOMER LIFETIME VALUEQ2

RELATIONSHIP MARKETINGQ2

RFM MODELQ3

Abstract

Nowadays companies increasingly derive revenue from the creation and sustenance of long-term relationships with their customers. In such an environment, marketing serves the purpose of maximizing CUSTOMER LIFETIME VALUE (CLV) and customer equity, which is the sum of the lifetime values of the company’s customers. A frequently-encountered difficulty for companies wishing to measure customer profitability is that management accounting and reporting systems have tended to reflect product profitability rather than customer profitability. But in spite of these difficulties, Companies looking for methods to know how calculate their customers's CLV. In this paper, we used K-Mean CLUSTERING approach to determine customers's CLV and segment them based on recency, frequency and monetary (RFM) measures. We also used Discriminant analysis to approve CLUSTERING results. Data required applying this method gathered from one branch of an Iranian private bank which is established newly. Finally, in terms of this segmentation, we proposed customer retention strategies for treating with the bank customers.

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APA: Copy

SOHRABI, BABAK, & KHANLARI, A.. (2007). CUSTOMER LIFETIME VALUE (CLV) MEASUREMENT BASED ON RFM MODEL. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 14(47), 7-20. SID. https://sid.ir/paper/8198/en

Vancouver: Copy

SOHRABI BABAK, KHANLARI A.. CUSTOMER LIFETIME VALUE (CLV) MEASUREMENT BASED ON RFM MODEL. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2007;14(47):7-20. Available from: https://sid.ir/paper/8198/en

IEEE: Copy

BABAK SOHRABI, and A. KHANLARI, “CUSTOMER LIFETIME VALUE (CLV) MEASUREMENT BASED ON RFM MODEL,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 14, no. 47, pp. 7–20, 2007, [Online]. Available: https://sid.ir/paper/8198/en

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