After months of planning and development, I’m happy to announce that Repeat Customer Insights had a major update to its customer grading. The new version of the customer grading still uses the simple letter grades (A, B, C, D, F) but now the grading algorithm takes into account more factors. It’s based on RFM which …
Tag: kb repeat customer insights segmenting
How your customers automatically decay with RFM
RFM scores are built from three components: Recency, Frequency, and Monetary. Though they are scored the same, they act differently. Recency is an odd one and can look the most chaotic for some. That’s because Recency will start to decay from the moment a purchase is made and get lower and lower until the customer …
An ACME catalog of customer segmenting options
There are an infinite number of ways to segment customers. Repeat Customer Insights includes a few of the more effective ones. Which methods you use will depend on your goals and to a lesser extent, your brand. Here’s a few off the top of my head that cover: how recently they’ve ordered how many orders …
Finding which customers are active and spending the most with your Shopify store
Last month a Repeat Customer Insights customer was asking about who their top 40 active customers were based on total spend. Both of those segments can be found in the RFM analysis. Active would use the Recency portion and spending would use the Monetary. These customers would be highlighted by a high Recency and high …
Finding your consistent big spenders in Shopify
In Repeat Customer Insights I was asked: What is the best report to determine most consistent highest spenders? You’ll want to use the Customer Segmenting reports for that. You can also use the Customer Grid as it’s a visual view of the same data and will let you drill down into the details for each …
How many customers do you need to start segmenting your marketing
Segmenting your customer base to improve your marketing is powerful but you can do it too early. Splitting a small group of people into even smaller groups can mess with the statistics too much and get you odd results. A good rule of thumb I use is to make sure each group includes least 100 …
Put a name on it: naming your customer segments
Recently we decided to name our garden beds. We have a dozen or so different beds now and my numbering scheme wasn’t easy to remember (and a bit boring to be honest). We brainstormed a few names based on local animals and assigned them to beds. I used as many puns as I could, but …
Where the Automatic Segments get their customer thresholds in Repeat Customer Insights
A Repeat Customer Insights customer was asking about how the Automatic Segments are created: I am wondering where the app gets the “whale” threshold from, and other thresholds? All of the Automatic Segments come from the RFM values. With RFM each customer gets 3 scores from 5 (best) to 1 (worst), where each score is …
Customer segmenting for new and smaller Shopify stores
The more customers your Shopify store has, the more valuable customer segmenting can be. But even new and small stores can benefit from segmenting… …when you segment your customers from your non-customers. Both groups have a major difference in behavior, one bought from you and the other hasn’t. That one behavior is a strong indicator …
How the RFM analysis scores customer behavior from 1 to 5
A customer was asking about how the RFM scoring in Repeat Customer Insights works: How are your coming up with your recency, frequency, and monetary scores of 1-5? All three of the RFM scores are based on five groups of 20% of your customer base (called quintiles). Recency is based on when they last ordered. …