A formula that says the most responsive prospects to a promotion are those who have bought recently, those who buy frequently, and those who spend a goodly sum of money. Recency is the date of the consumer’s last purchase; the more recent, the more likely the consumer is to respond to another promotion. Frequency is how often the consumer buys from you; the greater the frequency, the more likely they are to respond to the next promotion. Monetary refers to how much money on average they spend per order; the greater the monetary, the more likely they are to respond to higher-priced offers.

1000+ essential modern marketing concepts - combination of traditional offline marketing (branding, pricing, the 4Ps, etc)  and digital marketing concepts (web, social media, search, etc)

Related Topic: Digital Marketing