RFM Customer Segmentation

The RFM Customer Segmentation app is dependent on the FinDock package

The RFM model is a customer segmentation technique that is used to analyze customer value. RFM stands for Recency, Frequency, and Monetary Value. With the usage of the transactional data of your customers RFM-scores can be calculated per unique customer. Based on the RFM-scores a customer falls in a certain segment.

This RFM Customer Segmentation app applies the RFM model to your customers in Salesforce using FinDock data. Four fields are added to the standard Contact object in Salesforce:

• Recency Score: is based on the number of days between the contact most recent payment and today.
• Frequency Score: is based on the number of payments attached to the contact.
• Monetary value Score: is based on the sum of payments attached to the contact.
• RFM Segment: is based on the Recency score & Frequency score of the contact.

The RFM calculation is done using the FinDock Payment object as a basis. Per customer is takes all payments into account where the payment matches the following criteria:

• The related Installment status is equal to Collected
• The related Installment recordtype is equal to Receivable
• The collection date is after the Date Range Start date given in the settings

The RFM scores and the customer segment is stored on field level on every contact record in Salesforce. It can also be visualized both in a per customer view and in an org-wide view over all contacts in the Salesforce org. See the screenshots below.

Installation and configuration

1. Install the latest package version in your Salesforce environment: releases.
2. Assign the following permission set to each user who will need to use RFM Customer Segmentation package: Engagement Grid
3. Add the lightning component ContactRFMScoreDisplay to the contact page.
4. From the App Launcher go to the RFM Customer Segmentation app.
5. Start the initial calculation of the RFM scores and segments of your contacts by clicking on the Refresh Data button.
6. (optional) Click on the RFM Settings tab. Schedule the heartbeat on the time of your choosing.

Please note that the Customer Segment and RFM-scores will be calculated using the default settings. Many of these settings can be configured via the RFM Settings tab.

Contributing

When contributing to this repository, please first discuss the change you wish to make via an issue or any other method with FinDock before making a change.

Support

FinDock Labs is a non-supported group in FinDock that releases applications. Despite the name, assistance for any of these applications is not provided by FinDock Support because they are not officially supported features. For a list of these apps, visit the FinDock Labs account on Github.

License

This project is licensed under the MIT License - see the LICENSE file for details