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From spending to understanding : analyzing customers by their spending behavior
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Otto, Philipp E., Davies, Greg B., Chater, Nick and Stott, Henry (2009) From spending to understanding : analyzing customers by their spending behavior. Journal of Retailing and Consumer Services, Vol.16 (No.1). pp. 10-18. doi:10.1016/j.jretconser.2008.04.001 ISSN 0969-6989.
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Official URL: http://dx.doi.org/10.1016/j.jretconser.2008.04.001
Abstract
In customer segmentation, a common strategy is to use individual differences as a predictor of future behavior. Recent advances in data management in large financial institutions give an unprecedented and potentially powerful source of data for identifying such differences. We show that spending data can substantially help target the direct marketing of financial products, and constitutes new information, not captured by demographics. In particular, a systematic combination of this independent source and more traditional measures can enhance the predictive power of marketing research and improve the relationship with customers as illustrated in a direct mailing selection method which substantially raises response rates.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > H Social Sciences (General) | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Journal of Retailing and Consumer Services | ||||
Publisher: | Pergamon | ||||
ISSN: | 0969-6989 | ||||
Official Date: | January 2009 | ||||
Dates: |
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Volume: | Vol.16 | ||||
Number: | No.1 | ||||
Number of Pages: | 9 | ||||
Page Range: | pp. 10-18 | ||||
DOI: | 10.1016/j.jretconser.2008.04.001 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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