Mailing decisions in the catalog sales industry
Management Science
Markov Decision Processes: Discrete Stochastic Dynamic Programming
Markov Decision Processes: Discrete Stochastic Dynamic Programming
Introduction to Stochastic Dynamic Programming: Probability and Mathematical
Introduction to Stochastic Dynamic Programming: Probability and Mathematical
Identification of influencers - Measuring influence in customer networks
Decision Support Systems
Quantifying the indirect effects of a marketing contact
Expert Systems with Applications: An International Journal
Mining customer knowledge for direct selling and marketing
Expert Systems with Applications: An International Journal
Direct marketing decision support through predictive customer response modeling
Decision Support Systems
Direct mailing decisions based on the worst and best practice cross-efficiency evaluations
International Journal of Business Information Systems
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Direct marketing firms want to transfer their message as efficiently as possible in order to obtain a profitable long-term relationship with individual customers. Much attention has been paid to address selection of existing customers and on identifying new profitable prospects. Less attention has been paid to the optimal frequency of the contacts with customers. We provide a decision support system that helps the direct mailer to determine mailing frequency for active customers. The system observes the mailing pattern of these customers in terms of the well-known R(ecency), F(requency) and M(onetary) variables. The underlying model is based on an optimization model for the frequency of direct mailings. The system provides the direct mailer with tools to define preferred response behavior and advises the direct mailer on the mailing strategy that will steer the customers towards this preferred response behavior.