Wells Fargo Center is proud to announce a new consulting relationship with Professor Dongling Huang. Professor Huang instructs students at California State University, Northridge in data analysis in the upper-division marketing course: Marketing Metrics.
Huang’s students typically produce a number of projects during the semester. The final project is commonly a marketing centric project that uses more than one data set. Students pull from client given data sets and publicly available data sets in order to generate demographic and geographic information that can be joined to create a meaningful picture using Microsoft Excel and Tableau software. Commonly the final project requires students to identify common links between the data sets and calculate metrics such as the ‘RFM’ pertaining to the client.
RFM refers to the metric which calculates the recency, frequency, and monetary value of customers in order to generate insights about a business’ most profitable consumers. (You may hear this referred to the 80/20 rule, which describes that often 20% of customers provide 80% of a company’s margin.) Calculating the RFM of a consumer data set provides meaningful marketing insights to businesses looking to reduce costs, understand which customers to target, and to provide insight into consumer behavior.
One more win for Wells Fargo Center Small Business & Entrepreneurship!
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Author:Robin Yerian. Robin studies Marketing and Business Administration at California State University, Northridge. She has received an honorable mention for her secondary research regarding the millennial generation in association with the national American Marketing Association case competition for eBay in which she provided consumer insights. Robin is the student assistant responsible for managing client relationships, communications, and social media for the Wells Fargo Center for Small Business & Entrepreneurship at CSUN.