Have you ever heard of the Sherlock Score of member retention? Maybe some of you have and some of you don't. It's Okay! We will explore the score together to bring you more understanding of what it means and how to interpret it. Let's investigate now!
What is Sherlock Score? It's the scoring that reveals a members' engagement level with your brand. The score is automatically counted by the system and assessed based on members' RFMA performances. What is RFMA?
R - Recency: when is the last time he/she comes. The more recent the better.
F - Frequency: how many times has he/she come to purchase your product. The more the better.
M - Monetary: how much money have he/she spent to purchase your product. The more the better.
A - Advocacy: how often does he/she refer others to join your program. The more often the better.
Based on these parameters, we define the members' Sherlock Score which ranges from 0 - 100 score. We've divided the scoring into 3 categories to help you categorize your members better. You can check members' Sherlock Score in the member details section.
Good: Score of 70 - 100
Average: Score of 50 - 70
Bad: Score of 1 - 50
What is Churn Risk? This number shows you the likeliness of a member to leave your brand. The number will be shown in the form of percentage. The lower the churn risk score, the better it is.
Send Rewards based on Sherlock Score Rating
After knowing your members' Sherlock Score, how do you utilize these scores to increase members' engagement with your brand? Don't worry! We also prepare a full calculation and algorithm to suggest the best gift/rewards to send to different member segments. How? Simply by clicking the button as shown in the image below.
TADA! Your rewards have been sent. Explore more about Sherlock Score and how to reward your members now! Drive Impact with Great Insight!