noun a person's or company's portion of a customer's spending in a particular market or industry
In finance, 'share of wallet' can be used to assess the potential revenue that a financial institution can generate from a customer based on their current products and services.
In marketing, 'share of wallet' refers to the percentage of a customer's total spending that goes to a particular company or brand.
In retail, 'share of wallet' is used to track how much of a customer's overall spending is captured by a specific retailer.
In sales, 'share of wallet' is used to prioritize customers based on their potential value and allocate resources accordingly.
In CRM, 'share of wallet' helps businesses understand how much of a customer's potential spending is being captured and how to increase their share.
A writer may use the concept of 'share of wallet' when discussing marketing strategies for their books or articles. They may focus on increasing their share of wallet among readers by offering additional products or services related to their writing.
A psychologist may use 'share of wallet' when considering the financial commitment of their clients to therapy or counseling services. They may aim to increase their share of wallet by offering additional services or extending the duration of therapy sessions.
A retailer may use 'share of wallet' to analyze the spending patterns of their customers across different product categories. They may implement strategies to increase their share of wallet by cross-selling or upselling additional products to existing customers.
A financial advisor may use 'share of wallet' to assess the portion of a client's assets that are invested with them compared to other financial institutions. They may aim to increase their share of wallet by offering a wider range of financial products and services to meet the client's needs.
A marketing manager may use 'share of wallet' to evaluate the effectiveness of their marketing campaigns in capturing a larger portion of customer spending. They may focus on increasing their share of wallet by targeting specific customer segments with personalized offers and promotions.