The share of wallet (SOW) is a marketing term referring to the amount of the customer’s total spending that a business captures in the products and services that it offers. Increasing the share of a customer’s wallet a company receives is often a cheaper way of boosting revenue than increasing market share. It is commonly used in the finance and banking sectors to describe share-of-customer. Increasing share-of-customer is a key consideration increasing customer lifetime value. The reason is that retaining and growing customers is cheaper than acquiring new customers.
To find out what is driving your customers, you need to ask them about your key attributes and compare the ratings you garner with your competitors. Customer service, convenience, menu range, accessibility (parking and drive-through), and speed are all important factors to a better “SOW” strategy. You need to ask customers about your key attributes and compare the ratings you garner with your competition.
Get a greater share of wallet with Natural Commerce by delivering products customers already purchase and will purchase more of. In a segment north of $120 billion and growing 10% to 15% year over year, this segment is the future of eating. With only 4% of consumers currently shopping online for all their groceries, it is expected to go to 12% within the next 18 months. Permanent buying patterns have yet to be formed. Fact-consumers will purchase under your brand umbrella or under someone else’s.