WALLET SHARE VS MARKET SHARE
Chasing market share in today’s business world is a guaranteed formula for chasing your tail. If buying customers is your biggest expense then continually buying new customers (buying market share) is the most expensive way to do business.
Market share, or a focus on new customers comes with an assumption that you are in the business of buying products or services and selling them to customers. If however you swap to the idea of buying customers, then your whole ball park changes.
You are no longer chasing market share, you’re chasing wallet share. The issue becomes, how much, how many and for how long can you sell to each customer you buy?
In this world of business, where customer loyalty is everything, you’ve got to know that if you’ve already spent the money to buy a customer then it makes total sense to make sure you get a full return on that customer (your investment).
Chasing wallet share is as simple as remembering that you’ve got a loyal customer base, so what else can you sell to them?
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