Comments on: Learn Why Share of Wallet Beats Share of Market

By: Brad Maher

Brad Maher — Wed, 04 May 2011 19:08:09 +0000

I work with financial institutions and we frequently refer to the term Share Of Wallet. Like Dana’s point about Whole Foods circular, if your customers don’t know what you are offering…how are they supposed to buy it!

Educating customers is often overlooked because a lot of focus is placed on creating slick sales pieces and techniques to sell, sell, sell. To effectively increase the share of wallet with any existing customer, they have to understand who you are, what you have to ‘sell’, and what are your intentions. Answer those questions and your share of wallet WILL increase!

By: Will Scott

Will Scott — Wed, 04 May 2011 10:38:03 +0000

In reply to Dana Lookadoo.

Dana,

Yes! Going to your clients on a regular (quarterly, semi-annually) basis and showing them some of the items from the other aisles is a great idea.

And of course, there’s no better salesperson than their own ego.

Will

By: Dana Lookadoo

Dana Lookadoo — Wed, 04 May 2011 03:54:09 +0000

From one Whole Foods shopper to another, I like the analogy. I can think of two ways to show existing customers more of our offerings:

1) Like Whole Food’s circular, present them with a marketing plan/calendar of possibilities for a holistic campaign. They will spot disciplines in which they are not involved.

2) Show them where their competitors are engaging. Assuming they want to be competitive, they’ll want to know what it takes to win.

Guess it’s like giving them a tour down the other isles of the store. 🙂