What Share of Wallet Is and How It Can Affect Your Bottom Line

How much of your customers’ total spend are you getting? You probably know the answer for your top customers, but what about everyone else?

Understanding your wallet share can lead to tremendous opportunities in terms of your business’s ability to generate profitable growth. It costs more to acquire a new customer than it does to retain an existing customer – some statistics say as much as 5-10 times more – and it’s also considerably easier to sell to an existing customer than it is a new one.

INSIGHT’s proven methodology for approximating wallet share at the customer and product family levels provides clarity around your competitive position in key categories and identifies what your customers value most from your business. Armed with that information, we partner with you to build strategic action plans designed to maximize business with your existing customers, allowing you to:

• Refine your value proposition for each customer, based on their key interests
• Develop customer-specific strategies to replace key competitors
• Leverage price and programs to position aggressive customer offerings
• Focus on driving growth in high-margin products/customers
• More intelligently target sales strategies and programs