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.