Share Of Wallet - SOW
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.
|||Increasing share of wallet can be done by adding new products or services that a firm will offer to existing customers. This can also be done by cross-selling services within the same company. As an example, a bank might recommend to an existing client a different service that they offer, such as referring a wealth management client to an individual elsewhere in the organization who might sell the client insurance or arrange for a mortgage. By cross-selling within the bank they can increase their share of the customer’s wallet.
|||Increasing share of wallet can be done by adding new products or services that a firm will offer to existing customers. This can also be done by cross-selling services within the same company. As an example, a bank might recommend to an existing client a different service that they offer, such as referring a wealth management client to an individual elsewhere in the organization who might sell the client insurance or arrange for a mortgage. By cross-selling within the bank they can increase their share of the customer’s wallet.