Getting Your Wallet Share of Your Market Traverse City MI
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Getting Your Wallet Share of Your Market
Getting Your Wallet Share of Your MarketAuthor: charen smith
What is a market share? Anyone who has read a book on marketing or has gone through special marketing classes would know that one of the basic concepts in marketing is what is referred to as market share. Market share is what all businesses should aspire for. But in today’s highly competitive environment, gaining a sizable portion of the market share entails cost. A chunk of the market share involves finding potential clients or customers and persuading them to buy your product or avail of your services instead of your competition.
What are your options then to grow your business? There is an alternative way to increase your revenue and that is targeting a wallet share. What then is wallet share? If market share is the amount you have been able to penetrate into a market, wallet share is the extent to which you have been able to penetrate into your customer’s wallet.
Take this for example. A fast-food delivery outlet needed to increase their revenue. On closer inspection, it was determined that they failed to inform their client base of all of their product lines. So, over the next six months, all their delivery boys talked to their clients to ask what other food they order. The delivery boys noted all these information on their custom note pads and referred to them when they met with their team. Not only did this strategy more than double the sales of their delivery service, it also helped their clients to lessen the time and effort it takes to look for other fast-food delivery outlets.
In businesses involved in retail selling, wouldn’t it be more advantageous if all your products can relate to each other? If you are a medical provider, wouldn’t it make sense to keep a notepad printing checklist of all the services clients can avail of every time they checked in for consultation? Perhaps it would even be more strategic if you had separate custom notepads for medical services and for your growing business in aesthetic medicine.
Another approach to get your wallet share is to bundle goods or services together. Going back to the example on fast-food delivery services, note how they captured wallet share by combining their menus together as ‘meals’ for a lesser price. One piece chicken, regular french-fries and a regular Coke consists a meal which if bought separately would be more expensive.
By being innovative, you can go after a good wallet share. The good thing with this strategy is you don’t have to invest heavily in attracting new clients or customers because they are already there. They already buy from you. You just have to make them buy more. That is the essence of wallet share strategy.
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