Growing revenue faster than the market is a key to your overall company success. Share of wallet tends to be underutilized at most companies resulting in major blind spots with respect to growth opportunities. Companies have a strong understanding of current customer sales which can result in the danger of “what you see is all there is”, but also have limited view on a customer’s total purchases (not just what you sell) and even lesser view on sales prospects (non-customers). Market share is a key metric of business performance but often is viewed in the aggregate, not on a regional or territory basis.
A formalized share of wallet strategy builds understanding of new customer and territory opportunities and highlights:
- Where are the best opportunities for growth?
- What companies are the best opportunities to increase share of customer?
- Which companies represent the best prospects for sales?
A share of wallet strategy leverages our proprietary category-specific supply and demand data products with your sales and customer data to drive sales with a roadmap for growth. DemandBuilder® provides accurate data and supporting analytics to measure product demand, determine current share, and forecast sales potential by market and region. SupplyBuilder® delivers a channel view of supplier share and product by region, integrated with a robust database of nearly 50,000 U.S. distribution points covering all channel outlets.
The phased program delivers a comprehensive share of wallet analysis identifying key regions, territories, customers, and prospects to target for profitable growth through a progressive series of steps. This data-driven approach delivers strategic and tactical plans to increase customer and market share based on detailed customer metrics in each territory, and enables a range of initiatives including:
- Improve your sales coverage through more efficient resource deployment
- Segment the customer base according to value and share of customer
- Adjust and change your channel model to extend market reach
- Map a customer-driven sales growth plan now and going forward
- Create a more in-depth customer profile to support CRM
For more information on how a share of wallet strategy based on DemandBuilder® and SupplyBuilder® can support your sales growth initiatives and how we can assist, please contact us at 610-363-7815 or firstname.lastname@example.org.