Share wallet ( SOW ) is a survey method used in performance management that helps managers understand how much business a business gets from a particular customer.
Another common definition is as follows: Sharing a wallet is a percentage ("share") of a customer's expense ("wallet") for a product that enters a company that sells the product. Different companies compete for stocks they have from customers' wallets, all trying to get as much as possible. Typically, these different companies do not sell the same product but in addition or complementary.
Sharing wallets is usually used in the financial and banking sectors to describe the share of customers. Increasing customer share is a key consideration that increases lifetime customer value. The reason is that maintaining and developing customers is cheaper than getting new customers.
Forte Consultancy says: "The percentage of customer spending with a given company over a certain time.For a gas retailer, for example, the number of customers rendered filling their one-month gasoline tank at the pump itself divided by the same number of customers filling their car's gas tank throughout the month. So a customer who fills his car's gasoline tank four times a month with three of them filling in one of the gas retailers gives that 75% gas retailer share their wallets. "
Video Share of wallet
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Source of the article : Wikipedia
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