Wallet share is your portion of a customer’s spend. For example, your customer buys bearings from you. But what percentage of their bearings purchases come from you as opposed to other distributors? So, how important is wallet share?
Often it is more cost effective to grow your wallet share with current customers than it is to win new accounts. This is why understanding your current accounts is important. To grow wallet share with a customer, you need some insight into their buying patterns. Industrial Market Information patterns consumption of industrial products, based on industry and the size of a company, to give you a metric to compare against. Baseline industry numbers, combined with a good salesperson’s knowledge can make the difference between supplying 10 percent or 90 percent of a customer’s bearings.
In addition, selling products that complement what a customer is currently buying can increase their spend with you. Two product categories that always seem to fit this model are safety and janitorial supplies. These are general products that all manufacturing and construction companies consume. It is only logical to make access to these products easy and convenient to increase each customer’s spend.
For more information about data to help you leverage wallet share, email us firstname.lastname@example.org, or call 877.224.9677.