How is your brand Increasing Your Share of Wallet ?
So what is share of wallet mean? Essentially it’s the average amount a consumer spends at a retailer in a given period, i.e. a consumer spends $500 per month or year. A retailer who can upsell or suggestive sell to consumers will find that the extra spend is relatively easy to gain because the consumer is an existing customer. A classic example is at McDonalds where they ask if you “want fries with your order?” or if you “want an apple pie”. By making a small sale like fries or an apple pie goes toward increasing the share of wallet.
Many food companies have already jumped on the bandwagon by offering supplementary products to their main product to increase their share of wallet. For instance, if your main product is pasta sauce, why not offer the pasta product or different cheeses to compliment the pasta sauces? you could even develop readymade meals.
Most importantly, create a buying habit among your customers so it’s not a one-time deal. If you can provide value and service, with an excellent product, of course, then you have a higher chance of developing a lifetime relationship with your customers.
Apart from simply asking at the Point of Sale as in the McDonalds’ example, retailers can increase their share of wallet by using online advertising techniques like Behavioral Targeting to bring customers back to spend more. Gourmet Ads can also use advanced Retargeting strategies to reach your existing customer base as well as consumers most likely to purchase your products in the future.
Another key strategy for increasing share of wallet is using Online Coupons
Another key strategy for increasing share of wallet is using Online Coupons. These online coupons could require consumers to purchase a product first, then get a discount on the 2nd product. Once again Gourmet Ads can develop a campaign to drive coupon downloads and engagement at your target audience, thus Increasing Your Share of Wallet.