Another common definition is the following: Share of wallet is the percentage ("share") of a customer's expenses ("of wallet") for a product that goes to the firm selling the product. Different firms fight over the share they have of a customer's wallet, all trying to get as much as possible. Typically, these different firms don't sell the same but rather ancillary or complementary product.
Share of wallet is commonly used in the finance and banking sectors to describe share-of-customer. Increasing share-of-customer is a key consideration increasing customer lifetime value. The reason is that retaining and growing customers is cheaper than acquiring new customers.
Forte Consultancy says: "The percentage of a customer's spend that is with a given company over a given amount of time. For a gas retailer, for example, it's the number of times a given customer fills up their car's gas tank one month at their own pumps divided by the total number of times the same customer fills up their car's gas tank that entire month. So a customer who fills up his or her car's gas tank four times a month with three of those fills at one gas retailer is giving that gas retailer 75% share of their wallet."
Discover what's new in iOS 11!
Take a spin through the newest features of iOS 11 with Take Control of iOS 11 by TidBITS Managing Editor Josh Centers. Whether you use an iPad, iPhone, or iPod touch, you'll find lots to explore in this book, from major changes to Control Center, to new Instant Markup features, to the Files app, which offers access to files stored in iCloud and on your device. Learn how iOS 11 is a game-changer for the iPad, with new multi-tasking capabilities that take it one step closer to being a peer to the Mac.
Other aspects of iOS that have seen changes in this new version are: the Lock Screen, Control Center, the Home Screen, Files, Siri, Keyboard, HomeKit, the App Store, the Camera, Maps, Messages, Photos, Notes, and Settings. As you dive into the details, Josh also shows you how to customize iOS 11 to fit your needs, helping you decide which settings and apps would be most useful to you.
If you need a refresher on everything that iOS can do, you'll also find that in this book. Josh provides extensive guidance about the ins and outs of using iOS, including how to: