| What is a market share? Anyone who has read a | | | | of their delivery service, it also helped their clients to |
| book on marketing or has gone through special | | | | lessen the time and effort it takes to look for other |
| marketing classes would know that one of the basic | | | | fast-food delivery outlets. |
| concepts in marketing is what is referred to as market | | | | In businesses involved in retail selling, wouldn't it be |
| share. Market share is what all businesses should | | | | more advantageous if all your products can relate to |
| aspire for. But in today's highly competitive | | | | each other? If you are a medical provider, wouldn't it |
| environment, gaining a sizable portion of the market | | | | make sense to keep a notepad printing checklist of all |
| share entails cost. A chunk of the market share | | | | the services clients can avail of every time they |
| involves finding potential clients or customers and | | | | checked in for consultation? Perhaps it would even be |
| persuading them to buy your product or avail of your | | | | more strategic if you had separate custom notepads |
| services instead of your competition. | | | | for medical services and for your growing business in |
| What are your options then to grow your business? | | | | aesthetic medicine. |
| There is an alternative way to increase your revenue | | | | Another approach to get your wallet share is to bundle |
| and that is targeting a wallet share. What then is wallet | | | | goods or services together. Going back to the |
| share? If market share is the amount you have been | | | | example on fast-food delivery services, note how they |
| able to penetrate into a market, wallet share is the | | | | captured wallet share by combining their menus |
| extent to which you have been able to penetrate into | | | | together as 'meals' for a lesser price. One piece |
| your customer's wallet. | | | | chicken, regular french-fries and a regular Coke |
| Take this for example. A fast-food delivery outlet | | | | consists a meal which if bought separately would be |
| needed to increase their revenue. On closer inspection, | | | | more expensive. |
| it was determined that they failed to inform their client | | | | By being innovative, you can go after a good wallet |
| base of all of their product lines. So, over the next six | | | | share. The good thing with this strategy is you don't |
| months, all their delivery boys talked to their clients to | | | | have to invest heavily in attracting new clients or |
| ask what other food they order. The delivery boys | | | | customers because they are already there. They |
| noted all these information on their custom note pads | | | | already buy from you. You just have to make them |
| and referred to them when they met with their team. | | | | buy more. That is the essence of wallet share |
| Not only did this strategy more than double the sales | | | | strategy. |