Here are the ways that wallet share can increase customer base….
In my previous article, I have talked about some aspect of customer loyalty and I have tried to define customer loyalty.
I said it in that article that customer loyalty is the level of emotional attachment that customers have towards your products or services that made them to stick to your products or services without looking at your competitors’ direction.
In this article, we want to talk about the different ways that you can use to measure the loyalty level of your customers. Let’s jump in.
When we talk about the principle of Wallet share, it has to do with the amount customers are willing to spend on your products or services. If you have one thousand naira (N1, 000) and you are willing to spend N700 (seven hundred naira) on your product or service. That means that customers are loyal to your organization.
When we talk about category share, we mean the amount you are willing to spend on a particular brand. When you enter some homes, what you see are LG Products. You do not need to be told that, such Individual are loyal to the LG Brand.
That is another way of measuring the loyalty level of your customers.
creating customer loyalty….
When you are creating customer loyalty, you are actually creating a customer experience and building a customer experience. If your customers are satisfied with your products or service, you are creating a database and a pool of satisfied customers who are willing to advertise your products or services without being paid a dime.
This will also help you to establish your brand as one that really cares about customers and you will be recognized as a truly customer-centric enterprise.
brand promise in relation to wallet share…
Let’s look at it this way, if I happen to be your friend and I have not promised you something, is it possible for you to hold me responsible for what I have not promised you.
So also, when we talk about Brand Promise, it happens to be what an organizational have promised to give to their customers or what they should expect from the organization. If an organization is able to fulfil their promise to their customers or surpass their expectation. They will remain loyal to you.
Action Point If you enjoy our article, sign up to get our next article in your inbox. You need to confirm your subscription by clicking on the link sent to your email. You can check the spam folder for it.
Add us to your mailing list to receive directly from us. Thanks.