SOW is a simple but powerful concept for both consumer and B2B markets.
How much of a customers spending on products you could supply, actually comes your way, Vs going to a competitor? how much of their “wallet” to you get? It is a great measure of the relative value of your offering to a customer against that of your competitors.
The key is to define the wallet, and fundamental to that is an understanding of the customers behavior, what they buy, from whom, via what channels, why they buy it, and what they buy it instead of.
Setting the parameters of a wallet for major or target customers is a task that should be central to any strategic effort to enhance performance. It is also a valuable exercise for the sales and marketing personnel, as it demands a critical examination of the customer, always a useful exercise.
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