The average person spends $200 a month and can’t account for it at the end of the month. It vanishes in thin air. Star bucks drinkers spend $100 a month if they visit only once a day, fast food meals are an average of $6-10 (10 for easy math – $50 a week), most women who go shopping finds a shirt on sale for $10 now need accessories to go with it and walk out of the store with an extra $20-50 in items.
Most people who are in network marketing focus small on the product kits that gets people on board to the wholesale products. Most network marketers do very little “wallet share”
What does that even mean?
When you go to McDonald’s and order a burger they will ask “Do you want fries with that.” When you say yes they will ask what do you want to drink. They upsell you to the whole meal even though when you arrived and only ask for a burger. Most people will upgrade without any hassle.
They are standing at the counter, money in hand ready to buy when they are offered the accessories to go with it.
Wikipedia says: Share of wallet (SOW) is a marketing term referring to the amount of the customer’s total spending that a business captures in the products and services that it offers. Increasing the share of a customer’s wallet a company receives is often a cheaper way of boosting revenue than increasing market share.
Know your customer
When a customer comes to you for a product they want to get the best experience using them to become a repeat customer. For that experience to occur they need the supplies to use that will give them what they need once they get home with a product.
For example, Someone who purchases essential oils normally will begin diffusing the oils before they begin making their own blends. If you only sold them a package of essential oils without offering the diffuser they wouldn’t get the same aroma experience. As you get to know your customer showing them other products like the Thieves cleaning products to a mother of 6 boys shows her from the beginning she can get more than just oils shopping from one place.
A mom of 6 boys is busy, she cleans – a lot – and looking for the many uses of essential oils. This is called wallet sharing. She is open to the products and wants to get the most benefits. As the marketer, it is your job to show them what you have that will serve their needs.
Engage your customers
Staying engaged with your customers on social media, an email list, Facebook groups. Keeping them updated on product launches, updates in the company you work with and let them know you are around to help them if they need anything.
Provide training to teach them about the products, earning opportunities through graphic and interactive means such as images, visuals, and presentations.
Ask yourself “Do my customers have a reason to return.”
Like in my company the more they order on an essential reward plan the more points they earn to be able to shop for free products minus the shipping cost. People love getting free products in the mail. They also get products at a lower discount as a VIP member versus if they remain a basic customer? Very few customers will pass up on a good deal, it is your job to tell them how to earn the goods.
Focus on Your Best Clients
80% of your business will come from only 20% of your customers. The same as business builders – only 20% will ever sell a product. Focus on your best clients and how they shop. When you know who your best clients are, keep them informed of the upcoming sales first, offer them first dibs on items that are going out of stock.
Upsell to increase your volume (Think: “Would You Like Fries With That?”)
No matter what your customer has just purchased, you should always encourage him or her to buy an additional, related item or service. If a customer is investing in a new pair of heels, you can nudge her in the direction of the matching handbag.
If they bought two essential oils and 6 is a better deal, show them how they can get the 6 oils for the best price.
Share of Wallet
This is not taught in network marketing. People do not understand share of wallet is a common marketing and sales strategy. Firms that have a small share of wallet enjoy an opportunity to develop and sell new products to existing customers.
My company does it every single year at the convention. They hold all new products for the big event and release them to excited, Visa card flashing customers who will buy each one of the products because they are brand new. The volume for the month of the convention triples with wallet share. It is well planned and exciting to be able to get the brand new items before anyone else does.
The share of wallet is a particularly common when buying a car. It is so normal, people expect it. A car salesman can easily tack on and extra $2000-3000 for special coverage for your new car.
The value of a new customer is unpredictable in the beginning but over time you will know more about your customers and if they will buy when new products are offered. The value of a single customer over time can be thousands of dollars. By staying connected with your customers your share wallet will increase.
Communication is more valuable than people understand in their marketing and teaching patterns.
Focus on Customer Share, not Market Share
If you are blogging and focusing on only getting new customers, converting leads and turning them into customers. Then that is the hardest way to run a business. Take care of the 20% who already know like and trust you. Keep them updated and informed and your business will grow.
The next time you are paying for an item and someone asks you if you would like a candy bar, gum or would you like fries with that. Then know they were working on their wallet share.
If you are open to working part-time to build the freedom to work from a wallet share. Watch this video and let’s see if we can work together. This may or may not be for you Here is the Video
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