Definition (1):
It is the portion of the customer’s purchasing that a company gets in its product.
Definition (2):
“It is defined as the share the company gets out of the customers’ purchasing their offerings.”
Thus, banks want to increase “share of wallet”. Supermarkets and restaurants want to get more ‘share of stomach” Car companies want to increase “share of garage” and airlines want greater “share of travel”.
Beyond simply retaining good customers to capture customer lifetime value, good customer relationship management can help marketers increase their share of customers.
Apple, Amazon, Netflix, Starbucks, and Uber, all concentrate on growing their share of customers.
Use of the Term in Sentences:
- Nowadays companies focus more on growing their share of customer than their market share.
- Companies find it better to increase their share of customer than their market share for increased profits.
- The company has taken different strategies to increase their share of customer.
- One of the advantages of growing the share of customer is that the company already knows these customers.