Building a loyal customer base is key to success, so most organizations use Net Promoter Score (NPS) or similar methods to measure satisfaction, learn how to keep customers, and get them to spend more. But, it’s likely that NPS or the satisfaction metrics you use don’t link to your company’s bottom line. You know what to do to make customers happy, but not how to increase their share of business with you.
Why the disconnect between satisfaction and share of wallet? Because no matter how happy customers are, consumer decisions are made in a competitive context. Customers may be happy, but competitors are just as good or better. If you don’t know how you measure up to the competition, you don’t know how to influence your customers to give you a larger share of their business.
MaxShare™ identifies the factors that influence customers’ behavior in order to shift more of their spending to you and away from the competition. It identifies the share of wallet your business earns based on performance, how you earned it, and how you can capture more.
Leveraging the award-winning Wallet Allocation Rule ® developed by our Chief Client and Strategy Officer, Tim Keiningham, Ph.D., this proven method is rooted in the fundamental tenet that company rank matters more than absolute performance. Unlike Net Promoter scores, MaxShare™ provides a true customer view of your brand vis à vis the competition, and has been proven to link directly to company share of wallet.
Even if your organization uses NPS or other methods to track customer loyalty, MaxShare™ takes this into account and builds upon them to give you a comprehensive picture of your business relative to the competition and provides actionable solutions to increase your share.
Benefit of the Approach
By taking an integrated view of the competition and your customers, MaxShare™:
- Identifies what really drives spending decisions so you can address them and influence increases in share
- Quantifies the dollar spending that is going from your customers to the competition
- Provides a true customer view of your performance, as well as the competition’s, that is proven to link to actual customer behavior