Adapt marketing & sales to changing markets
Share of Wallet Analytics is the key tool to close the gap between marketing and sales while driving marketing and sales alignment and budget allocations.
A renewed approach for marketing and sales
Businesses increasingly operate in markets that, through the emergence of alternative distribution channels and the availability of ‘mass data’, are changing in character amazingly quickly. This means growing pressure on businesses’ marketing and sales teams.
SOW Analytics – in which data plays a central role – can provide an answer. Berenschot Intellerts supports businesses with the application of this proven methodology, which is being used more and more across the world.
What is Share of Wallet Analytics?
Without a good insight into the total spend of clients within a certain product category and within a defined channel, and the share that a business has of this, it is becoming increasingly difficult to manage marketing and sales successfully.
Businesses can get this insight by adopting a research method that we call Share of Wallet Analytics. This method, which can be applied practically in all business sectors, consists of two steps.
Step 1 is the definition of the ‘wallet’ (total spend) for a client or client group in a certain product category. Then what percentage of the market share the business’ current clients represent – the ‘share of wallet’ – is looked at.
Most businesses do not know enough about the ‘wallet’ of their clients, if they know anything about it at all. Luckily there are now advanced bottom-up and top-down data models available with which reliable estimates of the ‘wallet’ for most product categories can be made.
By mapping out the Share of Wallet, the first step has been done, but the second step is vital – in particular in the case of B2B – to ensure that marketing and sales has the required direction.
This Step 2 is the fine-tuning of the Share of Wallet through the RAD methodology. With RAD, client groups are put into segments: vertically according to their state of development (Retention, Acquisition and Development); and horizontally according to the size of their ‘wallet’ (Small, Medium and Large).
The breakdown of the client portfolio into 9 segments provides various advantages at strategic, tactical and operational levels. Marketing and sales performance is made transparent and objective. This contributes to the professional management of these important business processes.
“Share of Wallet Analytics provides transparency and is essential for sales management”
Get full explanation and meet the man from practice, Frank van der Meer (49), who has already worked with Share of Wallet Analytics for over 15 years.READ THE FULL STORY (PDF)
Share of Wallet Anlytics, versatile tool for a renewed marketing and sales approach
- Detailed mapping of the market and discovering the white spaces and growth potential
- Dividing client portfolio according to size and share within client
- Detailed market share analysis (by sector, location, etc.)
- Support for pricing strategy
- Defining a growth plan (acquisition strategy)
- Improving the sales coverage model, i.e. more efficient deployment of Field sales vs. Inside sales.
- Adjusting and changing the channel model
- CRM analytics, more in-depth client profile analysis
It is a fundamentally different way of working and organising. It requires a change of mindset, team spirit and support from above.”
“You can mainly view the RAD concept as a simple but strong methodology to assess performances at the sales account, sales segment or market share levels”, explains Van der Meer. It can be applied to strategic, tactical and operational levels. “Almost everyone within an organisation can therefore profit from the insights that RAD delivers: sales, marketing, sales support, operations, management, sales reps, and so on. And it’s nice that ultimately the human contribution is vital. This makes it so exciting.”