2 vital and connected KPI’s for SME’s

share of attention

Share of wallet, share of attention

Share of Wallet is, very simply, your share of an existing customers total purchases in a domain you service. You can fiddle at the edges in the way you define the domain, but it remains that better servicing an existing customer to get a greater share of their wallet is almost always more productive than going hunting for a new customer.

Share of attention as a measure can be as simple or complicated as you like. Definitions vary widely, but usually include measures of  aided and unaided brand awareness, and the awareness  of a specific marketing activity amongst the target market of that activity.

Share of wallet is the measure to be applied at the bottom of the sales funnel,  share  of attention the measure at the top. It is unlikely that a marketer will ever get to have a share of wallet until there has been a share of attention established.

Share of wallet always has been, and still is, a simple measure of great power. Share of attention used to be pretty simple when the communication mediums were limited to the few TV and radio stations, magazines and newspapers people consumed, but has become remarkably more complicated since the fragmentation of media.

Attention is the thing that those with whom we wish to communicate allow us to have from them, it is a gift of  their time and intellect, and we so often undervalue or even abuse it.

We have 8 hours sleeping, 8 hours working, that leaves 8 discretionary hours to be spent, broken up into social time family time, entertainment, and all the other things we do with our lives.

Gaining peoples attention amongst all the competition, the first and necessary task in a marketing program is a huge task, but the benefit delivered by digital media is the huge palette we now have where creativity, innovation and an intimate understanding of the market and customers inhabiting the market pays dividends.

About strategyaudit

StrategyAudit is a boutique strategy and marketing consultancy concentrating on the challenges of the medium sized manufacturing businesses that make up the backbone of our economy. The particular focus is on their strategic and marketing development. as well as the business and operational efficiency improvements necessary for day to day commercial survival. We not only give advice, we go down "into the weeds" to ensure and enable implementation.
This entry was posted in Branding, Customers, Marketing, Small business and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s