Customer Loyalty Isn’t Enough. Grow Your Share of Wallet! The Wallet Allocation Rule by Timothy Keiningham is a revolutionary, definitive guide for winning the battle for share of customers’ hearts, minds, and wallets. Backed by rock-solid science published in the Harvard Business Review and MIT Sloan Management Review, this landmark book introduces a new and rigorously tested approach–the Wallet Allocation Rule–that is proven to link to the most important measure of customer loyalty: share of wallet. Companies currently spend billions of dollars each year measuring and managing metrics like customer satisfaction and Net Promoter Score (NPS) to improve customer loyalty. These metrics, however, have almost no correlation to share of wallet. As a result, the returns on investments designed to improve the customer experience are frequently near zero, even negative.
With The Wallet Allocation Rule, managers finally have the missing link to business growth within their grasp–the ability to link their existing metrics to the share of spending that customers allocate to their brands. – Learn why improving satisfaction (or NPS) does not improve share. – Apply the Wallet Allocation Rule to discover what really drives customer spending. – Uncover new metrics that really matter to achieve growth. By applying the Wallet Allocation Rule, managers get real insight into the money they currently get from their customers, the money available to be earned by them, and what it takes to get it. The Wallet Allocation Rule by Tim Keiningham provides managers with a blueprint for sustainable long-term growth.
How to “Really” Grow Your Business
Every company, whether it is a small business or a Fortune 500 corporation, is obsessed with two things: profits and growth. The reason for profits is obvious: Profits determine a company’s viability.
Growth, however, is the lifeblood of companies. It is arguably the most important gauge of a company’s long-term success. Small businesses must grow to a size that is large enough to ensure a viable economic return. And for large public companies, growth is what creates economic value for shareholders.
Unfortunately, growth is a goal that that is seldom achieved. For small businesses, a whopping 80 percent will fail within the first 18 months! And for those that survive, most will start small and stay small.
About the Author
Tim Keiningham is global chief strategy officer at Ipsos Loyalty, the world’s leading professional services firm dedicated exclusively to customer experience, satisfaction, and loyalty with in excess of 1,100 dedicated expert staff located in more than 80 countries. A prolific writer, Tim has authored or edited nine books. He also works to expand the science and practice of marketing and management and has published numerous papers in leading management journals (e.g., Harvard Business Review and MIT Sloan Management Review) and leading academic journals (e.g., Journal of Marketing, Marketing Science, Journal of the Academy of Marketing Science, Journal of Service Research, and Journal of Service Management).