'Share of Customer' what exactly are they asking
Share of customer means keeping a large share of the customers you already have. Assure their loyalty by giving them the service they want.
Check these sites for more information.
http://www.mobileyouth.org/post/share-of-customer-vs-share-of-market/
http://www.brandirect.com/articles/share-of-customer.php
thank you,
Focusing on High-Value Customers
isent this the same answer as, Lifetime Value of Customer
You're welcome.
Yes -- I believe that lifetime value of customers is very similar to share of customer.
http://en.wikipedia.org/wiki/Customer_lifetime_value
When someone refers to "Share of Customer," they are typically referring to a marketing concept that measures the portion or percentage of a customer's total spending in a given category or market that goes to a specific brand or business. In essence, it helps businesses understand how much of a customer's purchasing power they are able to capture compared to their competitors.
To calculate the Share of Customer, you would need to know the total amount a customer spends in a specific product category or market and then determine how much of that spending goes towards your brand or business. This can be derived by analyzing customer purchase data and comparing it to the overall market size.
To get a comprehensive understanding of a customer's behavior and purchasing habits, you may need to collect data through various means. These can include loyalty programs, surveys, social media monitoring, point-of-sale systems, market research, and other data analysis tools. By analyzing this data, you can determine a customer's affinity towards your brand and estimate your share in their purchases.
Additionally, to improve your share of customer, you would need to focus on strategies such as enhancing customer satisfaction, loyalty programs, personalization, target marketing, and delivering exceptional customer experiences. This information can help you make informed decisions on marketing initiatives, product development, and customer retention efforts.