You are exactly right. Share of wallet is an old lifecycle/loyalty metric. It doesn't reflect the reality of today's marketplace. It doesn't even acknowledge subscription, the payment model that most successful companies are turning to. Share of time can be directly tied to engagement and engagement is what keeps people buying, subscribing.
Dave, as you talk about the transition to focusing on time, it would likely require a shift in focus from 'share of wallet' to 'share of time'. If we were to measure the how much time a consumer gives a company instead of dollars, that's a great measure of engagement (...and potential growth opportunities).
You are exactly right. Share of wallet is an old lifecycle/loyalty metric. It doesn't reflect the reality of today's marketplace. It doesn't even acknowledge subscription, the payment model that most successful companies are turning to. Share of time can be directly tied to engagement and engagement is what keeps people buying, subscribing.
Dave, as you talk about the transition to focusing on time, it would likely require a shift in focus from 'share of wallet' to 'share of time'. If we were to measure the how much time a consumer gives a company instead of dollars, that's a great measure of engagement (...and potential growth opportunities).