Share-of-Wallet analytics

I have been doing some thinking recently about the past bunch of years that I have spent in sales and marketing.  One basic truth keeps coming to mind.

It is cheaper and much more efficient to get new business from an existing client...

than it is to find a new client.

Little did I know that the Higher-Ups of this world have come up with a term for that truth.  They call it Share-of-Wallet Analytics or SOW.  Forte Consultancy describes SOW as follows:

"The percentage of a customer’s spend that is with a given company over a given amount of time. For a gas retailer, for example, it’s the number of times a given customer fills up their car’s gas tank one month at their own pumps divided by the total number of times the same customer fills up their car’s gas tank that entire month. So a customer who fills up his or her car’s gas tank four times a month with three of those fills at one gas retailer is giving that gas retailer 75% share of their wallet."

It's fancy words but it means the same thing.  Who knew I was ahead of the curve?