Ipsos Loyalty launches share-of-wallet service
US— Ipsos Loyalty has launched Wallet Allocation Optimize (WAO), a new service to help businesses understand their share-of-wallet in target markets.
WAO uses the results of a nine-country survey asking 17,000 about which brands they use across every industry sector. From there, users can see how many brands a consumer uses and where they rank in the list.
The firm said that while satisfaction and performance measurements “are and will remain very important to evaluate how companies service their clients”, they do not capture everything.
Chief strategy officer Timothy Keiningham (pictured) explained: “The value of WAO lies in the fact that it provides executives with a customer relationship metric and a system of understanding, which relates directly to financial performance and business success.” He added: “WAO provides leaders with a rich understanding of share-of-wallet dynamics in their businesses and eliminates the problems of using inadequate customer relationship metrics such as retention and recommendation.”