What does SOW mean in NEWS & MEDIA

To calculate SOW, divide a customer's total spending for one product or service by their total spend across all of their purchases for those products and services. This will give you the percentage share of wallet that your brand has with each customer.

The data you need depends on the type of products/services you offer; however, it typically includes transaction-level data, such as item purchased, purchase amount, and purchase frequency. Additionally, demographic information may be necessary depending on the scope of your analysis.

Knowing about a customer's SOW can help businesses better understand their market penetration and identify areas for growth. Additionally, it allows them to target more effectively by understanding which customers represent greater opportunities for increasing sales.

By understanding your customers' SOW trends you can deploy marketing strategies that focus on increasing loyalty among loyal customers or converting new customers into regular purchasers. You can also use this info to create targeted campaigns such as offers/discounts that reward customers who increase their share of wallet with your business over time.

Strategies may vary depending on what kind of product/service you offer; however some common practices used by marketers include offering loyalty rewards programs and assessing the value proposition of different segments in order to tailor promotional activities accordingly. Additionally, using segmentation tools such as RFM analysis can help identify high-value customer cohorts with potential for increased spend share over time.