From the course: Defining and Segmenting Competition
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Understanding wallet share
From the course: Defining and Segmenting Competition
Understanding wallet share
- One great way to look at your indirect competitors, it's kind of another way of looking at indirect competitors, is what I call, Wallet Share. Who else is competing for the same dollars in your wallet? So that's the question that we have to ask. Who else is competing for those same dollars, right? And you have to look at this from a customer perspective. So, how we were looking at it before, was we were looking at it from an industry or a business perspective. This is looking at it from a customer perspective. Now, let's use the kind of an example here to see, well, how this actually works. So, let's say that I have a certain amount of dollars, say I have a $100 to spend on a nice weekend activity, right? And so if I'm a movie theater, if I'm in the movie business, I wonder who else is competing for those same dollars that I'm competing for, right? So let's take a look here, inside my wallet, I've got restaurants, right?…
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