What is share of wallet up selling cross selling

What is share of wallet up selling cross selling

Share of Wallet: Traditionally marketers thought of increasing the number of their customers i.e. their market share. Using CRM techniques, marketers could increase the share of wallet of their existing customers. This means that a business providing customized tailored dresses to its customers would want to please them to the point that they want it to sell them something else like accessories in the form of bags, mobile purses, shoes, etc. Thus cross- selling which is the marketing of complementary products

to existing customers and up-selling which is the marketing of higher- value

products to new or existing customers becomes possible when the organization

has sufficient customer data and information  regarding his purchases, choices, interests etc.