Whitespace is used to indicate a part of a page that is not covered by print or graphic matter. Executed correctly, white space analysis on sales makes it possible to identify ideal customers and then offer solutions aligned with the targets goals, needs, or strategic initiatives. And this question tells me that this particular sales analytics lead takes the lead part of their title very seriously! Exploring the competitive landscape and identifying whitespace that your brand can own provides an opportunity to recalibrate your business focus, determine what makes your offering unique and valuable to customers, and strengthen your brand. Mapping a route to the closing means hitting numerous mile markers. Others seem too complex or vague or risky and are tabled for the moment. Targeting a different audience segment is yet one more path towards capitalizing on whitespace in the market, as evidenced by Planet Fitness in the gym and fitness industry. But we all know how often that turns out to be true. There may be very good reasons no one has seized the opportunity you see. A good white space analysis starts with leveraging existing customer data in your CRM and starting to map out what an excellent account to grow looks like. Seizing the White Space: Business Model Innovation for Growth and Renewal. Whats important is that you avert a me-too strategy and instead identify and capitalize on whitespace in your market to fuel growth. There are many factors that can be evaluated, including: What began as a failing gym soared to become one of the most successful gyms in the United States, due to listening to and learning from the needs of their audience. WebWhite space in sales is referred to a gap that a business can identify and use to scale its revenue with its products or services. green corridors like paths, disused railway lines, rivers and canals. Rather than think of white space as external as some indistinct but desirable land outside your companys walls I suggest that its more productive to view it as an internal signpost as a way to map your companys ability to address new opportunities or threats. The concept behind whitespace is very simple. With offices on three continents and certified facilitators based around the globe, were well positioned to help clients of all shapes and sizes. Most organizations have a closet filled with topics that have been rehashed all too frequently. In a recent account review session, a global account manager for a software company was asked, Now that your customer (a large restaurant chain) is planning to expand to Asia, do you see any opportunity to increase your sales? The answer we got was, Possiblybut I want to wait until the dust settles and see if they can make a go of it first. In other words, the global account manager just took a pass on a possible green field. Janek Performance Group is a global sales performance company that assists clients of all sizes, industries, and geographic regions improve their sales performance and processes. Why do account managers ignore green field opportunities? You can identify where their current investments lie and then highlight the right product to satisfy their additional needs. But there are three, less promising possibilities: The third area ended up being the killer for our mens grooming business. These upgraded packages may have additional functionality and capabilities, and another example could be adding certain excursions or perks to a trip as a consumer. But trying to compete with the same technology-as-differentiator message as most competitors would have been a zero-sum game and would have prevented the brand from breaking out. Instead, to break through all the noise in the market, you should uncover what your competition is not doing. Looking across all ten customers, youd be able to establish whats expected for this type of buyer. HBR Learnings online leadership training helps you hone your skills with courses like Innovation and Creativity. The green field lies in the remaining quadrantpeople the account managers dont know discussing ideas that lack clarity, definition and support about a challenge or opportunity. This on-demand webinar explains how to using the analytical processes and underlying data to reveal powerful insights and opportunities for growth. A combination of macro and micro white space can be used to help establish visual hierarchy in your design. Is there a specific segment youve seen consistent growth in? These are the five reasons why strategic account planning is vital to the modern sales professional: When mapping a hike, some calculate the mileage as the crow flies. That is, the mileage doesnt represent the additional distance of summiting and descending the peaks and valleys in between the start and end points. Remarks. With how COVID-19 has affected how teams sell, many are turning to white space to uncover opportunities for growth. Forbes. Leveraging existing customer data, you can pull together companies more suited for growth with your business, and provide reps the resources to drive growth in those key accounts. These changes eliminated costs, and with fewer menu items, cooks could get the food to their customers immediately and for less money than the competition could offer. In this context, white space basically means a place where a company might have room to maneuver in a crowded playing field.. At DemandFarm, we have made this process easy by building these tools inside your CRMs. By performing a white space analysis, you can identify who that customer is and how to best target them. Can you work with them to make introductions to other business unit leaders? Studies have shown that, in todays competitive landscape, it can cost five times as much for a company to attract a new customer as it does to preserve an existing one.1. If white space really were just a place where no competitors lurked, companies would have little trouble bringing their most innovative ideas to market, since theyd be, practically by definition, the ones least subject to competition. Polyester 100%. Upselling: Upselling is the process of driving additional purchases of a product or service that makes the total dollar amount increase. Here is an illustration. Messaging Finding Whitespace in the Furniture Industry Take a client of ours within the furniture industry, for example. You can tell a lot about people by the questions they ask. Executed correctly, white space analysis on sales makes it possible to identify ideal customers and then offer solutions aligned with the targets goals, needs, or strategic initiatives. How Does White Space Analysis Work? Identifying gaps and highlighting potential areas of consumer spend that arent yet acquired is called white space mapping. Your first task in attempting to find a white space opportunity is to gain a clear understanding of your customers current investment in your companys goods or services. In boardrooms, this term is used to indicate an unrealised potential or opportunity. This level of preparation puts them on solid footing to reach their destination. How does white space analysis work? We define greenspace as any vegetated land or water within an urban area; this includes: parks, gardens, playing fields, childrens play areas, woods and other natural areas, grassed areas, cemeteries and allotments. Whether youre a small- to medium-sized business or an enterprise brand, we have the tools and expertise to help you measurably improve sales. If youre subscription-based, can you get additional seats sold? From there, you can step into the void where your (or your competitors) services still have much left to be desired. If youve tapped out the number of teams or users you can sell to, are there additional product lines you can sell in? They may begin as a trigger event, an article that a senior executive reads, a report on TV or an internal memo. Since it is tricky, let me explain with an example. The Janek Performance Group team is committed to providing holistic, first-class sales performance programs that lead to positive, long-term results for our clients. WebThe gap between the products or services that your existing customer has purchased and the other products or services that your company has to offer is known as white Janeks white papers provide in-depth coverage for a wide range of sales and sales leadership topics. Access more than 40 courses trusted by Fortune 500 companies. Share this: Facebook Twitter Google+ Pinterest Email to a Friend. Mapping out key decision-makers in other functions, product lines, or subsidiaries is a good way to begin strategizing on expanding with that account. It is simply the space between text, graphics, images, and blocks. Their journey must map every inch of elevation. What if there was a way to analyze all of your customers at once, identify the whitespace opportunities, and serve them up to the sales team on a platter? Within eight months of making the change, the client experienced rapid growth, expanding from one location to three, each within the top markets in the country. Document key goals, and objectives, and help set the team up to measure their progress against those goals, Continuous education via email, customer webinars, and team syncs that keep your company top of mind, Driving product adoption, the number of account plans, relationship maps, and cross-sell templates used is a good KPI, Use your stakeholders and help them position the product and its impact internally, White space mapping identify key stakeholders in other business units that dont use your product to engage. Whitespace refers to characters which are used to provide horizontal or vertical space between other characters. There could be opportunities to mine for more revenue in existing projects. Advantages include but are not limited to: 1. Lets look at why account managers steer away from green fields and why they provide excellent selling opportunities. What are the building blocks essential to crafting a green field strategy? In the illustration above, I have identified 3 of them. Other Comparisons: What's the difference? A white space is where the unspoken, unmet needs of customers are discovered in order to spark innovation. Whereas company after company in the industry was focused on technology as its identifying differentiation, our client had a deep team of pros with decades of impressive experience. Whitespace is often used to separate tokens in HTML, CSS, JavaScript, and other computer languages. A location in the video game OMORI. In HTML Sales professionals find the white space in the customers account. Dr. Karthik Nagendra carries close to two decades of B2B technology & SaaS marketing experience. Brands, agencies and organisations are leveraging Relative Insight for white space analysis. So at DemandFarm, we try to do our best to equip them with tools and frameworks to help them visualize better and to make their thinking strategic, focused and cohesive. Copyright 2023, MindBrew, LLC. White space analysis helps you stay up-to-date with your market and identify growth opportunities. Our Sales Coaching services, which can be acquired as a standalone service or as an augmentation of our sales training programs, aim to provide guidance for immediate impact and long-term results. When it comes to sales, your ideal customer isnt always the next oneits your current one. Youll also want white space technology that enables you to template your analysis so answering questions like the ones above is easy to complete for every account. Many reps think white space analysis is a task that bears little fruit but will bury them in work an overwhelming thought. But sales teams are finding that putting in more work at the beginning of the selling process greatly reduces the sales cycle and leads to an exponentially more positive outcome. After the change, the client experienced a large increase in inbound leads through its website. Are they getting the most out of your service or product possible? Examining the white space in business can not only save hours of grueling selling time but also makes it easier to sell because youre performing an in-depth look at existing customers youve already sold to. Who wouldnt want to do what hasnt been done before? 01. Here, we implement proven sales training and sales consulting solutions that are customized to your organizations needs and market. Find out what whitespace means, and 6 quick steps to execute whitespace analysis in your strategic accounts. What often happens in these cases is the company winds up following a me-too strategy of following more successful competitors in the industry in the pursuit of new growth. If youre looking for a native Salesforce app that visualizes the white space in an account plan so you can quickly identify the best opportunities for customer growth, check out Prolifiq CRUSH and request a demo today! 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