Finding Whitespace in the Furniture Industry Take a client of ours within the furniture industry, for example. Before you invest big to attack white space, ask why the market is uninhabited. This is an efficient and effective sales strategy to drive revenue from accounts that are already seeing value from you. In this on-demand webinar, we demystify the core concepts and applications in sales environments. Customer loyalty Oversized Fit. Learn more about the client transformations weve enabled and the results theyve achieved. There are four (4) powerful reasons why sales teams should focus on developing the green field in high volume strategic accounts. That is, they identify and create opportunities by positioning solutions that align with the customers goals, challenges, and initiatives. Unlock your team's curiosity and willingness to take smart risks. Cross-selling is a great way to drive revenue quickly as well if youre more transactional. Janeks sales performance solutions are offered to a global clientele. How to Use Sales Analysis to Drive More Growth. The ultimate goal of key account management is to recognize opportunities for growth in their strategic accounts. Forbes. Identify and list down Buying Centers in the account. The new model appealed to a much broader audience who didnt look like muscle-filled jocks and catapulted the Planet Fitness brand to success. 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. The reason white space is becoming a hot topic in business is that these unmet customer needs are lying in wait for sales teams to identify and help their customers solve, thereby growing more business. They shared the same drive-in service model and served the same food as their competitors. Still others use it, as Tim Armstrong has, to refer to gaps in existing markets or product lines. Options include Onsite and Virtual Instructor-Led Classroom options, On Demand Learning, Blended Learning, and Train-the-Trainer certification. Servicios de Nube; Respaldos y recuperacin de desastres; Servicios de Productividad; Soluciones para la eficiencia del negocio From there, you can step into the void where your (or your competitors) services still have much left to be desired. White space analysis is the process By mining sales data, you can identify opportunities to: However, your analysis isnt simply focused on customersit also leverages information regarding the industry, competitive landscape, and key stakeholders. Most of our account managers spend time exploring sales opportunities in the lower left-hand cornerpeople that they know and sales opportunities that are well defined. This is one example of how claiming the whitespace in the market that is rightfully yours translates into a different conversation with prospective customers, and ultimately into fast growth. 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. Build a matrix and look for not only what brand identity and associations each competitor owns in the market, but also look for trends and commonalities across the competitive landscape. 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. And thats why more and more B2B companies are leveraging technologies that can perform this type of whitespace analysis at level of scale, speed, and accuracy that manual processes cant even come close to replicating. WebThe whitespace is the gap between the pain points the company is feeling, and the solutions they have in place to meet those needs. Mark all the areas where you already do business in the Account Landscape with opportunities data. 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. Can you work with them to make introductions to other business unit leaders? Thats America Online (AOL) CEO Tim Armstrong recently explaining to a group of investors how AOLs digitizing towns initiative (to offer one-stop website-management services to municipalities all across the U.S.) would position the company to compete against the likes of Google, Yelp, and CitySearch as the company looks for a clear path away from the disappearing dial-up subscription market. This could be selling additional subscription licenses if youre in SAAS, or it could be upgrading the tier of the subscription you have. Instead, to break through all the noise in the market, you should uncover what your competition is not doing. These areas often include No-See doctors offices, offices that request no reps visit, oncologists and other health care specialties that require special authorization to access. 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. Greenspace or open space reserve, protected areas of undeveloped landscape. Polyester 100%. WebWhite space and vacant territories represent areas within your market that are impossible or impractical to reach by sales reps. We therefore directed them towards a brand strategy focused on experience, expertise, and human intelligence. This strategy seeks to improve business results by analysing key information about the customer, industry, stakeholders, and competitive landscape. Are other segments consistently churning or spending less? 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. White space in sales is referred to a gap that a business can identify and use to scale its revenue with its products or services. Brands, agencies and organisations are leveraging Relative Insight for white space analysis. We see local as the big white space. Thats America Online (AOL) CEO Tim Armstrong recently explaining to a group of investors how AOLs digitizing towns initiative (to offer one-stop website-management services to municipalities all across the U.S.) would position the company to compete against the likes of Google, Yelp, and CitySearch as the company []. Products/services mix build strong relationships and open lines of communication at Whitespace refers to characters which are used to provide horizontal or vertical space between other characters. But ultimately what this definition allows you to do is map a new opportunity or impending threat against your companys current ability to meet it, rather than assuming that the odds of success depend mainly on how near or far it is from other competitors. Relative Insight is a text analytics software that provides businesses with an effective solution to analyse qualitative data, whether that be voice of the customer feedback, reviews, surveys or competitor data. Take a client of ours within the furniture industry, for example. It can be either raised floor or hard floor (solid floor). We audited their brand strategy and messaging against the competition and quickly realized that each competitor was focused on one of three things: solutions, innovation, or leadership. Lets call them OFFERINGS. It is a fairly common practice that lures many middle market companies into doing what they see their more successful competition doing. White space analysis is the process of digging through the sales data to hunt for new white space opportunities for cross-selling and up-selling. The 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 space. Identifying opportunities to create value Developing and executing a plan to achieve your objectives. Many companies lose their way after layers of management have been installed and ossification of processes has taken hold, resulting in a business plateau. Are there other product lines that arent generally sold initially but could be added down the road? To fill out this gap, did you know that it costs 10 times less to sell to an existing customer than to acquire a new one. Begin by identifying your top 5-10 competitors and then do a deep dive assessment of each. Helps to establish visual hierarchy. Highly relevant offering with highly attractive buying centers gives me two of these opportunities. The White Space Rule is a design technique that ensures the use of enough blank or clean space on the canvas. I call it Account Landscape. The result can be new, significant, accelerated revenue growth. But we all know how often that turns out to be true.. In this session, we share key insights and principles for making onboarding more efficient and effective. Following your competition, however, will only leave you in their wake, trailing behind to capture their leftovers. In this on-demand webinar, you'll learn new strategies and tactics for boosting inside sales' performance and contribution. In essence, youre using the buying patterns of your best customers to help you identify what similar customers are likely sourcing from someone else. The concept behind We saw a wide Heres a simplified example of the concept: Lets say you sell office products to 10 companies that are very similartheyre in the same industry, serving the same end-customers, using the same basic business model, selling similar products, etc. This could be selling different product lines if you have multiple products you sell. Are they getting the most out of your service or product possible? In many regards, account managersespecially those charged with managing large, revenue generating account teamshave to adopt two very different mindsets. 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whitespace vs green space sales