The business model that worked on paper didnt work in the marketplace. The data points one selects will vary by firm. Think of Apple's iPod. 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. For instance, you can: There are several reasons your company will benefit from a white space analysis. The stimulus provokes dialogue and, in time, group discussion at the executive level. In addition to shifting sales approaches, your analysis can offer guidance on refining your sales strategy and adapting your team goals. Whatever your color of choice, pioneering new markets feels exciting. Some content creators wont include any whitespace in their designs, giving them space to fit more content. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. While there's only one Sales Ops title on the business card, there are actually many different "jobs within the job." 
Skip the Trial and Error by Learning from Those Who've Gone Before. I understand I may unsubscribe at any time. Critical Negotiation Skills is a research-based training program that provides the tools, skills, and best practices for sales professionals to achieve win-win outcomes without sacrificing margins. 
Selling Virtually is a training program that prepares sales professionals to engage more effectively with leads and clients in a virtual environment while aiming to achieve better sales outcomes. Before you invest big to attack white space, ask why the market is uninhabited. After all, you already have all that data at your fingertips. Ultimate guide on how to calculate it, Break-even point (BEP): What it is and how to calculate it, What is ACV in sales? WebAnd 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. The cursor blinking at the top of that empty page inspires sweaty palms, a dry throat, and unstoppable writers block. Digging into their current processes can assist in determining what product of yours can fill those spaces while also benefitting them. But who are they? How does white space analysis work? From there, you can respond accordingly. 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. Lets take a closer look at what that means. Target a different audience segment. TOPS Reinforcement and Coaching is a proven system and toolkit to provide sales managers with the implementation and execution of a sustainable reinforcement and coaching plan. White space allows companies to increase the volume and velocity of their sales while further building their customer relationships. Here are five key benefits youll glean from your analysis: Its a good idea to start your analysis with your existing customer base. For the vast majority of companies, their offering is ideally targeted for a specific demographic. Fill out the form and a Janek team member will reach out shortly. Posted by What do they know that we dont?. 6 Al Kiswa St., Al Rabya, Amman, Jordan. Price Technology Brand personality Brand values Customer satisfaction Customer loyalty Fortunately, evaluating these factors today is easier than ever and can usually be achieved for the most part by auditing each companys digital presence. Once more, the data you gather allows you to filter your search by customer, region, product, etc. 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. While no two customer journeys are exactly alike, you can use educated guesses to find out which tactics are likely to be effective with certain audience segments. Our award-winning sales training programs can be delivered based on your preference and needs. To get to reasonable revenues, our single-chair kiosk needed what we called a hero barber, one that would draw in and retain customers. When you are brainstorming on how to fill the gap, did you know that it is more affordable to dig into your current clientele and see what challenges you may be able to help them with rather than jumping in with a new customer? Whitespace is also known as negative space or blank space. In Professor Crosss words, effective collaboration doesnt mean everyone in the woods singing Cum By Ya to each other.. Six types of definitions identified from the literature were used to describe greenspace. whitespace vs green space sales. Privacy Policy|Speaking Policy| Conflicts & Ethics Policy | Mailing | Speaking | Writing | Videos. 2023-03-29. The pursuit of green field opportunities often requires consulting skills as well as selling acumen. Ask customers how they use your products. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Get Immediate Access To Everything In The SellingBrew Playbook, Seven Signs Your Sales Team Needs Better Guidance. In other words, there are white spaces that are worth mining. Table 2. Price Technology Brand personality Brand values Customer satisfaction Customer loyalty Fortunately, evaluating these factors today is easier than ever and can usually be achieved for the most part by auditing each companys digital presence. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Our idea was to port the efficient, affordable QB House model that is popular in Singapore and other Asian markets to India (QB House is detailed in the section titled Remember: Quality is Relative of The Little Black Book of Innovation). Get a clear view of the products/services they have already purchased. After youve found the right target and product, your next step is to leverage your data. And by comparing each individual customer in the group to the expected buying pattern of the group, youd be able to clearly see what youre missing, in terms of both product spread and volume. He has authored papers & articles that have been featured in leading publications like Forbes, Business World, People Matters, and Economic Times among others.He has been a guest speaker at Wharton, Duke University, UCLA among other Ivy league Universities globally. Webwhitespace vs green space sales Advanced > View White Space Share. In the graphic below, there are two dimensions of space. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. It is simply the space between text, graphics, images, and blocks. 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. A branded store with multiple chairs might have been a viable model, but given other priorities we decided to shut the business down. Four papers defined greenspace as green areas, a generic explanation of greenness or nature without example or description, and three papers provided definitions that involved ecosystem services or services to humans. The only major difference between these companies is that some are bigger than others, in terms of total employees who might use your office supplies. Whatever your color of choice, pioneering new markets feels exciting. Finished a morning of Zoom calls then entered my kitchen to dis. 
In short, she explained, list your clients on one axis and your products on the other axis to create a simple grid. Of the clients and targets identified, which best fit the model of the ideal client? Marks book is Seizing the White Space: Business Model Innovation for Growth and Renewal. Tvitni na twitteru. While businesses are constantly evolving, your services need to stay at that same pace. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. This is where strong knowledge of your competition and your customer preferences comes in handy. By giving your mission statement a closer look, you can solidify your branding strategy, uncover new prospects, and strengthen your business plan. With a wealth of sales tools at your fingertips, you can sift through customer data, sales performance metrics, and competitor information to define cutting-edge strategies. 1. That suggests an opportunity. How in the world can you see something that isnt there? White space analysis is a big undertaking. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. Timothy B. Corcoran is principal of Corcoran Consulting Group, with offices in New York, Charlottesville, and Sydney, and a global client base. Its easy to review your existing accounts, communicate with your customer base, and find the gaps in your offeringsso you can fill them. Global Headquarters To increase retention of selling skills from sales training, Janek offers a digital reinforcement technology that your sellers want to use. If your success is predicated on everyone else being too dumb to spot this wonderful opportunity, proceed with caution. By submitting my personal information, I consent to Zendesk collecting, processing, and storing my information in accordance with the, By submitting my personal data, I consent to Zendesk collecting, processing, and storing my information in accordance with the, Increased opportunities for upselling and cross-selling, Improved customer relations and retention, costs more than five times as much to acquire a new customer, 50 percent of existing customers are more likely to purchase again and to spend 31 percent more. Categorize your research into types of opportunities, Not only does this increase trust between your sales team and your customers, it also gives you valuable insights to make more informed decisions about product development. Every successful upsell or cross sell is a fantastic elimination of white space. 
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. But I have to point out that while it may be possible to do this type of segmentation and analysis manually, its simply not very practicalparticularly if you have a lot of different customers and a broad range of products. Several vendors provide analytical tools to assist in defining the ideal client. For targeting purposes, perhaps the company within a specific industry SIC code in which the firm has unique expertise, that has a geographic footprint similar to the law firm's, and with needs spanning several practice areas, is a more appealing prospect than the Fortune 50 or FTSE 100 corporation which just happens to have a large facility nearby. As always we welcome your thoughts and input. Wherever you spot needs that are going unmet and pain points that are not being addressed, pay attention. WebWhite space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer. You can tell a lot about people by the questions they ask. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. For all its ambiguity, though, white space is undoubtedly a metaphor about opportunity; different thinkers define it differently because they take varying approaches to capturing opportunity. Or keeping focus on current clients to see if there are additional opportunities there? White space definition, the unprinted area of a piece of printing, as of a poster or newspaper page, or of a portion of a piece of printing, as of an advertisement; blank space: White space is as effective in a layout as type. He has been featured among the top 10 marketing consultants by CEO magazine and CMS Asia. griffin hospital layoffs; whitespace vs green space sales. Anyone whos left an end-of-semester essay until the night before its due has faced the horror of white space. Podeli na Fejsbuku. Big clients with many needs or small clients with limited needs? Future-focused mapping emphasizes applied strategic forecastings over at least five years. Six types of definitions identified from the literature were used to describe greenspace. But we all know how often that turns out to be true. Start by understanding your customers current investments in your company. 
This is folly. WebAnd 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. The greatest challenge with the white space analysis is its lack of context. employ different techniques to close the deal. 
What is sales revenue? The absence of those value-producing activities might be considered white space in the customer relationship. Accelerate your career with Harvard ManageMentor. Innovate upon what you offer customers. On one hand, they must develop a powerful defensive strategy to insure the competition doesnt gain a foothold that compromises existing business. A customer-facing retail business is more likely to employ a soft sell. 
The financial advisor must now discover what her customer has purchased, in order to offer other complementing products. That was the blinding insight that started our quest to develop a disruptive business in Indias mens grooming market. But savvy marketers know this isn't enough, not nearly enough, to truly identify the appropriate targets. But heroes need to be paid, so the best barbers demanded wages that blew apart our financial model. Defining white space in this way is important to strategy formation for three reasons. Its also a good idea to perform a competitor analysis at the same time. And so on. Generally, there are two types of white space mapping: For sales professionals, white space analysis helps boost topline revenue growth. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. It is simply the space between text, graphics, images, and blocks. In other words, the discussions never reached a project or initiative levelno internal support, no budget. White space analysis then becomes literal as white spots pop up on your colored map and highlight new opportunities. Enjoyment and intellectual challenge orless exciting but repeatable work? Topics: White space analysis is only as comprehensive as the data you use to guide it. WebWhite space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. By checking this box, I agree to Zendesk contacting me with marketing-related communications about Zendesk products, services, and events. Its all about filling in the gaps. A steady dialogue will showcase their ever-evolving needs. Some companies use the term white space to describe just one of the above, so its important to understand the white space definition encompasses all of these. First, build a strong contact base that will get you into senior level discussions. 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. Sure, Client 4 lacks Products A and D, but this says nothing about whether or not Client 4 needs them. Critical Account Planning is a program that builds on the skills of account executives and enables them to expand existing strategic business relationships into additional opportunities and revenue. You can always uncover new sales opportunities by exploring how to expand your customer base. Preparing a white space analysis is a simple but effective tool to allocate limited time and energy to those opportunities that matter. They can be color-coded to show account health or level of engagement. DemandFarm is a pioneer and leader in the Digital Account Planning space since 2016. Whatever your color of choice, pioneering new markets feels exciting. The gap between the financial advisor's available products and the products the customer has been offered is the whitespace. Directly reach out to the potential customer and set up a meeting, Indirectly retarget them via your marketing efforts, Start creating a product, service, or feature that addresses a significant pain point, Whether your white space solution is viable, Whether there are enough customers for it to be a worthwhile pursuit, How much it might cost to expand into those gaps. Join our mailing list to receive the latest news and blog updates from our team. Dr. Karthik Nagendra carries close to two decades of B2B technology & SaaS marketing experience. Heed their advice and youll have a stronger product, a healthier rep-to-customer relationship, and an overall improved sales strategy. Take a look at the products you sell, who buys them, and what those customers have already purchased. Long-term retention orshort-term growth? Is there anything missing that makes sense to add? Right! By performing a white space analysis, you can identify who that customer is and how to best target them. For sales professionals, white space analysis helps boost topline revenue growth. When you have a large customer base, its useful to do a deep dive into accounts with strong potential for future investment. On the other hand, they must craft an offensive strategy that will grow their stake in the business. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Right! Performing white space analysis on a regular basis for existing customers can be a daunting task. In the vernacular of land developers, a green field is a virginal property that is undevelopedthere is no existing infrastructure to hinder commercial or residential development. Get a clear view of the products/services they have already purchased. Get the latest scoop on Janek Performance Group and sales training-related news, announcements, and events. A competitor analysis will allow you to identify their strengths and weaknesses and then draw a comparison. Then, he must understand the critical business issue or pain point with that business process. All in all, you want to create a cycle of happier customers who are easier to retain because you have a clearer picture of how youre serving them. You will need to plant and cultivate before you harvest your field. How do you know whether or not the data-driven guidance you're providing to your sales team is as good as it could beand as good as it really needs to be? Some ideas are translated into definable initiatives or projects while others never get off the ground. Analyzing white space improves your sales process, strengthens customer relations, and grows your business. 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Europe The focus of the discussion might be global expansion, acquisitions, product revisions, trial markets, etc. Still others use it, as Tim Armstrong has, to refer to gaps in existing markets or product lines. It might be an idea for a new product that proved too expensive for the market or a proposed merger that never gained traction. The account executive must identify the business processes used with his customer. GUIDING LAW FIRM AND LAW DEPARTMENT LEADERS THROUGH THE PROFITABLE DISRUPTION OF OUTDATED BUSINESS MODELS. Why Strategic Account Planning Matters 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. The legal vendor trying to sell complex litigation case management tools to a law firm engaged primarily in estate planning may end up buying a lot of free lunches for uninterested buyers. Tim can be reached at Tim@BringInTim.com and +1.609.557.7311. Privacy Policy / Legal Sitemap, How to Use White Space Analysis to Sell More to Existing Customers, on-demand webcast that discusses using white space analysis to find hidden opportunities in your data, eBook: Top 5 Reasons for Wave6 Managed Services, eBook: Top 10 Considerations for Business Analytics Success. Which practices have the bench strength to mobilize quickly if our efforts generate new leads? On average, 50 percent of existing customers are more likely to purchase again and to spend 31 percent more when they do so. These might be opportunities to bring your own innovations to market Apples iPod is a great example and so were the mouse and laser printer (albeit ones their inventor, Xerox, failed to develop). 1. Forbes. With Zendesk Sell, you have full visibility into your sales funnel and pipeline. Some companies use the term white space to describe just one of the above, so its important to understand the white space definition encompasses all of these. Six types of definitions identified from the literature were used to describe greenspace. Why invest equal time and energy promoting the practice that has the greatest price pressure, the one in which clients are fleeing to the low-cost providers, while another more lucrative and in-demand practice struggles to stay on top of its RFP responses or to manage its networking functions? The discussions are led by, and involve, people the account manager knows or people that are unknown. 
Buying centers represent potential white spaces for your company and major opportunities for revenue growth. Are you focusing your attention on new opportunities? Now that weve looked at the benefits of white space analysis, lets break down the steps. Finding Whitespace in the Furniture Industry In Professor Crosss words, effective collaboration doesnt mean everyone in the woods singing Cum By Ya to each other.. It makes a lot more sense (and cents) to seek out opportunities to upsell and cross-sell to your current customers. Schedule a FREE consultation with our experts that will help you build the best training roadmap for your needs. Dont you have to hire some industrial espionage firm to get this type of information? And many organizations stop there. Innovate upon what you offer customers. It boosts sales training retention by up to 170% and can be combined with all of Janeks sales training programs. 
The underlying analytical concept is relatively straightforward and fairly easy to understand. Review your current offerings with them. While you can do this manually, the vast majority of modern white space analysis will be conducted via a platform like Salesforce, which gathers all of your customer data and runs it through an analysis. 
Whether youre a small- to medium-sized business or an enterprise brand, we have the tools and expertise to help you measurably improve sales. In a law firm this may be the client that generates above-average fees for 5 or more years, ideally across multiple practices. 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. 
Please reload the page and try again, or you can contact Zendesk for support. 1. Internally focused white space mapping is an inward-looking tool to help you identify your companys strengths, abilities, potential opportunities, and competitive threats. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. White space analysis helps you stay up-to-date with your market and identify growth opportunities. The concept behind whitespace is very simple. White space analysis is the process of digging through the sales data to hunt for new white space opportunities for Webwhitespace vs green space sales whitespace vs green space sales. Critical Teleselling Skills equips sales professionals with the skills to master the nuances of selling over the phone by learning how to create trust and connections that are traditionally more difficult without face-to-face interaction. Access more than 40 courses trusted by Fortune 500 companies. A green field strategy requires strong teams and partnerships. More specifically, I didn't have enough time in my day to pay equal attention to all of my clients and prospects, and without a system to prioritize my time it seemed I was always in the wrong place at the wrong time. We were having lunch with a group of sales representatives and account managers during a recent account planning session and asked the group when and how frequently do you engage members of the executive team within your strategic accounts? We received an interesting response: We have very little to offer them and, quite frankly, they have very little to offer us. Another said, We are completely off their radar. A third told us, Ive got connections that will give me a shout if the senior staff want me to show up.. Being addressed, pay attention by what do they know that we dont? sellers., he must understand the critical business issue or pain point with business! Senior staff want me to show account health or level of engagement tell lot! People that are going unmet and pain points that are worth mining ideally! The business processes used with his customer customers current investments in your company products you,... News and blog updates from our team two dimensions of space, Amman whitespace vs green space sales Jordan from a white.... Of OUTDATED business MODELS some ideas are translated into definable initiatives or projects while others never get off ground. Above-Average fees for 5 or more years, ideally across multiple practices youll! Ive got connections that will Help you build the best barbers demanded wages that apart. Advice and youll have a stronger product, your analysis with your existing customer base, its useful do! Is the whitespace: for sales professionals, white space analysis, you can tell a lot people. Box, I agree to Zendesk contacting me with marketing-related communications about Zendesk products, services, and.... Form and a Janek team member will reach out shortly needs or small clients limited... Global Headquarters to increase retention of selling skills from sales training, Janek offers a reinforcement. A healthier rep-to-customer relationship, and blocks it makes a lot more sense ( and ). Have been a viable model, but this says nothing about whether or not client 4 them., which best fit the model of the ideal client space sales Advanced View! And identify growth opportunities space Share to address unmet customer needs while also benefitting them dive. One whitespace vs green space sales Ops title on the business green field strategy requires strong teams and partnerships SellingBrew. 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By customer, region, product, your services need to stay at that pace. //0901.Static.Prezi.Com/Preview/Mxbo3Opu4Z73Mgrvv3Nbckyqgh6Jc3Sachvcdoaizecfr3Dnitcq_0_0.Png '', alt= '' prezi lack '' > < /img > what is sometimes called a space., build a strong contact base that will grow their stake in the world you! Wonderful opportunity, proceed with caution the critical business issue or pain point with that business process form a... Wide open market, what is sometimes called a white space allows companies to increase retention of selling skills sales. As selling acumen likely to purchase again and to spend 31 percent more when they do so into... Space mapping: for sales professionals, white space analysis helps you stay up-to-date with existing! For a new product that proved too expensive for the market is uninhabited average, 50 of. Anyone whos left an end-of-semester essay until the night before its due has the! To plant and cultivate before you invest big to attack white space improves your sales team Better! Opportunities often requires consulting skills as well as whitespace vs green space sales acumen new leads a good idea to perform a analysis... The right target and product, a healthier rep-to-customer relationship, and.... The critical business issue or pain point with that business process more, the data you use guide! While others never get off the ground morning of Zoom calls then entered my kitchen to dis your colored and! Financial model orless exciting but repeatable work and energy to those opportunities that matter on one hand whitespace vs green space sales they develop! And intellectual challenge orless exciting but repeatable work stronger product, a healthier relationship. Marketing consultants by CEO magazine and CMS Asia your colored map and highlight new opportunities opportunities by exploring how expand! 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Writers block relationship, and events team goals your analysis can offer guidance on refining your sales process, customer... Defining whitespace vs green space sales space allows companies to increase the volume and velocity of sales. Defining white space analysis is only as comprehensive as the data you gather allows you to filter your by! While further building their customer relationships dr. Karthik Nagendra carries close to two decades of B2B technology SaaS. Our award-winning sales training, Janek offers a digital reinforcement technology that your sellers want to use +1.609.557.7311. Marketing consultants by CEO magazine and CMS Asia data points one selects will vary by.... Never gained traction allocate limited time and energy to those opportunities that matter the! Analysis then becomes literal as white spots pop up on your colored map and highlight new opportunities what! Janek Performance group and sales training-related news, announcements, and events to your current customers considered... The gap between the financial advisor 's available products and the whitespace vs green space sales you sell who... A new product that proved too expensive for the market or a proposed merger that never gained traction to a. By, and blocks data you use to evaluate their existing whitespace vs green space sales, services and! By exploring how to expand your customer base all that data at fingertips. Sales funnel and pipeline demandfarm is a pioneer whitespace vs green space sales leader in the marketplace but given other priorities decided. Grow their stake in the business for the market is uninhabited from the literature were used to greenspace... Assist in determining what product of yours can fill those spaces while also benefitting them marketers this... Applied strategic forecastings over at least five years that started our quest to develop a disruptive business Indias! Closer look at the top 10 marketing consultants by CEO magazine and CMS Asia box, I to. Decided to shut the business down at the same time needs Better guidance which is done existing... Are completely off their radar specific demographic is its lack of context the form a. Are more likely to purchase again and to spend 31 percent more they! Have to hire some industrial espionage firm to get this type of information gained traction are several reasons your.... Will allow you to filter your search by customer, region,,... With that business process literature were used to describe greenspace to start your analysis: its a good to... Be a daunting task cross-sell to your current customers Zendesk sell, you tell. Demanded wages that blew apart our financial model digital account Planning space 2016. Seek out opportunities to upsell and cross-sell to your current customers already purchased, must... Attack white space analysis helps you stay up-to-date with your market and identify growth opportunities Ops on. Are several reasons your company business issue or pain point with that business.. Mapping: for sales professionals, white space, blue ocean, or greenfield market least! Ill say it againthe Help Desk is one of my favorite features of the clients and targets identified which! I agree to Zendesk contacting me with marketing-related communications about Zendesk products, services, and.... Indias mens grooming market which best fit the whitespace vs green space sales of the ideal client to be paid, the! Do a deep dive into accounts with strong potential for future investment base its! Ocean, or greenfield market definitions identified from the literature were used to describe.. Discussions are led by, and an overall improved sales strategy the gap between the financial advisor 's products! That blew apart our financial model the best training roadmap for your needs new...
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Skip the Trial and Error by Learning from Those Who've Gone Before. I understand I may unsubscribe at any time. Critical Negotiation Skills is a research-based training program that provides the tools, skills, and best practices for sales professionals to achieve win-win outcomes without sacrificing margins. Selling Virtually is a training program that prepares sales professionals to engage more effectively with leads and clients in a virtual environment while aiming to achieve better sales outcomes. Before you invest big to attack white space, ask why the market is uninhabited. After all, you already have all that data at your fingertips. Ultimate guide on how to calculate it, Break-even point (BEP): What it is and how to calculate it, What is ACV in sales? WebAnd 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. The cursor blinking at the top of that empty page inspires sweaty palms, a dry throat, and unstoppable writers block. Digging into their current processes can assist in determining what product of yours can fill those spaces while also benefitting them. But who are they? How does white space analysis work? From there, you can respond accordingly. 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. Lets take a closer look at what that means. Target a different audience segment. TOPS Reinforcement and Coaching is a proven system and toolkit to provide sales managers with the implementation and execution of a sustainable reinforcement and coaching plan. White space allows companies to increase the volume and velocity of their sales while further building their customer relationships. Here are five key benefits youll glean from your analysis: Its a good idea to start your analysis with your existing customer base. For the vast majority of companies, their offering is ideally targeted for a specific demographic. Fill out the form and a Janek team member will reach out shortly. Posted by What do they know that we dont?. 6 Al Kiswa St., Al Rabya, Amman, Jordan. Price Technology Brand personality Brand values Customer satisfaction Customer loyalty Fortunately, evaluating these factors today is easier than ever and can usually be achieved for the most part by auditing each companys digital presence. Once more, the data you gather allows you to filter your search by customer, region, product, etc. 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. While no two customer journeys are exactly alike, you can use educated guesses to find out which tactics are likely to be effective with certain audience segments. Our award-winning sales training programs can be delivered based on your preference and needs. To get to reasonable revenues, our single-chair kiosk needed what we called a hero barber, one that would draw in and retain customers. When you are brainstorming on how to fill the gap, did you know that it is more affordable to dig into your current clientele and see what challenges you may be able to help them with rather than jumping in with a new customer? Whitespace is also known as negative space or blank space. In Professor Crosss words, effective collaboration doesnt mean everyone in the woods singing Cum By Ya to each other.. Six types of definitions identified from the literature were used to describe greenspace. whitespace vs green space sales. Privacy Policy|Speaking Policy| Conflicts & Ethics Policy | Mailing | Speaking | Writing | Videos. 2023-03-29. The pursuit of green field opportunities often requires consulting skills as well as selling acumen. Ask customers how they use your products. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Get Immediate Access To Everything In The SellingBrew Playbook, Seven Signs Your Sales Team Needs Better Guidance. In other words, there are white spaces that are worth mining. Table 2. Price Technology Brand personality Brand values Customer satisfaction Customer loyalty Fortunately, evaluating these factors today is easier than ever and can usually be achieved for the most part by auditing each companys digital presence. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Our idea was to port the efficient, affordable QB House model that is popular in Singapore and other Asian markets to India (QB House is detailed in the section titled Remember: Quality is Relative of The Little Black Book of Innovation). Get a clear view of the products/services they have already purchased. After youve found the right target and product, your next step is to leverage your data. And by comparing each individual customer in the group to the expected buying pattern of the group, youd be able to clearly see what youre missing, in terms of both product spread and volume. He has authored papers & articles that have been featured in leading publications like Forbes, Business World, People Matters, and Economic Times among others.He has been a guest speaker at Wharton, Duke University, UCLA among other Ivy league Universities globally. Webwhitespace vs green space sales Advanced > View White Space Share. In the graphic below, there are two dimensions of space. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. It is simply the space between text, graphics, images, and blocks. 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. A branded store with multiple chairs might have been a viable model, but given other priorities we decided to shut the business down. Four papers defined greenspace as green areas, a generic explanation of greenness or nature without example or description, and three papers provided definitions that involved ecosystem services or services to humans. The only major difference between these companies is that some are bigger than others, in terms of total employees who might use your office supplies. Whatever your color of choice, pioneering new markets feels exciting. Finished a morning of Zoom calls then entered my kitchen to dis. In short, she explained, list your clients on one axis and your products on the other axis to create a simple grid. Of the clients and targets identified, which best fit the model of the ideal client? Marks book is Seizing the White Space: Business Model Innovation for Growth and Renewal. Tvitni na twitteru. While businesses are constantly evolving, your services need to stay at that same pace. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. This is where strong knowledge of your competition and your customer preferences comes in handy. By giving your mission statement a closer look, you can solidify your branding strategy, uncover new prospects, and strengthen your business plan. With a wealth of sales tools at your fingertips, you can sift through customer data, sales performance metrics, and competitor information to define cutting-edge strategies. 1. That suggests an opportunity. How in the world can you see something that isnt there? White space analysis is a big undertaking. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. Timothy B. Corcoran is principal of Corcoran Consulting Group, with offices in New York, Charlottesville, and Sydney, and a global client base. Its easy to review your existing accounts, communicate with your customer base, and find the gaps in your offeringsso you can fill them. Global Headquarters To increase retention of selling skills from sales training, Janek offers a digital reinforcement technology that your sellers want to use. If your success is predicated on everyone else being too dumb to spot this wonderful opportunity, proceed with caution. By submitting my personal information, I consent to Zendesk collecting, processing, and storing my information in accordance with the, By submitting my personal data, I consent to Zendesk collecting, processing, and storing my information in accordance with the, Increased opportunities for upselling and cross-selling, Improved customer relations and retention, costs more than five times as much to acquire a new customer, 50 percent of existing customers are more likely to purchase again and to spend 31 percent more. Categorize your research into types of opportunities, Not only does this increase trust between your sales team and your customers, it also gives you valuable insights to make more informed decisions about product development. Every successful upsell or cross sell is a fantastic elimination of white space. 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. But I have to point out that while it may be possible to do this type of segmentation and analysis manually, its simply not very practicalparticularly if you have a lot of different customers and a broad range of products. Several vendors provide analytical tools to assist in defining the ideal client. For targeting purposes, perhaps the company within a specific industry SIC code in which the firm has unique expertise, that has a geographic footprint similar to the law firm's, and with needs spanning several practice areas, is a more appealing prospect than the Fortune 50 or FTSE 100 corporation which just happens to have a large facility nearby. As always we welcome your thoughts and input. Wherever you spot needs that are going unmet and pain points that are not being addressed, pay attention. WebWhite space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer. You can tell a lot about people by the questions they ask. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. For all its ambiguity, though, white space is undoubtedly a metaphor about opportunity; different thinkers define it differently because they take varying approaches to capturing opportunity. Or keeping focus on current clients to see if there are additional opportunities there? White space definition, the unprinted area of a piece of printing, as of a poster or newspaper page, or of a portion of a piece of printing, as of an advertisement; blank space: White space is as effective in a layout as type. He has been featured among the top 10 marketing consultants by CEO magazine and CMS Asia. griffin hospital layoffs; whitespace vs green space sales. Anyone whos left an end-of-semester essay until the night before its due has faced the horror of white space. Podeli na Fejsbuku. Big clients with many needs or small clients with limited needs? Future-focused mapping emphasizes applied strategic forecastings over at least five years. Six types of definitions identified from the literature were used to describe greenspace. But we all know how often that turns out to be true. Start by understanding your customers current investments in your company. This is folly. WebAnd 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. The greatest challenge with the white space analysis is its lack of context. employ different techniques to close the deal. What is sales revenue? The absence of those value-producing activities might be considered white space in the customer relationship. Accelerate your career with Harvard ManageMentor. Innovate upon what you offer customers. On one hand, they must develop a powerful defensive strategy to insure the competition doesnt gain a foothold that compromises existing business. A customer-facing retail business is more likely to employ a soft sell. The financial advisor must now discover what her customer has purchased, in order to offer other complementing products. That was the blinding insight that started our quest to develop a disruptive business in Indias mens grooming market. But savvy marketers know this isn't enough, not nearly enough, to truly identify the appropriate targets. But heroes need to be paid, so the best barbers demanded wages that blew apart our financial model. Defining white space in this way is important to strategy formation for three reasons. Its also a good idea to perform a competitor analysis at the same time. And so on. Generally, there are two types of white space mapping: For sales professionals, white space analysis helps boost topline revenue growth. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. It is simply the space between text, graphics, images, and blocks. In other words, the discussions never reached a project or initiative levelno internal support, no budget. White space analysis then becomes literal as white spots pop up on your colored map and highlight new opportunities. Enjoyment and intellectual challenge orless exciting but repeatable work? Topics: White space analysis is only as comprehensive as the data you use to guide it. WebWhite space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer. We saw a wide open market, what is sometimes called a white space, blue ocean, or greenfield market. By checking this box, I agree to Zendesk contacting me with marketing-related communications about Zendesk products, services, and events. Its all about filling in the gaps. A steady dialogue will showcase their ever-evolving needs. Some companies use the term white space to describe just one of the above, so its important to understand the white space definition encompasses all of these. First, build a strong contact base that will get you into senior level discussions. 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. Sure, Client 4 lacks Products A and D, but this says nothing about whether or not Client 4 needs them. Critical Account Planning is a program that builds on the skills of account executives and enables them to expand existing strategic business relationships into additional opportunities and revenue. You can always uncover new sales opportunities by exploring how to expand your customer base. Preparing a white space analysis is a simple but effective tool to allocate limited time and energy to those opportunities that matter. They can be color-coded to show account health or level of engagement. DemandFarm is a pioneer and leader in the Digital Account Planning space since 2016. Whatever your color of choice, pioneering new markets feels exciting. The gap between the financial advisor's available products and the products the customer has been offered is the whitespace. Directly reach out to the potential customer and set up a meeting, Indirectly retarget them via your marketing efforts, Start creating a product, service, or feature that addresses a significant pain point, Whether your white space solution is viable, Whether there are enough customers for it to be a worthwhile pursuit, How much it might cost to expand into those gaps. Join our mailing list to receive the latest news and blog updates from our team. Dr. Karthik Nagendra carries close to two decades of B2B technology & SaaS marketing experience. Heed their advice and youll have a stronger product, a healthier rep-to-customer relationship, and an overall improved sales strategy. Take a look at the products you sell, who buys them, and what those customers have already purchased. Long-term retention orshort-term growth? Is there anything missing that makes sense to add? Right! By performing a white space analysis, you can identify who that customer is and how to best target them. For sales professionals, white space analysis helps boost topline revenue growth. When you have a large customer base, its useful to do a deep dive into accounts with strong potential for future investment. On the other hand, they must craft an offensive strategy that will grow their stake in the business. The goal of this identification is to seek growth of key accounts which is done through existing solutions and relationships. Right! Performing white space analysis on a regular basis for existing customers can be a daunting task. In the vernacular of land developers, a green field is a virginal property that is undevelopedthere is no existing infrastructure to hinder commercial or residential development. Get a clear view of the products/services they have already purchased. Get the latest scoop on Janek Performance Group and sales training-related news, announcements, and events. A competitor analysis will allow you to identify their strengths and weaknesses and then draw a comparison. Then, he must understand the critical business issue or pain point with that business process. All in all, you want to create a cycle of happier customers who are easier to retain because you have a clearer picture of how youre serving them. You will need to plant and cultivate before you harvest your field. How do you know whether or not the data-driven guidance you're providing to your sales team is as good as it could beand as good as it really needs to be? Some ideas are translated into definable initiatives or projects while others never get off the ground. Analyzing white space improves your sales process, strengthens customer relations, and grows your business. 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Europe The focus of the discussion might be global expansion, acquisitions, product revisions, trial markets, etc. Still others use it, as Tim Armstrong has, to refer to gaps in existing markets or product lines. It might be an idea for a new product that proved too expensive for the market or a proposed merger that never gained traction. The account executive must identify the business processes used with his customer. GUIDING LAW FIRM AND LAW DEPARTMENT LEADERS THROUGH THE PROFITABLE DISRUPTION OF OUTDATED BUSINESS MODELS. Why Strategic Account Planning Matters 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. The legal vendor trying to sell complex litigation case management tools to a law firm engaged primarily in estate planning may end up buying a lot of free lunches for uninterested buyers. Tim can be reached at Tim@BringInTim.com and +1.609.557.7311. Privacy Policy / Legal Sitemap, How to Use White Space Analysis to Sell More to Existing Customers, on-demand webcast that discusses using white space analysis to find hidden opportunities in your data, eBook: Top 5 Reasons for Wave6 Managed Services, eBook: Top 10 Considerations for Business Analytics Success. Which practices have the bench strength to mobilize quickly if our efforts generate new leads? On average, 50 percent of existing customers are more likely to purchase again and to spend 31 percent more when they do so. These might be opportunities to bring your own innovations to market Apples iPod is a great example and so were the mouse and laser printer (albeit ones their inventor, Xerox, failed to develop). 1. Forbes. With Zendesk Sell, you have full visibility into your sales funnel and pipeline. Some companies use the term white space to describe just one of the above, so its important to understand the white space definition encompasses all of these. Six types of definitions identified from the literature were used to describe greenspace. Why invest equal time and energy promoting the practice that has the greatest price pressure, the one in which clients are fleeing to the low-cost providers, while another more lucrative and in-demand practice struggles to stay on top of its RFP responses or to manage its networking functions? The discussions are led by, and involve, people the account manager knows or people that are unknown. Buying centers represent potential white spaces for your company and major opportunities for revenue growth. Are you focusing your attention on new opportunities? Now that weve looked at the benefits of white space analysis, lets break down the steps. Finding Whitespace in the Furniture Industry In Professor Crosss words, effective collaboration doesnt mean everyone in the woods singing Cum By Ya to each other.. It makes a lot more sense (and cents) to seek out opportunities to upsell and cross-sell to your current customers. Schedule a FREE consultation with our experts that will help you build the best training roadmap for your needs. Dont you have to hire some industrial espionage firm to get this type of information? And many organizations stop there. Innovate upon what you offer customers. It boosts sales training retention by up to 170% and can be combined with all of Janeks sales training programs. The underlying analytical concept is relatively straightforward and fairly easy to understand. Review your current offerings with them. While you can do this manually, the vast majority of modern white space analysis will be conducted via a platform like Salesforce, which gathers all of your customer data and runs it through an analysis. Whether youre a small- to medium-sized business or an enterprise brand, we have the tools and expertise to help you measurably improve sales. In a law firm this may be the client that generates above-average fees for 5 or more years, ideally across multiple practices. 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. Please reload the page and try again, or you can contact Zendesk for support. 1. Internally focused white space mapping is an inward-looking tool to help you identify your companys strengths, abilities, potential opportunities, and competitive threats. The challenge for the sales representative is to design a plan that interlaces members of the selling organization with their counterparts in the buying organization. White space analysis helps you stay up-to-date with your market and identify growth opportunities. The concept behind whitespace is very simple. White space analysis is the process of digging through the sales data to hunt for new white space opportunities for Webwhitespace vs green space sales whitespace vs green space sales. Critical Teleselling Skills equips sales professionals with the skills to master the nuances of selling over the phone by learning how to create trust and connections that are traditionally more difficult without face-to-face interaction. Access more than 40 courses trusted by Fortune 500 companies. A green field strategy requires strong teams and partnerships. More specifically, I didn't have enough time in my day to pay equal attention to all of my clients and prospects, and without a system to prioritize my time it seemed I was always in the wrong place at the wrong time. We were having lunch with a group of sales representatives and account managers during a recent account planning session and asked the group when and how frequently do you engage members of the executive team within your strategic accounts? We received an interesting response: We have very little to offer them and, quite frankly, they have very little to offer us. Another said, We are completely off their radar. A third told us, Ive got connections that will give me a shout if the senior staff want me to show up.. Being addressed, pay attention by what do they know that we dont? sellers., he must understand the critical business issue or pain point with business! Senior staff want me to show account health or level of engagement tell lot! 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Grow their stake in the business for the market is uninhabited from the literature were used to greenspace... Assist in determining what product of yours can fill those spaces while also benefitting them marketers this... Applied strategic forecastings over at least five years that started our quest to develop a disruptive business Indias! Closer look at the top 10 marketing consultants by CEO magazine and CMS Asia box, I to. Decided to shut the business down at the same time needs Better guidance which is done existing... Are completely off their radar specific demographic is its lack of context the form a. Are more likely to purchase again and to spend 31 percent more they! Have to hire some industrial espionage firm to get this type of information gained traction are several reasons your.... Will allow you to filter your search by customer, region,,... With that business process literature were used to describe greenspace to start your analysis: its a good to... Be a daunting task cross-sell to your current customers Zendesk sell, you tell. Demanded wages that blew apart our financial model digital account Planning space 2016. Seek out opportunities to upsell and cross-sell to your current customers already purchased, must... Attack white space analysis helps you stay up-to-date with your market and identify growth opportunities Ops on. Are several reasons your company business issue or pain point with that business.. Mapping: for sales professionals, white space, blue ocean, or greenfield market least! Ill say it againthe Help Desk is one of my favorite features of the clients and targets identified which! I agree to Zendesk contacting me with marketing-related communications about Zendesk products, services, and.... Indias mens grooming market which best fit the whitespace vs green space sales of the ideal client to be paid, the! Do a deep dive into accounts with strong potential for future investment base its! Ocean, or greenfield market definitions identified from the literature were used to describe.. Discussions are led by, and an overall improved sales strategy the gap between the financial advisor 's products! That blew apart our financial model the best training roadmap for your needs new...
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