These cookies ensure basic functionalities and security features of the website, anonymously. Janeks sales training, sales coaching, sales consulting, and talent management services consistently deliver a measurable return on investment and lasting performance improvement. While this means a more profitable sale for the company, it can also result in a more enjoyable or user-friendly experience of the product or service for the customer. If Simone is investing in a new chest freezer to stock up during the semi-annual ice cream sale and she receives an offer for an additional warranty, thats a win-win situation. Implement a skill discovery workshop: Since not all sales teams have the skills or resources to tackle white space, OEMs must understand partner capabilities. The law firm trying to cross-sell its IP practice to its mutual fund clients may find a less than receptive audience. This is needed internally so that the editor can preserve formatting of documents. This is a variation on the oft-repeated and oft-wrong maxim that "all revenue is good revenue." Dont Spend 5 Times More Attracting New Customers, Nurture The Existing Ones. Since the advent of the Internet, the B2B buying process has been changing dramatically. Brands, agencies and organisations are leveraging Relative Insight for white space analysis. You can think of white space as a place of unfilled potentiala blank slate or canvas that is waiting to be colored in with unarticulated customer needs and business opportunities. However, it should not be concluded as easy. Macro: When you use space between the elements of graphics, copy, images, etc in your web . This makes it really easy to get rid of those annoying invisible characters. Review their challenges to see where you can provide solutions to make their day to day tasks easier. Rarely achieved. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. This is a sense-making process, one that takes place in a new context, beyond traditional assumptions. Mads Kristensen. As a result, a shotgun approach tends to be ineffective. Looking across all ten customers, youd be able to establish whats expected for this type of buyer. "Whitespace," or "negative space" is the space between elements in a composition. White space analysis helps you stay up-to-date with your market and identify growth opportunities. 3) Wistia. A sought-after speaker and writer, he also authors Corcorans Business of Law blog. The easiest way to do this is by targeting a different part of your audience. contract furniture. Share. Please also send me occasional emails about Zendesk products and services. 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. When our team at Idea Couture leads white space exercises we help by creating a map of all these interacting elements and correlate these with customer needs and technology trends. Put simply, retaining and nurturing current clients provides better ROI for your business. Similarly, no organization should promote every product equally. A better metric is lifetime value. Green field pursuits may build strong relationships and open lines of communication at the top between the buying and selling organization. How can you see what your customers are buying from your competitors instead of you? That white space will help you serve your customers and improve their selling strategy. In addition to shifting sales approaches, your analysis can offer guidance on refining your sales strategy and adapting your team goals. It is six to seven times more expensive to acquire a new customer than to retain an existing one. For the vast majority of companies, their offering is ideally targeted for a specific demographic. After all, you already have all that data at your fingertips. To search for white space, enter ^w (it is important to use a lowercase w). Shaun White launched his own active lifestyle . Now that weve looked at the benefits of white space analysis, lets break down the steps. It includes servers, storage, network gear, racks, air conditioning units, power distribution systems. Complex businesses with ongoing needs and significant negotiating leverage orbusinesses with isolated, one-time but substantial and potentially price-insensitive needs? Identifying gaps and highlighting potential areas of consumer spend that arent yet acquired is called white space mapping.. Of course this requires a deep knowledge of your customer accounts and their organizational structure, so dont skimp on the time you spend on this step. Open space can include: Green space (land that is partly or completely covered with grass, trees, shrubs, or other vegetation). You can update your preferences or unsubscribe at any time. Heres what you need to know. A helpful sales manager explained to me the concept of a "white space" analysis. By mining sales data, you can identify opportunities to: Cross-sell - Cross-selling is the act of selling customers an offering that supplements or complements a . Reach out today to discover how our team can complement yours. In a law firm this may be the client that generates above-average fees for 5 or more years, ideally across multiple practices. When youre ready to scale your business, white space analysis reveals your most worthwhile growth opportunities. But I have to point out that while it may be possible to do this type of segmentation and analysis . Why do green fields provide excellent selling opportunities? They may begin as a trigger event, an article that a senior executive reads, a report on TV or an internal memo. For example, the common whitespace symbol U+0020 SPACE (also ASCII 32) represents a blank space punctuation character in text, used as a . With Zendesk Sell, you have full visibility into your sales funnel and pipeline. Nonlegal Investment: A security of sub-investment quality made by a legal representative that does not conform to requirements of defined statutes. 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. Start to connect the dots between your offerings relevance to specific accounts and buying centers. Our Talent Management programs encompass a wide range of services, including sales management competency testing and hiring assessments, to help you make effective human capital decisions. A good sales process is the foundation of any successful sales organization. Brokers and underwriters gain significant benefits from increases in speed, accuracy, availability . Begin by identifying your top 5-10 competitors and then do a deep dive assessment of each. This article focuses on white space as all the space in a graph where nothing is displayed: no color, no text, no nothing. There is a lot of power in simplicity and visualization. You manage an account team that sells and services a portfolio of IT equipment to a Fortune 100 company. A steady dialogue will showcase their ever-evolving needs. DemandFarm's key account mangement software helps companies to make KAM data driven, predictable and scalable. White space opportunity : Your potential areas for growth, White space Mapping: Unlock your New revenue potential. These cookies will be stored in your browser only with your consent. Is there anything missing that makes sense to add? Generally, there are two types of white space mapping: For sales professionals, white space analysis helps boost topline revenue growth. To sell more to your customer, you must find the whitespace and fill it with your product or service. The underlying analytical concept is relatively straightforward and fairly easy to understand. So, the account manager of Airbus identified Helicopters, CIO Org, Commercial Aircraft, etc. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. Now hell be able to make a delicious PB&J sandwich. If its been awhile since you really thought about what makes your product, service, or business different from anyone else out there, its time to revisit. Your sales managers might direct their teams to change up product positioning or perhaps research new data about competitors. In the process of influencing your customer base to repurchase a good or service, you can expose untapped sales veins that can spur your growth. In fact, I submit that the first attempt at establishing a green space analysis should start with a flip chart or whiteboard, and the opening exercise is establishing which internal and external drivers we value most. Either situation presents a white space opportunity to target customers with a better solution. This cookie is set by GDPR Cookie Consent plugin. Then, break your answers down into specifics like: Your answers to these questions give you powerful insights into your customers pain points and whether or not those points are being addressed. Your customers know what youre not offering because they want it and dont have it. White space is defined by TSL Marketing as channel partners/vendors that have little or no track record with an account within a five-year period, according to a recent webinar. 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. Some people use the term negative space to refer to the unmarked areas of a page. Do this for all clients and all products. Similarly, in marketing, white space is an area with a lack of products in it. 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. Are they getting the most out of your service or product possible? Analytical cookies are used to understand how visitors interact with the website. White space mapping helps you to map areas to grow your service or product. Having created these Offerings and Buying Centers in the account, DemandFarm generated an account of Landscape. Some companies use templates to simplify the visualization of this complex analysis. The discussions are led by, and involve, people the account manager knows or people that are unknown. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". You can always uncover new sales opportunities by exploring how to expand your customer base. As usual, I started thinking of two variables people on both sides. You can change the background color easily from the Tools -> Options -> Fonts and Colors menu. white space n. an under-served business market or undeveloped product category. A greenfield project is one without restrictions on prior systems or protocols. A white space analysis helps a company identify gaps between the products and services a customer has already purchased and the other products or services your company provides. Internally, which practices generate -- at the moment -- a proportionally greater return than the others? The next big question is what to actually do with all the sales data youve compiled. From there, you can respond accordingly. 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. by. Switch-gear. Another way of characterizing a green field: it is the quadrant where people with whom the account manager has little or no contact are discussing ideas that are not fully defined. We dont need to create a layout overcrowded with text and images to deliver a clear message. Blue sky projects are ones that are completely wide open ("develop a knowledge base"). If theyre left wanting, that could prime them to be poached by a competitorone whos offering a more comprehensive solution to their specific problems. The "ideal" client is a moving target, of course,but it's far more beneficial to pursue ideal clients and targets than to assume the highest revenue producing clients from last year, or the biggest companies in town with whom we don't already have a working relationship, are the best opportunities for us. Where are your offerings falling short and need improvement? 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. Set other searching parameters, as desired. Whether youre a small- to medium-sized business or an enterprise brand, we have the tools and expertise to help you measurably improve sales. The break-even point is a major inflection point in every business and sales organization. white space, based in Belfast - Northern Ireland, is a design-led provider of interior and storage solutions. By giving your mission statement a closer look, you can solidify your branding strategy, uncover new prospects, and strengthen your business plan. Do you need someone to shine a spotlight on your white space? White space, which simply defined means the space on a page not covered by print or graphics, has always appealed to me. Answer (1 of 6): The term greenfield was originally used in construction and development to reference land that has never been used (e.g. The concept behind whitespace is very simple. In this on-demand webinar, we demystify the core concepts and applications in sales environments. Necessary cookies are absolutely essential for the website to function properly. For an example, I have removed all white space from this article . The namesake brand of 5x Olympic snowboarder Shaun White. Shop WHITESPACE mens snowboards, women's snowboards, and kids snowboards + get the latest news and updates. You want to know how you can serve them better, not how you can squeeze more money out of them. Its all about filling in the gaps. As a result, brand and partner recognition are equally non-existent. 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. Atrina Center 32 Kifissias Ave., 151 25, Maroussi, Athens, Greece, Middle East Here are five key benefits youll glean from your analysis: Its a good idea to start your analysis with your existing customer base. In account management, we often use green field to describe the unexplored and undefined areas of opportunity within a buying organization. Take a look at the products you sell, who buys them, and what those customers have already purchased. The focus of the discussion might be global expansion, acquisitions, product revisions, trial markets, etc. And this question tells me that this particular sales analytics lead takes the lead part of their title very seriously! The data points one selects will vary by firm. Our full-service offering, consisting of award-winning sales training, sales coaching, sales consulting, and talent acquisition solutions, to help your sales organization win more often. From the first glance, white space is a design technique so simple that many might underrate it. This will bring up the text . 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. Data center white space refers to the space where IT equipment and infrastructure are located. After youve found the right target and product, your next step is to leverage your data. Some sales representatives are uncomfortable engaging executives from the C-suite. green or new), where there was no need to demolish or rebuild any existing structures. Most sales reviews and account summaries lack a standard way to capture potential pipeline or whitespace opportunity, much less capturing customer needs and pain points. As a sales team, you need to stay up-to-date and engaged with your customers. To map areas to grow your service or product possible acquire a new than... 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Point in every business and sales organization graphics, copy, images, etc ready to scale business... Sales strategy and adapting your team goals manager of Airbus identified Helicopters, CIO,... Services a portfolio of it equipment to a Fortune 100 company your data these offerings buying. A knowledge base & quot ; ) to medium-sized business or an internal memo do with all the sales to! The background color easily from the C-suite make KAM data driven, predictable and scalable the law trying.