In addition to shifting sales approaches, your analysis can offer guidance on refining your sales strategy and adapting your team goals. The aim here is to find potential gaps in the system, such as lack of competition, non-consumers, or new market spaces. It boosts sales training retention by up to 170% and can be combined with all of Janeks sales training programs. You can also learn more about potential white space opportunities by asking your customers how your offering improves their everyday flow and where it might be lacking. Generating More Sales from Existing Customers. 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. How in the world can you see something that isnt there? So, white space isnt necessarily white, but its the negative space between the layouts, between the lines of paragraphs, between the paragraphs, between the different UI elements, and so on. Either situation presents a white space opportunity to target customers with a better solution. The next big question is what to actually do with all the sales data youve compiled. Analyzing white space improves your sales process, strengthens customer relations, and grows your business. Janeks sales performance solutions are offered to a global clientele. White space allows companies to increase the volume and velocity of their sales while further building their customer relationships. All Rights Reserved, Automated page speed optimizations for fast site performance. By setting the parameters through the dashboard, the program will then curate the data. He has held senior marketing leadership positions earlier in leading brands like Wipro, Accenture among others.He has worked closely with leading universities, industry bodies, analysts and research firms globally and acted as a catalyst in providing best practices and insights to customers across sectors. The item is called "Trailing Whitespace". 2021 Corcoran Consulting Group, LLC. From sales funnel facts to sales email figures, here are the sales statistics that will help you grow leads and close deals. When I conduct law firm business development workshops, if there isn't a white space analysis in place already (and there typically isn't) then we prepare one. Brokers and underwriters gain significant benefits from increases in speed, accuracy, availability . Some sales representatives are uncomfortable engaging executives from the C-suite. But she as Fayes are wont, in priuie place / Did spend her dayes, and lov'd in forests wyld to space . 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? Our visionReshape the present and future of complex decision-making. I learned its value way back in the early 1980s when I was a newspaper journalist (in the days when hot wax and rollers were used to hold type on broadsheet pages before printing - imagine! 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. White space analysis then becomes literal as white spots pop up on your colored map and highlight new opportunities. In this expert interview, Tom Searcy, the author of "Life After the Death of Sales," discusses how B2B sales leaders can deal with today's realities and prepare their organizations for tomorrow. :: Faye had spaced the pots at 8-inch intervals on the windowsill. You might find white space you didn't know existed. We often hear from account managers that they want throw off the cloak of vendor and become a partner or trusted advisor. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. Is there anything missing that makes sense to add? The incorporation of these other data points is what I call a "green space" analysis. After this, the Account Manager created a plan to grow business with the new offering in the new Buying Centers. Youd be able to determine how many different categories of office products theyd typically buy, and in what proportions or ratios. Critical Selling Skills is a value-focused sales training program that enables sales professionals with the skills and strategies to stimulate interest, build trust, and improve their sales effectiveness. Similarly, cross-selling is a white space opportunity for the customer to make an additional purchase. The fix to this issue with Whitespace coloring is actually found in a setting for "Color Customization", go figure. Verb. 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. When DemandFarm has implemented a couple of years ago the account managers of these accounts were asked to identify various buying centers of the accounts. 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. You manage an account team that sells and services a portfolio of IT equipment to a Fortune 100 company. 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. Future-focused mapping emphasizes applied strategic forecastings over at least five years. To set some distance apart. Difference between white space and gray space in data . Similarly, no organization should promote every product equally. Ideally, you will want to segment these according to several categories, including: By conducting a rigorous analysis of your customers situation, you can leverage that information to highlight their specific pain points. However, you may visit "Cookie Settings" to provide a controlled consent. Below are a few practical tips to make sure youre investing your time and effort wisely. Remember, you dont have to do it all by hand. White space mapping helps you to map areas to grow your service or product. Start by understanding your customers' current . For instance, you can: There are several reasons your company will benefit from a white space analysis. The combination of these new Buying Centers & the new Offering became the focus area or the white-spaces-analysis for growth. 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. Firstly, you need to build a dashboard to do white space analysis and then follow these 3 easy steps: Get an overview of white space. If youre coming up dry on ways to innovate your current offers, then you might consider innovating your audience. Rarely achieved. It is six to seven times more expensive to acquire a new customer than to retain an existing one. 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. In this session, learn what leading teams are doing to make their efforts in this area far more effective. 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. A track record of delivering insurance technology. This is folly. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Its also a good idea to perform a competitor analysis at the same time. You also have the option to opt-out of these cookies. Mention reducing trailing whitespace helps . Find out what whitespace means, and 6 quick steps to execute whitespace analysis in your strategic accounts. The analysis report provided can reveal some insight into what can be improved in the near future to increase sales and ROI. Big clients with many needs or small clients with limited needs? Advanced Resource Scheduling Features. These are usually divisions/functions and for a global account combined with regions. 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. The board is a directional twin, which is what White has always ridden in the halfpipe, and comes in sizes of 140, 143, 156. Sales revenue is a key metric to monitor. This cookie is set by GDPR Cookie Consent plugin. What does it mean that the Bible was divinely inspired? Why do green fields provide excellent selling opportunities? Learn how to improve your sales process and close more deals with this free guide. Were consistently named a Top 20 sales training provider, and all our programs can be delivered in a variety of ways. It is often construed that way. "Whitespace," or "negative space" is the space between elements in a composition. Future maps rely on the same sort of insights, they just project those insights on longer time periods. Janeks sales performance solutions apply to any industry. Instead of targeting all potential consumers (or even your existing customers), its much more effective to limit your focus to a smaller segment. Brands, agencies and organisations are leveraging Relative Insight for white space analysis. You will need to plant and cultivate before you harvest your field. All Rights Reserved. On the other hand, they must craft an offensive strategy that will grow their stake in the business. A helpful sales manager explained to me the concept of a "white space" analysis. The break-even point is a major inflection point in every business and sales organization. Here, we implement proven sales training and sales consulting solutions that are customized to your organizations needs and market. 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. How can you see what your customers are buying from your competitors instead of you? When farming your internal and external data to narrow your focus, there's no perfect planting or harvesting season, though it makes sense to start early in the year when budgets are available to deploy against the greatest opportunities weidentify. 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. Its easy to review your existing accounts, communicate with your customer base, and find the gaps in your offeringsso you can fill them. Using whitespace strategically can be as easy as making sure your forms and call-to-action buttons are noticeably separated from the rest of your content. On one hand, they must develop a powerful defensive strategy to insure the competition doesnt gain a foothold that compromises existing business. Often selling organizations are so focused on well-defined product sales opportunities that they miss the green field altogether. The parameters through the sales data to hunt for new white space analysis is the process digging... Gain a foothold that compromises existing business the same time applied strategic forecastings over at least five years future increase. Process, strengthens customer relations, and grows your business customer relations, and grows your business same... And services a portfolio of it equipment to a Fortune 100 company they just those! Forecastings over at least five years youd be able whitespace vs green space sales determine how many different of! 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