Here are five key benefits youll glean from your analysis: Its a good idea to start your analysis with your existing customer base. Read the Press Release. Our Sales Consulting services, powered by our proprietary Sales Performance Blueprint model, will help diagnose and fix problems related to all facets of your sales organization, processes, and strategies. The easiest way to do this is by targeting a different part of your audience. A steady dialogue will showcase their ever-evolving needs. WhiteSpace Health is a deep analytics company. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Predictive sales analytics has proven to be a powerful tool for improving effectiveness and boosting results at-scale. White space analysis helps you stay up-to-date with your market and identify growth opportunities. And these needs would probably be in proportion to their size, right? 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. employ different techniques to close the deal. Whitespace has more than 30 years' experience providing carefully designed IT solutions and platforms to customers in the insurance and reinsurance markets. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. 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. A $600 million IT services company with 50+ key accounts used the account landscape to map and grow their accounts. Wistia, a video platform, anchors their homepage with a friendly question and a drop-down form. 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 Immediate Access To Everything In The SellingBrew Playbook, Overcoming the New Realities in B2B Sales. In computer programming, whitespace is any character or series of characters that represent horizontal or vertical space in typography.When rendered, a whitespace character does not correspond to a visible mark, but typically does occupy an area on a page. Janeks thought leadership library is a hub of research, guidance, best practices, and tips for sales professionals that offers a wide range of media, including case studies, blogs, white papers, and videos. Proven Approaches for Reducing Customer Defection and Revenue Attrition. For the vast majority of companies, their offering is ideally targeted for a specific demographic. Thats for the management to decide. For example: Retail Banking Europe & Merchant Banking could be buying centers for a Bank. Many account managers would rather disregard the green field and focus instead on low hanging fruit. These are five reasons for their reluctance. 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. If your company sells B2B, then youre more likely to use a consultative selling approach. After all, its nearly impossible to segment tens of thousands of customers by hand. Armed with the insight from your white space analysis, you might encourage your reps to take a new approach or employ different techniques to close the deal. Where are their gaps in your product in relation to their workflows? Press Ctrl+F. Only socioeconomic status was a slightly stronger indicator. Where Is Your White Space? In contrast, black space makes up those areas of an organization that are well-managed and targeted with formal planning and budgeting. 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. Take a look at the demographics of your current customer base and see where you can make some shifts. Oops! The cursor blinking at the top of that empty page inspires sweaty palms, a dry throat, and unstoppable writers block. How can one distinguish the poor targets from the rich targets? That is the most fundamental aspect of any business. In the context of a question on Software Engineering, a greenfield or blue sky question is one along the lines of "How do I write this?" Enjoyment and intellectual challenge orless exciting but repeatable work? 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. 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. A Guide on How to Build a Sales Strategy That Works, A Deep Dive into the Customer Buying Journey, 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Atrina Center 32 Kifissias Ave., 151 25, Maroussi, Athens, Greece, https://www.forbes.com/sites/jiawertz/2018/09/12/dont-spend-5-times-more-attracting-new-customers-nurture-the-existing-ones/?sh=6ad0b6c35a8e, https://hbr.org/2010/02/where-is-your-white-space. 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. Tim can be reached at Tim@BringInTim.com and +1.609.557.7311. Studies have shown that, in todays competitive landscape, it can cost five times as much for a company to attract a new customer as it does to preserve an existing one.1. You manage an account team that sells and services a portfolio of IT equipment to a Fortune 100 company. Visit the directory and get the help and solutions you need. As a Project Manager in White Space, you will manage your projects' execution, design, production management and logistics from contract signing to final delivery, overseeing all projects tasks. Before this, we had already configured various service lines or Offerings which the customer was taking to the market. Similarly, cross-selling is a white space opportunity for the customer to make an additional purchase. Learn what it is and how to figure it out. A green field strategy may get you there but you will need to succeed in three areas. Micro whitespace, isyes, you've guessed itthe space between smaller elements: between list items, between a caption and an image, or . These cookies ensure basic functionalities and security features of the website, anonymously. This introspection will allow you to direct and tailor your retargeting efforts to address their common pain points. All rights reserved. Do this for all clients and all products. They can be color-coded to show account health or level of engagement. The underlying analytical concept is relatively straightforward and fairly easy to understand. But don't wait too long, because every day you wait another X is added to the grid by your competition. One such example is when DemandFarm acquired a big Salesforce competency shop enabling them to offer services around Salesforce practice. We want to learn more about your specific sales challenges. In Professor Cross's words, effective collaboration doesn't mean "everyone in the woods singing Cum By Ya to each other.". There are few products and services that are universal. [BTW, it also appears you are using Tabs. 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. What does it mean that the Bible was divinely inspired? In short, she explained, list your clients on one axis and your products on the other axis to create a simple grid. GUIDING LAW FIRM AND LAW DEPARTMENT LEADERS THROUGH THE PROFITABLE DISRUPTION OF OUTDATED BUSINESS MODELS. By clicking Accept All, you consent to the use of ALL the cookies. One of the basic, but fundamental problem was to understand Account Landscape and Account Mapping to identify areas of growth in a Key Account. If youre coming up dry on ways to innovate your current offers, then you might consider innovating your audience. It might be an idea for a new product that proved too expensive for the market or a proposed merger that never gained traction. Advanced Resource Scheduling Features. Shop WHITESPACE mens snowboards, women's snowboards, and kids snowboards + get the latest news and updates. As a result, a shotgun approach tends to be ineffective. Guiding law firm and law department leaders through the profitable disruption of outdated business models. White space (or negative space) is an empty space between and around elements of a page. Consider the following scenarios: In a rapidly changing world of global expansion, corporate consolidation and product revision, a green field opportunity may surface quickly. 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Europe What is thought to influence the overproduction and pruning of synapses in the brain quizlet? Whitespace can be a texture or color, but it's a space that doesn't contain any elements and doesn't catch the attention of a reader or user. Big clients with many needs or small clients with limited needs? Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Global Headquarters These cookies will be stored in your browser only with your consent. 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. Review their challenges to see where you can provide solutions to make their day to day tasks easier. 2021 Corcoran Consulting Group, LLC. The term arises from graphic design practice, where printing processes generally use white paper. It's common practice to have the IDE turn Tabs into spaces (often 4), via Options.] All Rights Reserved. Get to Know White Space, Gray Space and Meet-Me Rooms. contract furniture. Whitespace Innovations has perfected seven best practices that guide every effort to "seize the Whitespace" and accomplish the "job left undone." We are not hide-bound by repetitive processes yet these dependable guideposts inform our approach to think outside the box and solve tough problems. To sell more to your customer, you must find the whitespace and fill it with your product or service. mezzanine floors & racking. 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. CSS white-space property accepts values such as nowrap, pre, pre-wrap, pre-line, and break-spaces. This cheatsheet helps you to leverage your sales . It helps businesses determine how effectively they can react to market barriers, opportunities, and competitive threats. We develop products for snowboarding and the snowboard culture. 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. However, it should not be concluded as easy. It certainly seems like a vexing question, doesnt it? Trailing whitespace vs. green computing. Is there anything missing that makes sense to add? Divide elements without using visible dividers. This can help you identify your farming and mining white space opportunities. A green field strategy requires strong teams and partnerships. One can see Opportunities & Engagements at multiple places. When it comes to sales, your ideal customer isnt always the next oneits your current one. Share. Making those suggestions at key moments doesnt just move customers through your pipelineit makes their experience better. Thats a clear white space opportunity for innovation. Within any data center are two distinct and separate spaces known as "white space" and "gray space.". The challenge was to make the account managers embrace this change and grow the existing platinum accounts which seemed stagnant. 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. This cookie is set by GDPR Cookie Consent plugin. There are three main types of mapping: internally focused, externally focused, and future-focused. In this piece, well take you through the benefits and steps of analyzing white space so that you can leverage this valuable technique to improve your business. . Engineering Consulting, Enterprise Security, IoT, then had Platforms and so on so forth. From there, you can step into the void where your (or your competitors) services still have much left to be desired. After this, the Account Manager created a plan to grow business with the new offering in the new Buying Centers. Once we establish the parameters, we now know the queries to enter into our existing systems, or at least we'll have an understanding of the types of tools we needtoacquire to conduct this analysis. The "white space" is the opportunity itselfthe area where a business can innovate, expand, upsell, and cross-sell its products and services. More importantly, it costs more than five times as much to acquire a new customer as it does to blow the dust off your current customer list. Here we have taken an example of Airbus. But the tools one uses are immaterial if the underlying concepts are forgotten. 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. Perhaps your digital marketing agency is lacking in integrated online marketing strategies? Dont Spend 5 Times More Attracting New Customers, Nurture The Existing Ones. UVA womens basketball with my wonderful wife. You can use CSS white-space to create a typing animation. While you cant see exactly what a customer is buying elsewhere, you can get a very good idea by comparing them to similar customers and looking for meaningful gaps in spending patterns. 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. Both of the scenarios suggest the presence of a green field. CTRL + R, CTRL + W : Toggle showing whitespace. We dont need to create a layout overcrowded with text and images to deliver a clear message. The data points one selects will vary by firm. Future maps rely on the same sort of insights, they just project those insights on longer time periods. 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. Find out what whitespace means, and 6 quick steps to execute whitespace analysis in your strategic accounts. 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. This is where strong knowledge of your competition and your customer preferences comes in handy. Lets say your healthcare technology company has primarily served the northeastern United States. Leverage storytelling in sales conversations to better position your solutions and drive momentum towards desirable outcomes. In fact, increasing customer retention by just five percent can increase profits by 25 to 95 percent.These findings illustrate the benefits of training your sales team to source new selling opportunities, or "white space," within existing accounts. 6 Al Kiswa St., Al Rabya, Amman, Jordan. 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. Explore the complete guide to Cross-selling and Up-selling to identify unexplored opportunities for your business as well as your clients business and grow better in 2022. And they'll vary from year to year. Schoolyards; Playgrounds Milind is the COO & Co-Founder of DemandFarm. The following Account Landscape shows the progress in that account over the years. ). Some text nodes will have whitespace at the beginning or end. White space, which simply defined means the space on a page not covered by print or graphics, has always appealed to me. These are areas for innovation in your existing products, services, and features. From the first glance, white space is a design technique so simple that many might underrate it. This was compounded by the fact that I couldn't easily recall which client had already purchased or rejected our many products, so I wasted a lot of time re-selling. Spread the love. White space and vacant territories represent areas within your market that are impossible or impractical to reach by sales reps. This is folly. 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. A whitespace is any character that renders as a space, that is: A space character. Meet whitespace. :: Faye had spaced the pots at 8-inch intervals on the windowsill. Let me share how white space mapping actually helped a DemandFarm customer to unlock $40 million from the existing 23 accounts. 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. The White Space Rule is a design technique that ensures the use of enough blank or clean space on the canvas. You manage an account team that sells software in a highly competitive healthcare market but your customer has made an off-handed comment about needing help in data analytics. Take a look at the products you sell, who buys them, and what those customers have already purchased. Any whitespace characters that are outside of HTML elements in the original document are represented in the DOM. Answer (1 of 2): Usually blank space refers to one or more SPACE and/or TAB characters and does not span lines. The open boxes, the "white space," reflect your opportunity focus. The more advanced approach is to incorporate internal and external data points to generate a more robust footprint of the ideal target or client. Our award-winning sales training programs can be delivered based on your preference and needs. Whitespace is also known as negative space or blank space. But simple does not mean easy. We know that brokers and underwriters who use Whitespace are able to work faster and smarter. The cookie is used to store the user consent for the cookies in the category "Other. As Harvard Business Review notes:2, If white space really were just a place where no competitors lurked, companies would have little trouble bringing their most innovative ideas to market, since theyd be, practically by definition, the ones least subject to competition. This cookie is set by GDPR Cookie Consent plugin. It is often construed that way. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Analytical cookies are used to understand how visitors interact with the website. Kelly and David English, President, TSL Marketing, provided sales and marketing best practices to optimize white space and partner recruitment, including: 1. Research how customers fit your offerings into their day-to-day. From project inception a blank piece of paper, an empty building, a white space we design, cost, and project manage the installation of: office fit-out and refurbishment. White space definition is - the areas of a page without print or pictures. Improve this answer. The incorporation of these other data points is what I call a "green space" analysis. Learn more about the client transformations weve enabled and the results theyve achieved. In a design aspect, white space is the area of a page with a lack of content in it. 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. When youre ready to scale your business, white space analysis reveals your most worthwhile growth opportunities. He enjoys long-distance running, loves reading history, and above all else, he is a humanist. 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. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. We start with the white space grid and then we continue to narrow our focus. Contracts created and processed using the digital Whitespace Platform are made entirely of data, which can be re-used and transmitted quickly and easily. Second, bring relevant expertise to the party. The namesake brand of 5x Olympic snowboarder Shaun White. To increase retention of selling skills from sales training, Janek offers a digital reinforcement technology that your sellers want to use. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. Future-focused mapping emphasizes applied strategic forecastings over at least five years. By submitting my personal information, I consent to Zendesk collecting, processing, and storing my information in accordance with the, By submitting my personal information, I understand and agree that Zendesk may collect, process, and retain my data pursuant to 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. For an example, I have removed all white space from this article . 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 process of accumulation and analysis of a company's data and sales records and combining this with industry research and knowledge to uncover new opportunities to scale up revenue is called White Space Analysis. Rising Star. You will get into the details of product descriptions and . This cookie is set by GDPR Cookie Consent plugin. However, you may visit "Cookie Settings" to provide a controlled consent. A helpful sales manager explained to me the concept of a "white space" analysis. A greenfield project is one without restrictions on prior systems or protocols. Internally, which practices generate -- at the moment -- a proportionally greater return than the others? Some sales representatives are uncomfortable engaging executives from the C-suite. They may also include market . In many regards, account managersespecially those charged with managing large, revenue generating account teamshave to adopt two very different mindsets. 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.