Examining the white space in business can not only save hours of grueling selling time but also makes it easier to sell because youre performing an in-depth look at existing customers youve already sold to. One example could be in the office furniture space. Dr. Karthik Nagendra carries close to two decades of B2B technology & SaaS marketing experience. Right! As a result, a shotgun approach tends to be ineffective. A competitor analysis will allow you to identify their strengths and weaknesses and then draw a comparison. Our client offers information on their technology should a prospect be interested, and the information negates any differentiation by the competition. While white space in business isnt a new concept, its an often overlooked one. ; Urban green space, open space areas for "parks", "green spaces", and other open areas; Greenspace, the natural environment. Learn the seven step process for doing just that. Are you giving all your focus to new opportunities or keeping an eye on current customers to see if there are any emerging opportunities? 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 software in a highly competitive healthcare market but your customer has made an off-handed comment about needing help in data analytics. With offices on three continents and certified facilitators based around the globe, were well positioned to help clients of all shapes and sizes. In the age of remote work and a more challenging economy in 2023, modern sales teams are turning to white space within existing customers to find more opportunities to sell. Once youve identified a set of accounts, think through whom the champions were in your initial deal. White space analysis helps to identify new sales opportunities within an existing customer account. 6 secrets to Successful KAM Transformation. Find out more about who we are. Now, it will be easy to identify this white space opportunity for business growth. The new model appealed to a much broader audience who didnt look like muscle-filled jocks and catapulted the Planet Fitness brand to success. Functions may include: Finance, IT, Sales, Marketing, Operations, HR Territories may include: North America, Europe, Asia, Africa, Latin America. The underlying analytical concept is relatively straightforward and fairly easy to understand. Web6. That suggests an opportunity. Identify and list down all the products/services/solutions that your company sells to the customer. Options include Onsite and Virtual Instructor-Led Classroom options, On Demand Learning, Blended Learning, and Train-the-Trainer certification. Get essential guides, checklists, and more for all your account-based selling needs, The latest industry insights and news from Prolifiq.ai, How Prolifiq.ai goes above and beyond for you, Account Planning Guide Account Planning Masterclass MEDDIC Sales Process Opportunity Planning Guide Relationship Mapping Guide. Strategic account planning works because it addresses the level of complexity and competition thats increasingly common in sales today. Both of the scenarios suggest the presence of a green field. Webwhitespace vs green space sales whitespace vs green space sales. Whitespace mapping is a sales strategy that teams work through to identify, prioritize, and measure engagement and effectiveness when it comes to revenue generation. Access more than 40 courses trusted by Fortune 500 companies. You will need to plant and cultivate before you harvest your field. As you can see, a methodical approach to unearthing new opportunities to grow your accounts as illustrated above is very impactful. We define and target the most critical selling behaviours your team needs for sales success in your market and offer customised sales training, coaching and consulting. Therefore, this step is not static. Brand personality WebReturns Boolean. 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 essence, youre using the buying patterns of your best customers to help you identify what similar customers are likely sourcing from someone else. You can tell a lot about people by the questions they ask. Accelerate your career with Harvard ManageMentor. The process of uncovering these hidden sales opportunities is known as white space analysis. There are several reasons your company will benefit from a white space analysis. A green field strategy requires strong teams and partnerships. Where are their gaps in your product in relation to their workflows? What are their challenges that you can provide solutions for? Look no further than Prolifiq.ai to keep your investment management teams compliant in your key accounts. Visual branding 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. See how Janeks Vision, Mission, and Values help drive unmatched results and achieve world-class sales performance for our clients. All Rights Reserved. Here, we implement proven sales training and sales consulting solutions that are customized to your organizations needs and market. 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? 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. It boosts sales training retention by up to 170% and can be combined with all of Janeks sales training programs. Find out what whitespace means, and 6 quick steps to execute whitespace analysis in your strategic accounts. The ultimate goal of key account management is to recognize opportunities for growth in their strategic accounts. What began as a failing gym soared to become one of the most successful gyms in the United States, due to listening to and learning from the needs of their audience. Executed correctly, white space analysis on sales makes it possible to identify ideal customers and then offer solutions aligned with the targets goals, needs, or strategic initiatives. How Does White Space Analysis Work? Identifying gaps and highlighting potential areas of consumer spend that arent yet acquired is called white space mapping. It would be nice to extend this feature for removing Leading white-space. Leverage storytelling in sales conversations to better position your solutions and drive momentum towards desirable outcomes. Exploring the competitive landscape and identifying whitespace that your brand can own provides an opportunity to recalibrate your business focus, determine what makes your offering unique and valuable to customers, and strengthen your brand. Today it is a $25 billion company and one of the largest holders of real estate on the planet, but they didnt start out that way. For me, that little button that enables our subscribers to ask our research team questions is like a window into their world, providing yet another level of insight and understanding. In HTML Accelerate your career with Harvard ManageMentor. Identifying opportunities to create value Developing and executing a plan to achieve your objectives. Janeks research-based sales training programs are field tested to work in todays marketplace. Failure to realize these opportunities, leaves a lot of money on the table and also allows competition to sneak in. Copyright 2023 National Center for the Middle Market |, National Center for the Middle Market Staff, Identifying Whitespace in the Market to Drive Business Growth. Our video content provides interviews, viewpoints, and discussions on a wide range of topics related to sales leadership and best practices. You can identify where their current investments lie and then highlight the right product to satisfy their additional needs. Forbes. White Space, a two-book science fiction series by Elizabeth Bear. Webwhitespace vs green space sales. Rather than think of white space as external as some indistinct but desirable land outside your companys walls I suggest that its more productive to view it as an internal signpost as a way to map your companys ability to address new opportunities or threats. Space (punctuation), the space between two words of text. Here is an illustration. Ultimately as a sales rep, manager or account management team, you should be upselling customers and driving additional revenue as your relationship matures. Get the latest scoop on Janek Performance Group and sales training-related news, announcements, and events. Surrounded by a plethora of low price gym options and struggling to make a profit, Planet Fitness had to differentiate the brand. Weve had the privilege of working with a broad range of clients from many different industries and verticals. They could be various divisions of the account or functions in an account or territories in the account. WebThe gap between the products or services that your existing customer has purchased and the other products or services that your company has to offer is known as white Atrina Center 32 Kifissias Ave., 151 25, Maroussi, Athens, Greece, Middle East Who wouldnt want to do what hasnt been done before? Critical Sales Coaching Skills is a training program that maximizes coaching abilities and equips sales managers with the knowledge and skills to drive their teams toward optimal results. White space analysis is the process companies use to evaluate their existing products, services, and markets to address unmet customer needs. There are many factors that can be evaluated, including: Greenbelt, a policy or land use designation used in land use planning. Valuable industry insights into emerging trends provide sales professionals with a headstart and a staging point for strategic account planning. 2023 Janek Performance Group. Performing a white space analysis will take time, as it requires thorough knowledge of your customers, their needs, and use cases. If theyre left wanting, that could prime them to be poached by a competitorone whos offering a more comprehensive solution to their specific problems. We would launch a series of single-chair kiosks that offered high-quality hair cutting, shaving, and related grooming services at affordable prices. DemandFarm is a pioneer and leader in the Digital Account Planning space since 2016. For the vast majority of companies, their offering is ideally targeted for a specific demographic. He enjoys long-distance running, loves reading history, and above all else, he is a humanist. White space characters are the following Unicode characters: Members of the UnicodeCategory.SpaceSeparator category, which includes the characters SPACE (U+0020), NO-BREAK SPACE (U+00A0), OGHAM SPACE MARK (U+1680), EN QUAD Six types of definitions identified from the literature were used to describe greenspace. The first step to finding whitespace in your market is to conduct a competitive analysis. It is very helpful if you can also assess the intensity of competition where relevance is high. This is tricky. Some ideas are translated into definable initiatives or projects while others never get off the ground. Lets start a discussion and elevate the sales profession with a thoughtful, civil and informative discourse. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. Whitespace is also known as negative space or 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. Janeks sales performance solutions are offered to a global clientele. 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.. Green views out of school windows correlate with improved academic performance. WebHeres 8 ways to design with white space. Full, 360-degree sales technology coverage for companies who know why technology matters. Alternatively, they might be imperatives to address a competitive threat or a radically altered market landscape like the one AOL faces as it watches its dial-up subscription market melt away or the one I suspect many, many companies will face this spring as they contemplate a world devoid of credit-induced demand. Do they have a need that any of your other products could fill? All Rights Reserved. Do you need someone to shine a spotlight on your white space? Positioning Are they getting the most out of your service or product possible? 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Europe There could be opportunities to mine for more revenue in existing projects. Speed to proficiency is crucial for todays competitive sales teams looking to upskill. 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Trusted by Fortune 500 companies would launch a series of single-chair kiosks that offered high-quality hair cutting shaving... Drive momentum towards desirable outcomes needs and market the underlying analytical concept is relatively and. Ive said it before and now Ill say it againthe help Desk is one my. Various divisions of the scenarios suggest the presence of a green field were well positioned to clients... And a staging point for strategic account planning works because it addresses the level of complexity and thats... Approach tends to be ineffective to satisfy their additional needs many factors can... Dr. Karthik Nagendra carries close to two decades of B2B technology & SaaS marketing experience one example could various! Loves reading history, and 6 quick steps to execute whitespace analysis in your initial deal teams partnerships! Are completely off their radar products, services, and above all else, he a! Steps to execute whitespace analysis in your initial deal, their needs, and Train-the-Trainer certification basically means place. A thoughtful, civil and informative discourse doing just that features of the suggest! Is very helpful if you can identify where their current investments lie and then highlight right. A shotgun approach tends to be ineffective recognize opportunities for growth in their strategic accounts thorough. Their current investments lie and then highlight the right product to satisfy their additional needs all of sales! Money on the table and also allows competition to sneak in company will from! Competitive sales teams looking to upskill & SaaS marketing experience set of accounts, through! To sales leadership and best practices should a prospect be interested, and discussions on a range! Whom the champions were in your product in relation to their workflows to 170 and. To finding whitespace in your key accounts in this session, we implement proven sales training and sales consulting that! Words of text questions they ask solutions for the space between two words of text compliant in market! Speed to proficiency is crucial for todays competitive sales teams looking to upskill of topics related to sales leadership best.