The underlying analytical concept is relatively straightforward and fairly easy to understand. White Space. 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. And many law firms have sophisticated but under-utilized business development and competitive intelligence functions and tools capable of creating insightful analysis. Where does your customer spend their time? 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. Then think of various possibilities at a different position of this grid. For instance, if you're part of a company that focuses on chatbot software, survey your customers and ask them for their stories. Since this was a new Offering the account managers were made to think where this new Offering could be sold. Please select this checkbox if you do not wish to receive marketing communications from Zendesk. Having created these Offerings and Buying Centers in the account, DemandFarm generated an account of Landscape. Many account managers would rather disregard the green field and focus instead on low hanging fruit. These are five reasons for their reluctance. Finally, I arrived at Buying Centres of the buyer Account & Offerings of the seller as two variables to build the Account Landscape. For example: Retail Banking Europe & Merchant Banking could be buying centers for a Bank. Where is your offering exceeding your competitors by meeting customer needs better or faster? 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. This is a variation on the oft-repeated and oft-wrong maxim that "all revenue is good revenue." 2022 Janek Performance Group. In this four-part recorded training session, learn what leading sales operations are doing differently to grow share-of-wallet with existing customers. Janeks sales performance solutions apply to any industry. Janeks Sales Performance blog is an industry-leading source of sales tips, best practices, and strategies. And so on. The next big question is what to actually do with all the sales data youve compiled. :: Faye had spaced the pots at 8-inch intervals on the windowsill. For the vast majority of companies, their offering is ideally targeted for a specific demographic. It does not store any personal data. Where a client has already purchased (or rejected) a product, put an "X" in the intersecting box. Its useful to think of future mapping as a super-powered externally-focused map. Not every company needs every best practice . Some content creators won't include any whitespace in their designs, giving them space to fit more content. 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. . This is where strong knowledge of your competition and your customer preferences comes in handy. For an example, I have removed all white space from this article . 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. 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. This article focuses on white space as all the space in a graph where nothing is displayed: no color, no text, no nothing. A green field strategy is a penetration plan designed to broach the untouched or undeveloped areas. But opting out of some of these cookies may affect your browsing experience. 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. Perhaps your digital marketing agency is lacking in integrated online marketing strategies? Please reload the page and try again, or you can contact Zendesk for support. I set out to build software for Key Account Management. Generating More Sales from Existing Customers. A whitespace is any character that renders as a space, that is: A space character. February 12, 2010. Implement a skill discovery workshop: Since not all sales teams have the skills or resources to tackle white space, OEMs must understand partner capabilities. Kelly and David English, President, TSL Marketing, provided sales and marketing best practices to optimize white space and partner recruitment, including: 1. Guiding law firm and law department leaders through the profitable disruption of outdated business models. Our visionReshape the present and future of complex decision-making. We know that brokers and underwriters who use Whitespace are able to work faster and smarter. 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. Our Revenue Intelligence (SAAS) Platform uses AI to detect, predict, and resolve. Lets say your healthcare technology company has primarily served the northeastern United States. These are usually divisions/functions and for a global account combined with regions. 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. 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. 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. But an Account Manager has to identify the buying centers. The law firm trying to cross-sell its IP practice to its mutual fund clients may find a less than receptive audience. How in the world can you see something that isnt there? Trade Show Selling is a workshop to prepare sellers to have meaningful event interactions, from the initial planning stage to post-show, follow-up communication, with newly forged connections and prospective customers. Upselling is a sales technique where reps pitch additional products or premium upgrades to service. The data points one selects will vary by firm. White space is where unmet and unarticulated needs are uncovered to create innovation opportunities. In this session, learn what leading teams are doing to make their efforts in this area far more effective. Providing sales data to executives and other decision-makers is a core responsibility for most Sales Ops teams. This will bring up the text . Oops! It is where products and services dont exist based on the present understanding of values, definition of business or even existing competencies. A former CEO, Tim guides law firm and law department leaders through the profitable disruption of outdated business models. They're space-saving, time-saving, energy-saving, cost-saving and infinitely scalable. White space mapping usually consists of a number of workshops. White space mapping helps you to map areas to grow your service or product. Penetrate the people you dont know area. Do this for all clients and all products. Contracts created and processed using the digital Whitespace Platform are made entirely of data, which can be re-used and transmitted quickly and easily. That white space will help you serve your customers and improve their selling strategy. Follow. This website uses cookies to improve your experience while you navigate through the website. 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. White Space includes housing of. 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. Sales professionals find the white space in the customers account. Whereas Gray space in the data centers is the area where back-end infrastructure is located. White space is essentially a gap that a business can use to scale its revenue with its products. He enjoys long-distance running, loves reading history, and above all else, he is a humanist. Most of our account managers spend time exploring sales opportunities in the lower left-hand cornerpeople that they know and sales opportunities that are well defined. Total addressable market is the entire revenue opportunity for a product or service in a given market. 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. This can help you identify your farming and mining white space opportunities. Are they getting the most out of your service or product possible? As a result, brand and partner recognition are equally non-existent. In general, green space is not a waste of space. One of the basic, but fundamental problem was to understand Account Landscape and Account Mapping to identify areas of growth in a Key Account. 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 focus of the discussion might be global expansion, acquisitions, product revisions, trial markets, etc. For example, we recently received this question from an ambitious sales analytics lead who wants to identify whitespace sales opportunities in existing customer accounts: How can we see the customer spend we arent getting? 3) Wistia. Selling to the C-Suite is a training program that equips sales professionals with the skills and strategies to have more effective dialogues with C-level executives and business owners. : The area where the unmet needs of customers collide with the innovative nature of business growth. 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! Heres what you need to know. Looking across all ten customers, youd be able to establish whats expected for this type of buyer. We start with the white space grid and then we continue to narrow our focus. Your goal here is to identify buying centersunits inside an account that have independent purchasing power, like a division, department, or region. But savvy marketers know this isn't enough, not nearly enough, to truly identify the appropriate targets. A greenfield project is one without restrictions on prior systems or protocols. 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. We want to learn more about your specific sales challenges. These cookies ensure basic functionalities and security features of the website, anonymously. This is a sense-making process, one that takes place in a new context, beyond traditional assumptions. In this on-demand webinar, we demystify the core concepts and applications in sales environments. It makes a lot more sense (and cents) to seek out opportunities to upsell and cross-sell to your current customers. Predictive sales analytics has proven to be a powerful tool for improving effectiveness and boosting results at-scale. You can think of white space as a place of unfilled . And they'll vary from year to year. 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. Some generate higher profits, some create long-term switching costs, some products are new and need traction, whereas others are fading in prominence. If your company sells B2B, then youre more likely to use a consultative selling approach. You can change the background color easily from the Tools -> Options -> Fonts and Colors menu. Your customer is trying to decide if it would be beneficial to attend a conference on cyber security. Advanced Resource Scheduling Features. Many law firms, in part because of a lack of marketing sophistication and in part due to politics, will pay lip service to providing marketing and business development support equally across all practices and partners. I think, "white-space character" would be a much better title for this article than "white-space (computer science)". Find out more about who we are. Green field pursuits may build strong relationships and open lines of communication at the top between the buying and selling organization. Can be re-used and transmitted quickly and easily beyond traditional assumptions data one. ; re space-saving, time-saving, energy-saving, cost-saving and infinitely scalable business can use to its. The law firm and law department leaders through the profitable disruption of outdated business models if company. 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