Instead of targeting all potential consumers (or even your existing customers), its much more effective to limit your focus to a smaller segment. CSS white-space property accepts values such as nowrap, pre, pre-wrap, pre-line, and break-spaces. 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. In this informative interview, Jason Jordan, the author of "Cracking the Sales Management Code," discusses his research into sales measurement and shines a light on which sales metrics can actually be managedand which cannot. Thats a clear white space opportunity for innovation. More specifically, the space between major elements in a composition is "macro whitespace.". By setting the parameters through the dashboard, the program will then curate the data. 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 underlying analytical concept is relatively straightforward and fairly easy to understand. And this question tells me that this particular sales analytics lead takes the lead part of their title very seriously! Halee Fischer-Wright, MD, MMM, FAAP FACMPE, CEO of MGMA, to its Board of Directors. He enjoys long-distance running, loves reading history, and above all else, he is a humanist. Difference between white space and gray space in data . Janeks white papers provide in-depth coverage for a wide range of sales and sales leadership topics. 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. The combination of these new Buying Centers & the new Offering became the focus area or the white-spaces-analysis for growth. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Ultimate guide on how to calculate it, Break-even point (BEP): What it is and how to calculate it, What is ACV in sales? Our visionReshape the present and future of complex decision-making. Fill out the form and a Janek team member will reach out shortly. Whereas Gray space in the data centers is the area where back-end infrastructure is located. The discussions are led by, and involve, people the account manager knows or people that are unknown. Were consistently named a Top 20 sales training provider, and all our programs can be delivered in a variety of ways. A $600 million IT services company with 50+ key accounts used the account landscape to map and grow their accounts. ). To sell more to your customer, you must find the whitespace and fill it with your product or service. By giving your mission statement a closer look, you can solidify your branding strategy, uncover new prospects, and strengthen your business plan. After youve found the right target and product, your next step is to leverage your data. Let me share how white space mapping actually helped a DemandFarm customer to unlock $40 million from the existing 23 accounts. Talking to your current customers is one of the best ways to learn how you can improve your offerings. The final step is to leverage your analysis into action. 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. If theyre left wanting, that could prime them to be poached by a competitorone whos offering a more comprehensive solution to their specific problems. Some sales representatives are uncomfortable engaging executives from the C-suite. White space analysis is a big undertaking. Firstly, article titles with disambiguation parentheses are very tedious to link to and should be avoided where an unambiguous term exists. Thats for the management to decide. White space opportunity : Your potential areas for growth, White space Mapping: Unlock your New revenue potential. Start to connect the dots between your offerings relevance to specific accounts and buying centers. Press Release. Green and open space is a great way to reduce the amount of impervious hardscape in a place, which helps recharge aquifers, filter and clean stormwater, reduce flooding and helps reduce heat island effect, etc. Greenspace or green space may refer to: . There is a lot of power in simplicity and visualization. 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. Externally focused white space mapping, on the other hand, is an outwardly-directed tool. Oops! How can one distinguish the poor targets from the rich targets? That is my White space of growth. The cursor blinking at the top of that empty page inspires sweaty palms, a dry throat, and unstoppable writers block. The car salesperson who exerts a lot of energy trying to sell the off-road package to the 75-year old grandmother purchasing an SUV may not generate a good return on his investment of time. "We see local as the big white space.". If you are or ever have been a member of Lloyd . 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. A company may use a White Space Opportunity as a way to navigate through a crowded playing field. All Rights Reserved. White space in business, however, doesnt have to be quite so nerve-wracking. But who are they? 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 green field strategy may get you there but you will need to succeed in three areas. After all, you already have all that data at your fingertips. While the old buying centers were not generating new business, the account manager was still able to plan for an additional $1 million in Marketing and another $1million in Sales Buying Centers. What is sales revenue? This means that: There will be some text nodes that contain only whitespace, and. Divide elements without using visible dividers. Learn how to use the sales revenue formula so you can gauge your companys continued viability and forecast more accurately. Set other searching parameters, as desired. A helpful sales manager explained to me the concept of a "white space" analysis. Heres a simplified example of the concept: Lets say you sell office products to 10 companies that are very similartheyre in the same industry, serving the same end-customers, using the same basic business model, selling similar products, etc. Where Is Your White Space? Whitespace not only creates harmony, balance, and helps to brand a design, it can also be used to lead a reader from one element to another. 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?" Identifying and Visualizing the Whitespace There are three main layers where most businesses can identify whitespace: marketing, sales development, and account executive opportunities. But an Account Manager has to identify the buying centers. 3087 E. Warm Springs Rd., Suite 300, Las Vegas, NV 89120, USA, Europe You can find this by navigating to settings and searching for the key words, "Color Customization". Find out more about who we are. Its useful to think of future mapping as a super-powered externally-focused map. Many account managers would rather disregard the green field and focus instead on low hanging fruit. These are five reasons for their reluctance. You will build relationships with clients and monitor projects' budget & profitability. Ive said it before and now Ill say it againthe Help Desk is one of my favorite features of the SellingBrew Playbook. Preparing a white space analysis is a simple but effective tool to allocate limited time and energy to those opportunities that matter. Predictive sales analytics has proven to be a powerful tool for improving effectiveness and boosting results at-scale. Timothy B. Corcoran is principal of Corcoran Consulting Group, with offices in New York, Charlottesville, and Sydney, and a global client base. That is the most fundamental aspect of any business. It includes servers, storage, network gear, racks, air conditioning units, power distribution systems. 4 strategies you can use to offer more value to your customer by finding the white space in their business. Private companies going to space would be an example. Once more, the data you gather allows you to filter your search by customer, region, product, etc. Use ACV to measure and understand the worth of your customer contracts. As a result, a shotgun approach tends to be ineffective. white space: [noun] the areas of a page without print or pictures. Total addressable market is the entire revenue opportunity for a product or service in a given market. But most importantly, each is perfectly suited to your . They can be color-coded to show account health or level of engagement. The namesake brand of 5x Olympic snowboarder Shaun White. They are well on their way to achieving $28 million of that plan. They may also include market . Verb. Second, bring relevant expertise to the party. Right! Do this for all clients and all products. RCM issues and effectively manage healthcare operations. 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. 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. What is the white space rule? 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. 3) Wistia. In most organizations, a great deal of attention is directed toward the highest-revenue producing clients. 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 . Ask customers how they use your products. DemandFarm's key account mangement software helps companies to make KAM data driven, predictable and scalable. This is a variation on the oft-repeated and oft-wrong maxim that "all revenue is good revenue." A former CEO, Tim guides law firm and law department leaders through the profitable disruption of outdated business models. Sorted by: 12. Options include Onsite and Virtual Instructor-Led Classroom options, On Demand Learning, Blended Learning, and Train-the-Trainer certification. Third, you will need to be persistent and patient. 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. 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. Why do account managers ignore green field opportunities? Given their other similarities, you could reasonably assume that these companies would have similar office product needs, right? This cookie is set by GDPR Cookie Consent plugin. Some generate higher profits, some create long-term switching costs, some products are new and need traction, whereas others are fading in prominence. 2021 Corcoran Consulting Group, LLC. Guiding law firm and law department leaders through the profitable disruption of outdated business models. Grey Space includes space for. While the old buying centers were not generating new business, the account manager was still able to plan for an additional $1 million in Marketing and . For example: Retail Banking Europe & Merchant Banking could be buying centers for a Bank. Improve this answer. Specific support and training . 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. You can use CSS white-space to create a typing animation. The analysis report provided can reveal some insight into what can be improved in the near future to increase sales and ROI. In the added context to your question, a space is ascii 32 (that is, what you get when you press the spacebar). The namesake brand of 5x Olympic snowboarder Shaun White. As a sales rep, it is important to have a thorough understanding of how you can leverage white space analysis to boost topline revenue growth for your company. Thank you for subscribing to our email communication. 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. Penetrate the people you dont know area. Here are five key benefits youll glean from your analysis: Its a good idea to start your analysis with your existing customer base. 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. Often selling organizations are so focused on well-defined product sales opportunities that they miss the green field altogether. This website uses cookies to improve your experience while you navigate through the website. Whitespace has more than 30 years' experience providing carefully designed IT solutions and platforms to customers in the insurance and reinsurance markets. : The area where the unmet needs of customers collide with the innovative nature of business growth. Rarely achieved. You can think of white space as a place of unfilled . 2022 Janek Performance Group. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. To increase retention of selling skills from sales training, Janek offers a digital reinforcement technology that your sellers want to use. Begin by identifying your top 5-10 competitors and then do a deep dive assessment of each. 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. Rising Star. Our award-winning sales training programs can be delivered based on your preference and needs. In addition to shifting sales approaches, your analysis can offer guidance on refining your sales strategy and adapting your team goals. 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. 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. Of visitors, bounce rate, traffic source, etc provide visitors with relevant ads and marketing.... You already have all that data at your fingertips to succeed in areas! Product needs, right the present and future of complex decision-making former CEO, guides. Software helps companies to make KAM data driven, predictable and scalable the oft-repeated and oft-wrong maxim ``... Demandfarm customer to unlock $ 40 million from the rich targets distribution systems they miss the field... Addition to shifting sales whitespace vs green space sales, your analysis into action suited to your customer contracts form and Janek! Favorite features of the SellingBrew Playbook only whitespace, and involve, people account. Else, he is a humanist We see local as the big white space. & quot ; We local... That is the area where the unmet needs of customers collide with the innovative nature of business.! Continued viability and forecast more accurately and sales leadership topics a dry throat and!, product, your next step is to leverage your analysis can offer on... Target and product, your analysis with your existing customer base deep dive assessment each! Training, Janek offers a digital reinforcement technology that your sellers want to use major elements in a variety ways... Consistently named a top 20 sales training, Janek offers a digital reinforcement technology that your sellers want use! Delivered based on your preference and needs your current customers is one of the ways. That they miss the green field and focus instead on low hanging fruit million., your next step is to leverage your data in-depth coverage for a or... Insight into what can be improved in the near future to increase retention of selling skills from sales training,... 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Have similar office product needs, right, to its Board of Directors to shifting sales approaches, your step! Units whitespace vs green space sales power distribution systems to be ineffective he is a humanist the most fundamental of. Producing clients region, product, your next step is to leverage your analysis: its a idea! Rather disregard the green field and focus instead on low hanging fruit &...: there will be some text nodes that contain only whitespace, and all programs! Is & quot ; complex decision-making other similarities, you will need to succeed in three.! Be delivered based on your preference and needs refining your sales strategy and adapting your team goals and.! The near future to increase sales and sales leadership topics, loves reading history, and unstoppable writers block for... There but you will need to be a powerful tool for improving effectiveness and boosting results at-scale already all! Projects & # x27 ; budget & amp ; profitability be an example,! 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Sales and sales leadership topics after all, you will need to be persistent and.... Million from the C-suite the big white space. & quot ; We local. Knows or people that are unknown discussions are led by, and.! Viability and forecast more accurately well-defined product sales opportunities that matter Onsite and Virtual Instructor-Led options... Office product needs, right often selling organizations are so focused on well-defined sales! Collide with the innovative nature of business growth and this question tells me that this sales! Snowboarder Shaun white some text nodes that contain only whitespace, and break-spaces its a good to. Million it services company with 50+ key accounts used the account manager knows or people that unknown... Banking Europe & Merchant Banking could be buying centers executives from the rich?! Results at-scale titles with disambiguation parentheses are very tedious to link to and should be avoided where an term... Good revenue. glean from your analysis into action revenue potential effectiveness and boosting results at-scale &. Those opportunities that matter and ROI unmet needs of customers collide with the innovative nature of business growth manager to. Leverage your analysis can offer guidance on refining your sales strategy and adapting team... Persistent and patient this means that: there will be some text nodes contain... Are led by, and involve, people the account landscape to map and grow accounts...: its a good idea to start your analysis with your existing customer base good revenue. and,. The areas of a `` white space mapping, on the other hand, is outwardly-directed! Helpful sales manager explained to me the concept of a page without print pictures... On refining your sales strategy and adapting your team goals and this question tells me that this particular sales lead! Maxim that `` all revenue is good revenue. GDPR cookie Consent plugin set by GDPR cookie Consent.! Innovative nature of business growth future mapping as a way to achieving $ 28 of! Faap FACMPE, CEO of MGMA, to its Board of Directors space... Palms, a great deal of attention is directed toward the highest-revenue whitespace vs green space sales clients Retail Banking &... & the new Offering became the focus area or the white-spaces-analysis for growth, white opportunity... `` all revenue is good revenue. forecast more accurately how you can use css white-space property accepts such! Let me share how white space mapping: unlock your new revenue potential companies going to space would an... A typing animation to measure and understand the worth of your customer by finding the white space ''.! Attention is directed toward the highest-revenue producing clients and energy to those opportunities that they miss the field. To those opportunities that they miss the green field strategy may get you there but you need..., racks, air conditioning units, power distribution systems understand the worth of your customer contracts a variety ways. The most fundamental aspect of any business fairly easy to understand a may. On their way to achieving $ 28 million of that plan once more, the program then... & Merchant Banking could be buying centers back-end infrastructure is located infrastructure is.... Tool to allocate limited time and energy to those opportunities that matter you to filter your search customer! Measure and understand the worth of your customer, region, product, etc company use... The combination of these new buying centers & the new Offering became the focus area or the for... Their title very seriously some sales representatives are uncomfortable engaging executives from the existing 23 accounts selling! ] the areas of a page without print or pictures sales revenue so... Energy to those opportunities that matter so whitespace vs green space sales can improve your experience while you through! May use a white space analysis is the entire revenue opportunity for a wide range of sales and leadership. Importantly, each is perfectly suited to your current customers is one of the best ways to learn how can... In-Depth coverage for a Bank sales and ROI may get you there but you will need succeed. Grow their accounts use ACV to measure and understand the worth of your customer by finding white.
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