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Read on to find out more about white space analysis, or click here to learn about the DueDil Sales and Marketing solution.
What is white space analysis?
White space analysis is the process of using company data and sales records to uncover new opportunities to target. White space opportunity is essentially a gap that businesses can take advantage of to increase sales or increase their market share in a crowded market.
White space analysis process
White space mapping is the process of identifying a company’s white space and finding the customer spend that you aren’t receiving. There a number of different avenues businesses can take to identify new opportunities.
Different types of white space mapping can be categorised as either internally-focused or externally-focused. Internally-focused mapping involves looking at your company’s strengths and capabilities and establishing what opportunities exist, as well any potential threats. This type of white space analysis helps companies to identify the barriers that are preventing them from pursuing new products, new groups and new markets.
Externally-focused white space mapping looks outwards at the market and determines which products/services are dominating and which are being undersold in order to identify a gap in the market. These gaps may include niche audience groups or non-consumers.
Below are the most common ways businesses can identify their white space:
1. Look into how you can sell more to your existing customers
Finding the gap between what a customer is currently receiving from your company and the other products/services you have to offer can help you to identify new opportunities to sell more to your existing customers. Upselling to your current customers, instead of chasing new customers can be infinitely more rewarding and successful if approached correctly.
To sell to your existing customers effectively you must gain a comprehensive understanding of their current situation and get to grips with their main pain points. Determining what issues your customers may be having and finding solutions to address them is essential to bridging the gap between what your customer has already invested in and what more your company has to offer.
Identifying the white space within your existing customer base can also help to ensure that your customers remain satisfied and do not look to your competitors to solve their problem or need.
2. Define the audience you want to sell to
It’s unlikely that your product or service offering, or your competitors will able to cater to all audiences, and many businesses fail attempting to adopt a blanket approach. Therefore, it is essential that you focus your attention on specific customers, especially those who may have been overlooked or neglected by your competitors. Focusing on one defined group and learning as much as you can about their likes and dislikes, pain points and demographics will help you to become an expert at selling to this niche group.
Identifying an audience to focus your efforts on will also help you to map your product/service directly to their problems, providing a comprehensive and useful solution to encourage them to buy from you.
3. Understand your competitors
Another way to identify potential white space is to assess your competitors’ performance and establish their main strengths and shortcomings. You should consider what you do much better than your competitors, and secondly, what your competitors do significantly better than you.
Although it’s important to understand what areas your competitors are superior in, your focus should be on what your company does better than your competitors as this is your white space. It’s also important to keep on top of what your competitors are doing as a slip up on their part could provide the perfect opportunity for you to approach their customers/clients with a remedy.
How DueDil can help
DueDil is a solution for sales teams seeking to generate new high quality prospects.
With an advanced feature set and authoritative data sources, DueDil makes it easy to identify and engage targeted businesses at the right time. DueDil enables businesses to identify ideal prospects, segment any market and compile account lists to effectively target the right businesses at the right time.
Find out more about DueDil for Sales & Marketing teams.