2023 Guide To White Space Analysis
The Keys To Growing Your Key Accounts
Understanding where there is an opportunity to grab additional revenue from your customers is a priority for every GTM today and is also referred to as a white space analysis. To generate revenue, companies need to have a good understanding of their customers and the market they operate in. White space analysis is a useful process that can help companies identify new opportunities to generate revenue by uncovering critical details in their strongest accounts. Part of this analysis needs to examine:
- What do my best accounts look like? Who continues to spend more money?
- Which types of accounts have the highest LTV?
- Is there a specific industry or two where your team typically has the most success and provides the most value from your product? Operations, strategic account management teams, and sales should work together to analyze and identify the accounts that are most likely to spend more with your business.
- Are you documenting upsell potential in your CRM? An easy first step if you sell a product is to gather a sense of what the full potential for licenses in that account looks like.
What is White Space Analysis?
White space analysis is the exercise of identifying new business opportunities by looking for gaps or “white space” in the market, and generally in your customer accounts. In traditional market analysis, companies typically look at their competitors and the market they operate in to find opportunities to differentiate themselves. However, white space analysis takes a different approach by looking at the gaps in the market that are not currently being served by anyone.
To conduct a white space analysis, companies need to look at customer data to identify patterns and trends that they may have overlooked. This data could include information such as customer demographics, purchase history, and behavior on the company’s website. By analyzing this data, companies can gain insights into the needs and preferences of their customers, and identify areas where they can improve their offerings.
White Space Mapping
White space mapping is a key component of white space analysis. It involves creating a visual representation of the gaps or “white space” in the market. This map can help companies identify areas where they can differentiate themselves and target new customers.
To create a white space map, companies need to identify the key accounts or customers that they currently serve. You can obtain this information from the company’s CRM or sales process. Once these accounts have been identified, the company can then look for patterns and trends in the data to identify gaps in the market that are not currently being served. Extensive knowledge of who the different stakeholders are in the business units you’ve yet to sell into is research that needs to be done. Map them out, leverage your champions to make introductions, and help you understand the value they’re seeking in a new solution.
White space is there for the taking, but you need to map out the business units, subsidiaries, key stakeholders, and ideally the competitive products already being used if possible. Once this research is completed, a white space opportunity for relevant accounts should become increasingly clear. This sales strategy will help your team drive continuous revenue in downturns, improve NRR, and make your product or service stickier as you get more engrained in that business.
Benefits of White Space Analysis
There are several benefits to conducting a white space analysis. First, it can help companies identify new revenue opportunities. By uncovering customer insights that they may have previously overlooked, companies can find new ways to generate revenue and grow their business.
Second, white space analysis can help companies improve their relationships with key accounts. By identifying areas where they can improve their offerings, companies can provide better service to their key accounts and build stronger relationships with them.
Third, white space analysis can inform strategic initiatives. By identifying areas where the market is underserved, companies can develop new products or services that fill these gaps and differentiate themselves from their competitors.
Complete Guide Of Data To Map Out Whitespace In Your Business
- Key stakeholders: You guessed it, who are the decision-makers and end-users you need to build trust with to win additional business from the customer? Are there any pre-existing relationships between the teams? Which area of the company do you have the most support to help you engage a new team? Having all of this engagement and activity information in one area helps
- Sales Data: Pull different resources together internally to put a full assessment together of where you have gaps whether it be by product, business unit, subsidiary or child accounts, country, etc. The more products and services you sell, the more opportunity there is to find a niche segment within an account and drive different solutions in front of them for the additional pipeline. Put an overview together for your marketing team to help provide coverage for your sales team, and take your findings and learnings from the relationship up to that point in time to customize your strategy to engage different people.
- White space analysis template: Having a template or format your team can consistently use to calculate market potential is a must. Whether it’s an account manager, sales rep, or operations professional, the search to uncover pipeline that is there to be had requires structure and guardrails.
White Space Opportunities
White space opportunities are areas in the market that are not currently being served by anyone. By identifying these opportunities, companies can develop new products or services that fill these gaps and help drive positive results.
To identify white space opportunities, companies need to look at customer data to identify patterns and trends that they may have overlooked. This data could include information such as customer demographics, purchase history, and behavior on the company’s website. By analyzing this data, companies can gain insights into the needs and preferences of their customers. You can begin to identify areas where they can improve their offerings.
Conducting a white space analysis requires companies to have access to customer data. As well as the ability to analyze this data to identify patterns and trends. They also need to have a deep understanding of their sales process and key accounts to identify areas where they can improve their offerings.
To conduct a white space analysis, companies should start by creating a relationship mapping exercise. This involves identifying key accounts and stakeholders within the company and mapping out the relationships between them. Once companies have mapped these relationships, they can then start upselling. Identify areas where they can improve their offerings and fill gaps in the market.
Companies should also look at customer data to identify patterns and trends that they may have overlooked.
How do you identify white space?
White space is identified through a white space analysis. It looks into stakeholders, business units, the products or services you sell, and the coverage or gaps that currently exist in the customer. Leveraging your CRM is a great way to do this. Find quick gaps and opportunities for your key account management team to help uncover and grow. Market research is needed as well, what are their priorities?
How do your additional products or services complement that need? Are there competitors currently being used on other teams? Which segments, businesses, or locations typically prove to be the most lucrative? Innovation, collaboration, and incentives need to be in place to capture all of that existing white space market that is available. Powerful insights are sitting in your CRM. They can provide a competitive advantage if you’re consistently out in front of others.
What is an example of white space in marketing?
White space in marketing is another terminology to describe an opportunity to advertise to different teams. This includes geographies or personas based on the number of products or services currently being used. It helps when these valuable insights can be uncovered quickly and acted upon. Leverage targeted 1:1 campaigns, or campaigns at scale for a specific industry that has similar types of companies or people who need to be marketed to.