White Space in Business: 4 Things You Should Know
In the age of remote work, modern sales teams are turning to white space within existing customers to find more opportunities to sell. While white space in business isn’t a new concept, it’s an often overlooked one. Many reps think analyzing the white space in a business will bury them in work – an overwhelming thought. But sales teams are finding that putting in more work at the beginning of the selling process greatly reduces the sales cycle and leads to an exponentially more positive outcome. If the meaning of white space in business is a bit of a gray area to you, you’ve come to the right place.
What is White Space in Business?
White space in business refers simply to any gaps in a customer’s needs, which includes product features and uses, audiences, and any other differentiators.
Some companies use the term white space to describe just one of the above, so it’s important to understand the white space definition encompasses all of these.
Examining the white space in business can not only save hours of grueling selling time, but it also makes it easier to sell because you’re performing an in-depth look at existing customers you’ve already sold to. Having your foot in the door already eliminates the initial process of getting interest – you’ve already got your customer’s ear.
The reason white space is becoming a hot topic in business is that these unmet customer needs are lying in wait for sales teams to identify and help their customers solve, thereby growing more business. With the way COVID-19 has affected how teams sell, many are turning to white space to uncover opportunities for growth.
White Space Opportunity
The business gaps that sales teams identify within an existing account are more specifically referred to as white space opportunities. As mentioned previously, a gap can mean reconsidering who the product is for, finding alternative ways they might use your product or missing product features that would help seal the deal.
Finding the white space in business requires some thought and creativity. It’s helpful to have a thorough understanding of your products and their capabilities in order to think about new uses and so on. Talking with other sales reps on your team is also a good step to take as you consider what white space opportunities may be possible.
White Space Analysis
The process of uncovering these white space opportunities is known as white space analysis. Performing a white space analysis will take time, as it requires thorough knowledge of your customers, their needs, and use cases.
Unfortunately, customer data isn’t always so readily available if you want to go through the process of analyzing the white space, so many companies don’t take advantage of it.
To make it easier, start by identifying a few key accounts to analyze and ask yourself:
- What product(s) are they using?
- Do they have a need that any of your other products could fill?
- Do they currently have a solution in place?
White Space Technology
Of course, there are also many solutions on the market that offer comprehensive white space technology. It’s best to find an app that will leverage your existing customer database via your CRM to help you find the viable white space in business. You’ll also want white space technology that enables you to template your analysis so answering questions like the ones above is easy to complete for every account.
If you’re looking for a native Salesforce app that visualizes the white space in an account plan so you can quickly identify the best opportunities for customer growth, check out Prolifiq CRUSH and request a demo today!