Identifying Whitespace in the Market to Drive Business Growth In the fight to stay competitive in the tightly contested middle market, identifying the “whitespace” in the market is an essential component to building a successful brand and stimulating business growth. That is, whitespace is a potential source of profit, almost always associated with some level of risk. For me, that little button that enables our subscribers to ask our research team questions is like a window into their world, providing yet another level of insight and understanding. Topics: You can use many elements in your webpage; text, pictures, videos, the key is how you design and use the minimal space. A me-too strategy is detrimental to building a brand and stimulating revenue growth, as it’s inherently limited. The first step to finding whitespace in your market is to conduct a competitive analysis. Watch our on-demand webcast that discusses using white space analysis to find hidden opportunities in your data. White space analysis helps to identify new sales opportunities within an existing customer account. The result can be new, significant, accelerated revenue growth. There are many different interpretations of ‘white space’. Too often, we see companies floundering in a sea of sameness, failing to stand out from the pack. •Messaging Today it is a $25 billion company and one of the largest holders of real estate on the planet, but they didn’t start out that way. Finding Whitespace in the Gym and Fitness Industry Performing white space analysis on a regular basis for existing customers can be a daunting task. Whitespace isn’t just for ultra-minimal layouts, and here’s a great example. Finding Whitespace in the Fast Food Industry We should probably note that most programming languages are not designed in pubs, so this is just another factoid that makes Whitespace unique. Some examples include: cookies used to analyze site traffic, cookies used for market research, and cookies used to display advertising that is not directed to a particular individual. The new model appealed to a much broader audience who didn’t look like muscle-filled jocks and catapulted the Planet Fitness brand to success. 4 strategies you can use to offer more value to your customer by finding the white space in their business. The financial advisor must now discover what her customer has purchased, in order to offer other complementing products. Are you focusing your attention on new opportunities? Although you may offer the same exact products and/or services as your competitors, changing your model may be a path to breakthrough growth. Insignificant whitespace is used when editing XML documents for readability. Based on these findings, we looked at what makes our client better than the competition, and one thing that stood out above all else was exceptional customer service. Our client offers information on their technology should a prospect be interested, and the information negates any differentiation by the competition. Start with a Competitive Analysis A simple yet powerful tool When its not … I believe I recently lost a sale because I didn’t respect the importance of white space. By listening to their audience, they quickly realized there was a need for a “judgment free gym” where people without perfect bodies wouldn’t feel embarrassed to work out. Summary Salesforce Analytics Cloud, They shared the same drive-in service model and served the same food as their competitors. When you are brainstorming on how to fill the gap, did you know that it is more affordable to dig into your current clientele and see what challenges you may be able to help them with rather than jumping in with a new customer? •Audience targeting and segmentation After the change, the client experienced a large increase in inbound leads through its website. Finding Whitespace in the Translation Industry […] Instead of perusing impossible stretches of white space in a packed day, we look for tiny opportunities to insert an interstitial second or two- a little wedge of white space. The concept behind whitespace is very simple. 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. Following your competition, however, will only leave you in their wake, trailing behind to capture their leftovers. There are many factors that can be evaluated, including: The gym went as far as implementing a “lunk alarm” to deter body-builders from joining the gym and showing off their weight-lifting skills. Within eight months of making the change, the client experienced rapid growth, expanding from one location to three, each within the top markets in the country. Using Sales Analysis to Identify “Whitespace” Opportunities I’ve said it before and now I’ll say it again…the Help Desk is one of my favorite features of the SellingBrew Playbook. Today, Planet Fitness has over 1,400 locations and over 10 million members. Happily married. •Customer satisfaction Posted by We can help. What often happens in these cases is the company winds up following a “me-too strategy” of following more successful competitors in the industry in the pursuit of new growth. McDonald’s began as a small drive-in restaurant, serving BBQ and burgers to customers in parked cars, but was just another restaurant on the block. But, selling more to an existing customer can be difficult without the right strategy and tools. Information and translations of white space in the most comprehensive dictionary definitions resource on the web. Whitespace was released on April 1st 2003, so at first it seemed like an overly elab… Digging into their current processes can assist in determining what product of yours can fill those spaces while also benefitting them. Or keeping focus on current clients to see if there are additional opportunities there? Study and review their business as a whole, put yourself in their shoes to see where you may be able to fill the gaps with your product. Finding the white space means analyzing key information about the customer, industry, stakeholders and competitive landscape. It is a fairly common practice that lures many middle market companies into doing what they see their more successful competition doing. Since most programming languages ignore whitespace characters, the developers considered this to be unfair to these members of the character set, and decided to create Whitespace. It often times costs 10 times more to acquire a new client than it does to sell to an existing client. TRUSTED PARTNERS. Begin by identifying your top 5-10 competitors and then do a deep dive assessment of each. •Products/services mix Whitespace A slang term for an unexploited opportunity. We therefore directed them towards a brand strategy focused on experience, expertise, and human intelligence. Deafening silence. Finding Whitespace in the Furniture Industry 4 strategies you can use to offer more value to your customer by finding the white space in their business. Review their challenges to see where you can provide solutions to make their day to day tasks easier. These changes eliminated costs, and with fewer menu items, cooks could get the food to their customers immediately and for less money than the competition could offer. So it’s about market opportunities that you haven’t paid much or no attention to yet, even though you could use them more efficiently and with less impact on resources. Focus on where your customer is devoting their time. Farlex Financial Dictionary. Get in touch. •Differentiation What’s important is that you avert a me-too strategy and instead identify and capitalize on whitespace in your market to fuel growth. They found the vast majority of their sales came from only two items, burgers and potato chips, and therefore scrapped everything else on the menu. In Microsoft Word, Spacing is a feature under the Page Layout tab in the Paragraph section. Meaning of Whitespace character. Wave6 Blog Team on Apr 25, 2016 12:50:47 PM. Download this free analysis tool to help you identify new sales opportunities in an account. Point to note; White space doesn’t only mean leaving out chunks of space. the unprinted area of a piece of printing, as of a poster or newspaper page, or of a portion of a piece of printing, as of an advertisement; blank space: White space is as effective in a layout as type. But the financial advisor has many other products she can offer her customer based on demographics such as age, marital status and annual salary. Salesforce Einstein Analytics, Copyright © 2020 Wave6, Inc. All Rights Reserved. Using our online text tool, you can remove and replace white space or extra spaces in any text. Then, he must understand the critical business issue or pain point with that business process. One customer may already have a 401K consisting of mutual funds and also have a life insurance policy. Replacing white space or extra spaces. When you finalize a deal with a client and are looking for new business, it is common for sales professionals to dust off their hands of the prior project and start fresh with new companies. The new McDonald’s was an overnight sensation, unleashing a revolution in the food industry. Moreover, the head of corporate strategy praised … Are you trying to get more business with your existing customers but having trouble locating those opportunities that are hiding in your own data? n. Space on a page or in a document not covered by print or graphic matter. By focusing on major pain points among their target audience and then delivering solutions through intelligent customization, they are able to have an entirely different conversation with prospective clients. Like any blank canvas white space can provoke fear and hesitation. For a 30 minute demo. We therefore changed all of the messaging to focus on customer service, something that others in the industry were ignoring, or worse, were commonly known as being poor at delivering. White space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer. WhiteSpace can be recuperative; to reboot your exhausted brain and body. •Brand personality White space analyses help you to identify the customer or revenue potential that your company is not yet exploiting. Whitespace is also known as negative space or blank space. But trying to compete with the same “technology-as-differentiator” message as most competitors would have been a zero-sum game and would have prevented the brand from breaking out. Let’s explain with a simple example: When you read a book, you read the letters, which form the words. Your design is also crucial. What is White space Analysis? If the company has a project in the works to solve the pain point in the business, the account executive must find a solution to match the pain point. Whitespace in Web Design: What It Is and Why You Should Use It First came the usual clichéd ones to set the ball rolling. •Positioning You need to decide what is important and what isn’t. Many companies lose their way after layers of management have been installed and ossification of processes has taken hold, resulting in a business plateau. Salesforce Wave Analytics, For an example, I have removed all white space from this article and included a screenshot below. Take the time to carefully analyze your competition to uncover what they are ignoring. •Visual branding It is simply the space between text, graphics, images, and blocks. Because white space partners are unaware of channel incentives and product information, sales personnel must be armed and ready to tackle longer sales cycles. Kelly noted that since approximately 41% of partners have insufficient sales and marketing ability, only the most versed teams are sufficient in this niche. White space is the open time, the stepping back, the strategic pause; it’s the oxygen that allows our efforts to catch fire. 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. You ensuring they are provided with the best product can guarantee they are getting the most out of your service, and can be an opportunity for an additional sale. Fully understanding the products and services that have been sold and, more over, the products and services that haven't been sold can be difficult to identify and visualize. The whitespace is the gap between the pain points the company is feeling, and the solutions they have in place to meet those needs. White space Analysis is the process of digging through the sales data to hunt for new white space opportunities to cross-sell and up-sell. It provides insights into the customer buying trends across different attributes such as products purchased, potential or additional demands, influencing factors, and more. •Price They also recognized the complications that came with the drive-in model including long wait times, incorrect orders, and high operating costs and thus eliminated the drive-in service and changed to a walk-up window. Surrounded by a plethora of low price gym options and struggling to make a profit, Planet Fitness had to differentiate the brand. First Things First . Clearly confused. As evidenced in these examples, there are various paths to take in finding the whitespace in your market. These whitespaces are typically not intended for inclusion in the delivery of the document. Identify new cross-selling and up-selling opportunities in your accounts by finding ways to add incremental value to your customers’ business initiatives. Insights emerge as customer goals take shape. Exploring the competitive landscape and identifying whitespace that your brand can “own” provides an opportunity to recalibrate your business focus, determine what makes your offering unique and valuable to customers, and strengthen your brand. To sell more to your customer, you must find the whitespace and fill it with your product or service. What does Whitespace character mean? In XML documents, there are two types of whitespace: Significant whitespace is part of the document content and should be preserved. We overlook the fact that we can only read the words because of the whitespace of the page on which the words are printed. Pretty Ugly In boardrooms, this term is used to indicate an unrealised potential or opportunity. As you can see, without the whitespace, this article b… Chasing new business is always exciting, but as a Sales Rep, its also important to increase sales to existing customers and prospects. © Copyright 2020 National Center for the Middle Market |, National Center for the Middle Market Staff, Identifying Whitespace in the Market to Drive Business Growth. What began as a failing gym soared to become one of the most successful gyms in the United States, due to listening to and learning from the needs of their audience. WhiteSpace [definition] The millions you are losing in revenue from your existing clients. McDonald’s is another example of a company that seized whitespace in the market. White space can cannibalize existing products or services, it can require extensive system design and support, and in some cases it can require very different business models.As a result, this often leads to people not wanting to take any risks and they instinctively retreat to their core and clos… White space definition is - the areas of a page without print or pictures. It was Friday, and I wanted to have some fun with the team, so we started up one of our favorite games – Foxymorons. This highlights the opportunity to differentiate through your model. •Brand values For example, financial advisors who offer mutual funds, exchange traded funds and insurance have many individuals and households as customers. If we reduce the whitespace and increase the words, then the page becomes illegible. Meaning of white space. In the end, the heads of those two groups lauded the whitespace manager for introducing an e-commerce model that did not jeopardize the indirect channel. It is a space teeming with intel, linkages, and cross-linkages (and somewhere in there, lots of … © 2012 Farlex, Inc. Definition of Whitespace character in the dictionary. In this sense, white space analyses can on the one hand be directed inwards. Instead, to break through all the noise in the market, you should uncover what your competition is not doing. The whitespace is the gap between the pain points the company is feeling, and the solutions they have in place to meet those needs. In the fight to stay competitive in the tightly contested middle market, identifying the “whitespace” in the market is an essential component to building a successful brand and stimulating business growth. To sell more to your customer, you must find the whitespace and fill it with your product or service. •Customer loyalty Another example of claiming whitespace as one’s own was a client in the translation/localization industry. When its acknowledged and respected, you gain new clients and close deals. It can be used in tiny sips as small as two seconds or in longer stretches. By looking at your own strengths and capabilities as well as your prod… What does white space mean? Whitespace synonyms, Whitespace pronunciation, Whitespace translation, English dictionary definition of Whitespace. American Heritage® Dictionary of the English Language, Fifth Edition. Privacy Policy / Legal Sitemap, How to Use White Space Analysis to Sell More to Existing Customers, on-demand webcast that discusses using white space analysis to find hidden opportunities in your data, eBook: Top 5 Reasons for Wave6 Managed Services, eBook: Top 10 Considerations for Business Analytics Success. These thoughtful pauses laced through the busyness of the workday are the oxygen that allows everything else to catch fire. White Space Analysis Tool. The gap between the financial advisor's available products and the products the customer has been offered is the whitespace. Data-driven business development software which uses AI to help Analyse, Prioritise and Execute your firm's highest value client opportunities. This information provides a jumpstart that puts the sales professional on the field early in the game, when he or she can have the greatest impact. Fortunately, evaluating these factors today is easier than ever and can usually be achieved for the most part by auditing each company’s digital presence. Functional cookies enhance functions, performance, and services on the website. White space is essentially a gap that a business can use to scale its revenue with its products. Whereas company after company in the industry was focused on technology as its identifying differentiation, our client had a deep team of pros with decades of impressive experience. Definition of white space in the dictionary. And two – Whitespace is anything but white (or blank). Study your audience to better serve your customers with a unique offering. Take a client of ours within the furniture industry, for example. •Technology Information and translations of Whitespace character in the most comprehensive dictionary definitions resource on the web. What does whitespace mean? This is one example of how claiming the whitespace in the market that is rightfully yours translates into a different conversation with prospective customers, and ultimately into fast growth. WhiteSpace is a strategic pause taken between activities. Determined to create a better experience than their competitors, though, the founders decided to re-evaluate their model. Brighton agency Buffalo’s homepage presents its main nav elements in colourful hexagons, clustered together in a lattice and surrounded by generous amounts of calming whitespace. Review your current offerings with them. Targeting a different audience segment is yet one more path towards capitalizing on whitespace in the market, as evidenced by Planet Fitness in the gym and fitness industry. Some companies consider it to be unchartered territory; others believe it … Some content creators won’t include any whitespace in their designs, giving them space to fit more content. Many companies are reluctant to enter any white space because of the unknowns. The account executive must identify the business processes used with his customer. They may not be aware of services offered, and you may not be aware of how much of their time is going into a particular task. Tackling the white space challenge often requires a dual focus exploring the intersection of multiple emerging trends and defining how the convergence of two or more technologies or capabilities might satisfy powerful latent consumer and/or customer needs. White space in sales is a time of silence where active listening and creative thinking are allowed to happen. Build a matrix and look for not only what brand identity and associations each competitor owns in the market, but also look for trends and commonalities across the competitive landscape. Brady and Morris got the idea to create Whitespace during a conversation in a pub, in late 2002. And he won over the sales and marketing team by sharing sales credits with it and by agreeing to set the price of the products on the high side, even though that made his own job harder. The same formula applies to the account executive that sells to businesses. Spacing in Microsoft Word. Find whitespace in your market where you are exceptionally strong while others are ignoring the opportunity. We audited their brand strategy and messaging against the competition and quickly realized that each competitor was focused on one of three things: solutions, innovation, or leadership. While businesses are constantly evolving, your services need to stay at that same pace. It can increase or decrease the spacing above (before) and below (after) each line of text. In this context, white space basically means “a place where a company might have room to maneuver in a crowded playing field.” As a metaphor, white space is … Finding the white space in your market is about identifying market opportunities in your industry that your business is capable of meeting.

whitespace meaning in sales

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