Chasing new business is always exciting, but as a Sales Rep, its also important to increase sales to existing customers and prospects. As evidenced in these examples, there are various paths to take in finding the whitespace in your market. Because white space partners are unaware of channel incentives and product information, sales personnel must be armed and ready to tackle longer sales cycles. We overlook the fact that we can only read the words because of the whitespace of the page on which the words are printed. White space definition is - the areas of a page without print or pictures. 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. These thoughtful pauses laced through the busyness of the workday are the oxygen that allows everything else to catch fire. n. Space on a page or in a document not covered by print or graphic matter. 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. For an example, I have removed all white space from this article and included a screenshot below. Review their challenges to see where you can provide solutions to make their day to day tasks easier. By looking at your own strengths and capabilities as well as your prod… 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. White space is the open time, the stepping back, the strategic pause; it’s the oxygen that allows our efforts to catch fire. Performing white space analysis on a regular basis for existing customers can be a daunting task. Spacing in Microsoft Word. Whitespace was released on April 1st 2003, so at first it seemed like an overly elab… You can use many elements in your webpage; text, pictures, videos, the key is how you design and use the minimal space. Whitespace is also known as negative space or blank space. Surrounded by a plethora of low price gym options and struggling to make a profit, Planet Fitness had to differentiate the brand. 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. Using our online text tool, you can remove and replace white space or extra spaces in any text. It is a fairly common practice that lures many middle market companies into doing what they see their more successful competition doing. What is White space Analysis? If we reduce the whitespace and increase the words, then the page becomes illegible. 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. It often times costs 10 times more to acquire a new client than it does to sell to an existing client. When its acknowledged and respected, you gain new clients and close deals. Replacing white space or extra spaces. To sell more to your customer, you must find the whitespace and fill it with your product or service. White space analyses help you to identify the customer or revenue potential that your company is not yet exploiting. 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. Are you focusing your attention on new opportunities? Insignificant whitespace is used when editing XML documents for readability. In this sense, white space analyses can on the one hand be directed inwards. The account executive must identify the business processes used with his customer. Review your current offerings with them. As you can see, without the whitespace, this article b… To sell more to your customer, you must find the whitespace and fill it with your product or service. 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. 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? A me-too strategy is detrimental to building a brand and stimulating revenue growth, as it’s inherently limited. 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… 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. There are many factors that can be evaluated, including: Posted by It is simply the space between text, graphics, images, and blocks. 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. The gap between the financial advisor's available products and the products the customer has been offered is the whitespace. The whitespace is the gap between the pain points the company is feeling, and the solutions they have in place to meet those needs. •Positioning These whitespaces are typically not intended for inclusion in the delivery of the document. Clearly confused. Or keeping focus on current clients to see if there are additional opportunities there? 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. But, selling more to an existing customer can be difficult without the right strategy and tools. 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. 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. Today, Planet Fitness has over 1,400 locations and over 10 million members. What does white space mean? Many companies lose their way after layers of management have been installed and ossification of processes has taken hold, resulting in a business plateau. Whitespace A slang term for an unexploited opportunity. White space analysis helps to identify new sales opportunities within an existing customer account. •Brand personality White Space Analysis Tool. Salesforce Wave Analytics, Happily married. And two – Whitespace is anything but white (or blank). Definition of Whitespace character in the Definitions.net dictionary. Meaning of white space. In Microsoft Word, Spacing is a feature under the Page Layout tab in the Paragraph section. Like any blank canvas white space can provoke fear and hesitation. 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. Identify new cross-selling and up-selling opportunities in your accounts by finding ways to add incremental value to your customers’ business initiatives. 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. 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. WhiteSpace can be recuperative; to reboot your exhausted brain and body. Focus on where your customer is devoting their time. Information and translations of white space in the most comprehensive dictionary definitions resource on the web. •Messaging White space in sales is a time of silence where active listening and creative thinking are allowed to happen. The concept behind whitespace is very simple. Whitespace synonyms, Whitespace pronunciation, Whitespace translation, English dictionary definition of Whitespace. For a 30 minute demo. © Copyright 2020 National Center for the Middle Market |, National Center for the Middle Market Staff, Identifying Whitespace in the Market to Drive Business Growth. 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. Finding Whitespace in the Furniture Industry We should probably note that most programming languages are not designed in pubs, so this is just another factoid that makes Whitespace unique. •Brand values WhiteSpace [definition] The millions you are losing in revenue from your existing clients. Many companies are reluctant to enter any white space because of the unknowns. 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. 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. •Price Instead, to break through all the noise in the market, you should uncover what your competition is not doing. 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. Point to note; White space doesn’t only mean leaving out chunks of 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. Are you trying to get more business with your existing customers but having trouble locating those opportunities that are hiding in your own data? 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. •Audience targeting and segmentation 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. What’s important is that you avert a me-too strategy and instead identify and capitalize on whitespace in your market to fuel growth. McDonald’s is another example of a company that seized whitespace in the market. 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 … WhiteSpace is a strategic pause taken between activities. Following your competition, however, will only leave you in their wake, trailing behind to capture their leftovers. Topics: 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. Download this free analysis tool to help you identify new sales opportunities in an account. What does Whitespace character mean? Pretty Ugly Some companies consider it to be unchartered territory; others believe it … 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. It can increase or decrease the spacing above (before) and below (after) each line of text. Digging into their current processes can assist in determining what product of yours can fill those spaces while also benefitting them. •Technology Salesforce Analytics Cloud, •Customer satisfaction White space mapping is the process of identifying a company’s white space and finding the customer spend that you aren’t receiving. 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. Deafening silence. Finding the white space means analyzing key information about the customer, industry, stakeholders and competitive landscape. 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. Get in touch. Then, he must understand the critical business issue or pain point with that business process. 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. Start with a Competitive 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. In XML documents, there are two types of whitespace: Significant whitespace is part of the document content and should be preserved. Whitespace isn’t just for ultra-minimal layouts, and here’s a great example. 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. 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. Summary Whitespace in Web Design: What It Is and Why You Should Use It 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. 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. Salesforce Einstein Analytics, Copyright © 2020 Wave6, Inc. All Rights Reserved. […] 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. While businesses are constantly evolving, your services need to stay at that same pace. 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. Functional cookies enhance functions, performance, and services on the website. Let’s explain with a simple example: When you read a book, you read the letters, which form the words. 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. Although you may offer the same exact products and/or services as your competitors, changing your model may be a path to breakthrough growth. 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. 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. Meaning of Whitespace character. 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.