White Space Analysis with FullCircl
Companies rely on FullCircl to expand their addressable markets and win more of the right customers by identifying new prospects that are not currently on their radar and delivering definitive insights into their markets, so they can find high-quality opportunities and close them faster. FullCircl allows businesses to strike the right balance between coverage, granularity and reducing noise.
Read on to find out more about white space analysis, or click here to learn about FullCircl for B2B professionals.
What is white space analysis?
White space analysis is the process of using Customer Lifecycle Intelligence to uncover new opportunities. A white space opportunity is essentially a gap that your business can take advantage of to increase sales or increase market share.
White space analysis process
White space mapping is the process of identifying your company’s white space and identifying the customer spend that you aren’t receiving. There are several different avenues your business can take to identify new opportunities, win the right customers, and close them faster.
Different types of white space mapping can be categorised as either internally focused or externally focused.
- Internally focused white space mapping involves looking at your company’s strengths and capabilities, and then establishing what opportunities exist, as well as any potential risks. This type of white space analysis helps identify the barriers that are preventing you from pursuing new products, new groups and new markets.
- Externally focused white space mapping looks outwards at the market and determines which products and/or services are dominating, and which are being undersold in order to identify gaps in the market that you could be filling.
The most common ways your businesses can identify white space are:
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. This will help you to identify new opportunities to sell more to your existing customers. Upselling and cross-selling 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 needs, ambitions, and 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 ensure that keep customers for life – ensuring they remain satisfied and do not look to your competitors to solve their problem or need.
2. Define the audience you want to sell to
The difference between a profitable customer and an unprofitable customer is shrinking by the day. It’s unlikely that your product or service offering, or your competitors, will be able to cater to all audiences, and many businesses fail attempting to adopt a blanket approach.
It’s essential that you focus your attention on winning the right customers, including 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.
Segmenting your Total Addressable Market (TAM) based on the attributes of your most profitable customers will focus your efforts in the right places and will 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 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 with a remedy.
How FullCircl can help
Accelerating growth means making the right decisions about who you sell to and how. Chasing the wrong accounts increases acquisition costs, wastes time, and kills your momentum.
FullCircl is a Customer Lifecycle Intelligence platform that helps you to:
- Identify the right customers at the right time - segment the market based on dozens of filters, create watchlists and alerts based on the information that signals to you that they’re ready to buy
- Have conversations that convert - our Business Information Graph (B.I.G.) provides you with unique real-time intelligence on your customers so you can engage with contextual, relevant messages. Daily alerts do the heavy lifting and with all the essential company information just a click away, you’ll get your meeting prep done in minutes.
- Spend less time stalling and more time selling - our real-time intelligence eliminates reliance on manual research, giving your reps enriched account data that accelerates the speed at which they close.
- Show customers you care - Segment customers into watchlists and leverage powerful filters to stay on top of your key accounts so you’re always ahead of the game. Daily alerts and contextual news gives you the insight needed to proactively engage with customers with tailored products and offers to match their latest challenges.
What are you waiting for?
Contact us today to discuss how we can help you engage the right business customers, onboard them quickly and keep them for life. Better business, faster with FullCircl.