01st Mar, 2022
, , Designation
- Whitespace discovery helps marketers tap into the hidden or unmet insights in their existing and prospective customersâ database
- It is an existential requirement for vanguard enterprises to sustain and accelerate sales growth in the new normal
- Whitespace discovery unravels deep insights such as TAM expansion, understanding purchase probability, and access to campaign intelligence among others
Data has long been dubbed as the new oil of the world and the lifeblood of any B2B sales and marketing activity. The statement holds even more relevance in the realm of digital demand generation. In this technology-driven era, the shift to a data-driven digital infrastructure has become more of a non-negotiable. In addition to the data obtained from internal marketing engines, enterprises also buy databases from third-party database service providers to keep their lead funnel active and moving.
However, even with the humongous amount of data available in hand, there exists an untapped territory of probable prospects that interests even the strongest market player. This untapped database is what holds the ability to significantly impact the sales objectives in a major way.
This subject database, known as âWhitespaceâ, empirically means unidentified gaps or spaces. In relation to the sales terminologies, it essentially reflects those gaps or unmet needs in the prospective customersâ database that have not been tapped yet. This is the treasure that even the mightiest of the industry players are after.
Discovering the hidden, unmet demands of customers using high-quality detailed B2B corporate database is like cracking the code to enormous progression. With all the industry players aiming for the same finite set of the customer database, there comes an unavoidable and limited-level competition in the market. Furthermore, it is crucial for forward-looking enterprises to leverage the best B2B database provider to get accurate customer insights, including purchase intent data to streamline their B2B lead generation programs. Detailed customer database with advanced BI analytics will help enterprises tap into the deep unfilled demands of their existing and prospective customers.
It is thus safe to say that Whitespace discovery has now evolved into an essential element for any organization which aims to sustain and accelerate growth.
With a rapid pace of technology-led development and use of deep BI analytics tools, consolidation of a large amount of data that can be profiled and tested for usability has now become possible. The benefits of the Whitespace discovery become clearer as companies dive deeper into their corporate database. Letâs look at a few of the broad industry-wide benefits of Whitespace discovery:
Increasing the size of the pie, i.e., Expansion of Total Addressable Market (TAM)
Whitespace discovery enables organizations to dive deep into their target audience base and unearth the untapped customer base. It can be achieved using advanced data analytics combined with predictive analytics and smart data extraction engines. This is especially useful for companies that are putting together their go-to-market (GTM) strategies or who are planning to launch new products/services. Whitespace discovery model can also help B2B enterprises extract the unidentified customer preference data to better design the B2B lead generation communication.
Knowledge of purchase probability
By connecting the dots between the available set of data and the past purchase trends, the odds of positive selling can be mapped out quite accurately. By putting together this mechanism, companies get a unified database access platform which can be used instead of the old-school static database which has an accuracy rate of 30% to maximum 60% (lesser in case of highly untapped customer base like SMBs). Therefore, the need for a detailed and accurate SME database is paramount to drive SMB penetration in competitive markets like India and APAC.
Access to campaign intelligence
Whitespace discovery uses probability mapping to further bifurcate campaign metrics on the factors such as area, industry, product etc. It allows marketers to fine-tune their campaigns better and thus, have a higher conversion ratio.
Propensity awareness leveraging digital marketing and analytics
Probability mapping further honed by propensity calculation increases the conversion rate by another 40%-50% thereby increasing the effort to yield ratio â the biggest indicator of sales effectiveness.
Post gaining access to the untapped prospective customer database, whitespace discovery enhances sales force productivity, gives greater average sales price and in due course, leads to maximised revenue generation.
It also expedites deductions from the demographic data, research and current trends whether they are for initial strategy formulation or customer relationship management, thereby assisting the sales teams in meeting their targets better and faster.
To sum it all up, the impeccable execution which is enabled by whitespace database discovery provides a solid base to execute a successful demand generation campaign. After all, it is all about ROI when it comes to sales and giving your revenue engine the requisite fuel in terms of intelligent database of untapped markets, is a sure shot way of ensuring the best ROIs.