21st Apr, 2020
Marcom, , Designation
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 telesales. In this technology-driven era, the shift to a data-driven digital infrastructure has become more of a non-negotiable.
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 “Whitespace”, empirically means unidentified gaps or spaces and in relation to the sales terminologies, it essentially reflects those gaps in the prospective customer database that have not been tapped yet.
This is the treasure that even the mightiest of the industry players are after.
Discovering the potential customer base in telesales by utilizing the whitespace 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 in an unavoidable and limited-level competition in the market.
It is thus safe to say that whitespace discovery is now no more a ‘need of the hour’ but has evolved into an essential element for any organization which aims to sustain and accelerate growth.
With a rapid pace of technology-led development, consolidation of a large amount of data that can be profiled and tested for usability has now become possible. Delving deeper into the dynamics of Whitespace discovery, the benefits of the same becomes clearer. Listing below a few of the broad industry-wide benefits:
Increasing the size of the pie, i.e. Expansion of Total Addressable Market (TAM)
It is one of the prior-most requirement of any organisation and data analytics helps in unearthing that untapped customer base with the help of smart data extraction engines. Using artificial intelligence and analytics, these data extraction engines are realized.
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. Putting together this mechanism, we get a smart 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).
Access to campaign intelligence
Probability mapping when further bifurcated on the factors such as area, industry, product etc. allows marketers to fine-tune their campaigns better and thus, have higher conversion ratio.
Propensity awareness leveraging digital marketing and analytics
Probability further honed by propensity calculation increases the conversion rate by another 40%-50% thereby increasing the effort to yield ratio – 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 telesales 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.