18th Oct, 2021
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- Whitespace discovery is crucial to tap into unidentified sales intelligence to enhance market size and reach
- Enterprises need to leverage demographic, technographic, and firmographic database to support decision making and augment ROI
The need for data in today’s business topography is tremendous. Where every business is harnessing the power of data to leverage sales, Whitespace discovery enables enterprises to identify unmet, unarticulated, and obscure spaces hidden in B2B customer information. The process allows businesses to look at the B2B database landscape with a new lens. It allows uncovering opportunities that are not obvious, spot openings that are untouched, and curate strategies that seemed remote. With so much data available today, without whitespace discovery, the sales industry would be in vestigial form.
Challenges that businesses face
Customers today are spoiled for choices in every area. They have an abundance of knowledge and information about the products they want. Multiple channels of trade have opened, increasing the data volume across all the channels. Businesses are faced with the mountainous task of extracting and analysing massive piles of data related to their customers. However, they realise that data discrepancies, errors, and gaps or whitespaces in data are
inhibiting profitability. The problem of data decay also expands in the B2B data in parallel. Conventional data mining and consolidation approaches fail to solve this problem. This leads to wasted marketing efforts and expanded cost as the marketing communication is sent to wrong prospects.
How does Whitespace Discovery work for business growth?
Discovering the untapped B2B data by extensively leveraging technology has become the need of the hour, and whitespace discovery does the same. However, it isn’t a single magnanimous process, whitespace discovery is a step-by-step methodological approach:
- The process starts with big data consolidation and data mining from diverse sources with extensive market research. An amalgamation of both offline, as well as online research is required for the process.
- The next step involves leveraging technology to assimilate the big data volumes and remove clutter to enrich the data.
- To make sense of the data and draw out essential insights through analytics, enterprises define the output potential.
- In the end, predictive modelling comes into play. It is used to define the lead nurturing bucket, foresee the future trend of the data and facilitate the dynamic decision-making process.
Learn how Denave’s “Whitespace Discovery Model Generated Over a Million New Opportunities” for a global PC vendor.
When enterprises acquire untapped customer databases, they can drive in more sales, improve productivity, and gradually maximize revenue generation. Whitespace discovery offers insights i.e., demographic, firmographic, and technographic data. It also identifies current trends, research findings, and personalized customer interests to formulate strategies for customer relationship management.
Businesses switching to whitespace discovery are driving the future of sales enablement with rock solid sales intelligence. It is one of the effective ways to modernize marketing database and improve lead generation significantly.
In database management, whitespace discovery enables businesses to develop a comprehensive sales plan through actionable B2B business intelligence. Enterprises can develop a framework that ensures that the major influences on markets are analyzed. Database marketers can move beyond assumptions to new scenarios and new fields of opportunities. They can tap into the actual potential of intent data. Whitespace discovery is a mandate for the new age enterprises for shortening the path to reach prospects and maximizing sell and resell opportunities.