28th Dec, 2018
, , Designation
Whitespace, as we call it, ideally indicates 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. Let us now look at how it helps us fuelling the sales growth
Data, often being termed as the new currency in the industrial landscape, how can it be leveraged to fuel sales?
If we observe, businesses all across the world are working around huge sets of complexities and market instabilities. They are experimenting with all kind of technology to master this game of uncertainty. Now, it has become essential to “not-just-guess” but to “identify” what exactly the customer is looking for and where to find their next new customer.
We all know that the humongous amount of data is present which is continuously increasing. Technological transformation is riding on this huge reservoir of data and there is a noticeable shift to a more data-driven digital set-up. Data, while it can be categorized as structured and unstructured, they also fall under-tapped and untapped categories.
Sales at the core functions around leveraging data pertaining to market, products, customers and more. With the help of Data Analytics that deliver meaningful and actionable insights, a robust sales strategy can be devised. This goes a long way into converting decisions into ‘informed’ decisions and adding both quantitative and qualitative value to the business.
What is an untapped database? How it can be extracted?
Data which is accessible yet hasn’t been tapped due to various reasons is an untapped database. It is an element which intrigues strongest market players and also impacts the sales objectives.
“Whitespace” is a term coined for these unknown spaces, basically customer database that has not been formally discovered and which may be significant for achieving sales goals. Therefore, it is imperative to tap into this potential customer database through whitespace discovery model.
However, unearthing this whitespace is a niche proficiency that demands a methodological and step by step approach.
The first step involves data mining and big data consolidation from different potential sources through a wide range of market research, an amalgamation of both online as well as an offline medium. The second step is a crucial one as it involves leveraging technology so as to assimilate the volume of information, eliminating the noise and enriching the data.
The third step involves pulling out insights through analytics in order to define the potential output. Lastly, through a predictive model, it helps to foresee the future trends of the data, outlines the lead nurturing bucket and also ensures the dynamic decision-making process.
Please elaborate on the benefits an organization can accrue by tapping into this whitespace database?
Tapping potential customers through whitespace opens the gate for enormous growth, progression and customer reach expansion for sales organizations that ultimately leads to an increased size of the overall existent market pie.
Also, as all the industry players aim for the exact finite set of the customer database, this whitespace discovery model has become an essential element for any organization aiming to accelerate the business growth.
Since whitespace discovery model is very dynamic in nature, it involves some visible benefits, mentioned below are few broad industry-wide accruements:
Expanding the size of a market pie
It is the fundamental requirement of any organization to find its potential customers. Thus, data analytics aids in digging that untapped customer database with the help of smart data extraction mechanism. Artificial intelligence and analytics aids in the process of this data extraction engine.
Another important aspect is to connect the dots between the available set of data and past purchase trends in order to figure out the ratio of positive selling. By connecting these dots, we obtain a smart database that can be leveraged instead of using that old school static database which has the accuracy rate of 30% to maximum 60% (lesser in case of untapped customer base like SMBs)
Probability mapping is not just limited to connecting the dots between the available sets of data. When we further segregate the data across factors such as area, industry, products etc. and profile the customers, it enables marketeers to fine-tune their campaigns better and thus, has a higher chance of conversion ratio.
Propensity achieved through digital marketing and analytics
Probability process is further refined by propensity calculations. This signifies that the conversion rate increases by another 40%-50% augmenting the sales ratio which is also the biggest indicator of sales effectiveness.
We understand that accessing untapped but potential customer database, whitespace discovery results in higher sales force productivity and eventually maximized revenue generation.
It also simplifies insights for the sales teams from demographic data, research findings, and current trends right from the very first step to customer relationship management.
With the purpose to construct a solid base, whitespace discovery with its impeccable execution is therefore increasingly becoming critical in driving the future of sales.