Remarkable white spots were still visible on our maps well into the 19th century. Unknown areas that could only be systematically opened up by the pioneering spirit of curious explorers. A ” white spot ” symbolizes a lack of knowledge until today.
Now imagine your target market as a map: You have certainly already developed parts of it intensively, but there are guaranteed to be a few large or small white spots on it. Your chance to discover new sales potentials – through systematic development work, as used to be the case with the pioneers. And in your case, with the help of clever white space analyses.
The concept of a white space analyses
White space analyses help you to identify the customer or revenue potential that your company is not yet exploiting. So it’s about market opportunities that you haven’t paid much or no attention to yet, even though you could use them more efficiently and with less impact on resources.
In this sense, white space analyses can on the one hand be directed inwards. By looking at your own strengths and capabilities as well as your products and services and deriving the resulting opportunities and risks, you determine the potential for further developing your portfolio – in line with the needs of your customers. If, on the other hand, you look outwards in your white space analyses, identify previously undersupplied target groups or interesting niches in your market. It certainly makes sense to combine both approaches in order to find the ideal intersection of market potential and the strengths and potentials of your company.
White Space among existing customers
Upselling opportunities with existing customers are a big white spot of untapped potential for many companies. Which products or services does your customer already purchase from you and which could be of interest to him? The latter is your white space. In order to be able to answer this question as accurately as possible, you need to know your customers and their current challenges very well and develop a deep understanding of them. But the effort is worth it. Upselling is many times more efficient than winning new customers.
Moreover, this white space is not only an opportunity for you, but also a risk – if you leave it untapped. Because then it may happen that your customer will sooner or later look to your competitor for a solution to the challenges you have not yet considered. And you will lose it completely in the meantime. To remain in the map metaphor: If you do not put your flag in the undeveloped area, there is a risk that someone else will do it.
White Space of your competitors
Of course, the reverse strategy can also be derived for you from this circumstance: Use the white space that your competitors leave unnoticed by their customers. To do this, you must not only know a lot about the strengths of your own company or product and the customer concerned, but also understand the strengths and weaknesses of your competitors. Find out where you really are better – and use exactly that to close the supply gap of your competitors’ customers. Ask yourself: Which problems of these customers can you solve for which your competitor has no recipe? In this case, this is your white space.
White Space in the market
In addition to supply gaps with your customers and those of your competitors, there are certainly potential customers on the market who have been overlooked or deliberately not served by the two of you. Niche target groups that are not covered by a classic target customer analysis, but nevertheless offer attractive sales potential. Search for such groups and deal with their very specific needs. If you succeed in making such niche target groups a suitable, sharply tailored offer, you will be able to develop this submarket for your company almost without competitive pressure.
White-Space-Analyses need reliable data
Knowledge gaps can logically only be closed by knowledge. Usually, the white spots are not the obvious sales opportunities, but those that only reveal themselves after an intensive engagement with the corresponding target group or the concrete customer. In order to see your white space, you need to understand the specific challenges of your current or potential customers – and for this you need extensive data. If necessary, also about your competitors. Implisense Pro provides you with a huge database that you can use for your white space analyses. In particular, you can identify upselling potentials or cluster niche target groups with Implisense with just a few clicks.
Open up the white spots in your market and in your customer database. This is a very efficient way to recover previously wasted sales potential with little use of resources.