An unchartered territory is concomitant with curiosity, this inquisitiveness is something which resonates with all the new-age enterprises and their functioning as well. Talking in the realms of sales and marketing, this unknown or untapped territory can be aptly related to the database since that is one area which has been a challenge since always in the sales domain. This untapped database holds the ability to significantly impact the sales objectives in a major way. This subject database, more famously 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 earlier. Discovering the potential customer base utilizing whitespace database is like an entrance to enormous progression wherein the augmentation of the overall RoI ultimately leads to expansion of the sales organization.
It will be an understatement to say that organizations today are opening to this concept of Whitespace Database discovery. As an industry, we have surpassed that stage with businesses accepting the prophecy of Whitespace database in a big way. While constant breakthroughs are in process to polish the concept and methodology of whitespace discovery better, there have been significant progress as well in this direction. With rapid scale development, consolidation of gigantic amount of data which is profiled and tested for usability has become possible. Discarding the conventional methods of gathering data, technological platforms and insights’ analysis have been leveraged to cull out the massive useful and relevant set of information to enhance the market size and reach.
With so much riding on the database, in the present age, without whitespace discovery the sales sphere will be in a vestigial form for its industry partners. To comprehend a scenario wherein traditional database digging mechanisms are used for generating leads, limited information will result in limited scope of expanding thereby creating a state of utter chaos in business environment as every player will be gunning for the same market pie. With all the industry players aiming for the same finite set of customer database, there comes in unnecessary and limited-level competition in the market. Therefore, it becomes critical to dig the database all the more and expand by uncovering the potential consumer base for increasing future sales footprint.
After understanding the importance of Whitespace data discovery and virtually foreseeing a scenario minus whitespace data discovery, it is important to also understand the methodology which goes into putting together this database. Discovering this whitespace database is a niche skill which necessitates a methodological and sequential approach. It commences with data mining and big data consolidation from various prospective sources through an extensive market research, using both online as well as offline mediums. This is followed by the leveraging a technological platform in order to assimilate the large amount of information, removing the irrelevant details and lastly, enriching this final data by removing the noise, i.e. irrelevant/ duplicated set of entries. The penultimate action is to draw logical inference through analytics and defining the prospective output which will have an impact on the overall organizational progression. Such a kind of predictive modeling is given due cognizance to anticipate the future data trends, defining the lead nurturing bucket and ensuring a dynamic decision-making process.
The present-age sales enablement practices makes use of this element of whitespace database discovery to enable its partners to increase their revenue margins. Since big data analytics acts as a backbone for provisioning this whitespace database, there have been large scale evolution which has taken place in the realm of analytics, big data management and even predictive analytics also. When such evolved technology/ methodology is combined with smarter enactment, such analytically deduced data can bring remarkable benefits to an organization by empowering its sales team. It can be called as a foremost tool for making intelligible decisions and discovering prospects to improve and make sales processes more efficient. The best sales teams not only assimilate data, but also act on it by deriving useful inference out of it for achieving long term consumer growth and success.
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 maximized revenue generation. It also expedites deductions from the demographic data, research and current trends whether they are for initial strategy formulation or customer relation management, thereby assisting the sales teams in meeting their targets. Ultimately, the impeccable execution which is enabled by whitespace database discovery provides a solid base to execute management plans; making it vital to drive the future sales enablement model.
By : Geeta Khurana, Global Head, Transformation, Denave