Simon heads the 20 + person sales team in a CA-based web technology company, which is known for offering a myriad of services in the digital domain.
He spends his entire day looking out for ways to meet the sales target. To get that done, he looks for partnerships, explore new opportunities around the globe and capitalize on the existing customers.
Simon understands that cost to acquire a new customer is way higher as compared to expanding opportunities within the existing customer base, especially when his company offers a huge portfolio of products and services.
Therefore, he is always on a hunt to identify the right ways to find cross-sell and upsell opportunities.
Well, Simon is just one case. Almost every sales person irrespective of the organization size shares similar stories.
So, the common question is, “What is the right way to identify cross-sell and upsell opportunities?”
One logical way to go around finding the right cross-sell and upsell opportunities is white space analysis, and that’s what many of our customers at Grazitti got benefitted from too.
So, what is white space analysis?
White space analysis helps to identify new sales opportunities within an existing customer account. It provides insights into the customer buying trends across different attributes such as products purchased, potential or additional demands, influencing factors, and more.
It is used to identify the gap between the products or services your customers have invested in, and other products or services you can possibly sell to them.
All in all, white space analysis streamlines the sales efforts and gives you a better view of the share of the wallet of your customer.
How is it going to be beneficial?
- Helps you identify the right opportunities to go after
- Enables you to explore unmet needs of your customers and the new services/products that can be added to their portfolio
- Helps you make informed decisions about
- which leads or customers you want to target,
- what value proposition you should offer to your customers,
- whether your entry model is viable,
- whether there is sufficient customer need for your products or services,
- what the expansion cost will be, and
- what your competitors are doing better than you and if they are beatable
How to do white space analysis to boost cross-selling?
As a sales rep, it is important to have a thorough understanding of how you can leverage white space analysis to boost topline revenue growth for your company. Firstly, you need to build a dashboard to do white space analysis and then follow these 3 easy steps:
● Get an overview of white space
Start by understanding your customers’ current investments in your company. Get a clear view of the products/services they have already purchased. Categorize your research into types of opportunities, accounts, industry, product family, time period and more to get a better understanding of white space opportunities.
● Discover the right account
Dive deeper to identify white space with the right account. Explore the open as well as closed opportunities to draw results based on opportunity type. Use filters per opportunity demographics such as region, age and more. Get a quick glance at your customer’s current investments to identify the right products that would satisfy their additional needs.
● Create new opportunities
Now, when you have the required information of the right account and the right product, create a new opportunity from the dashboard, fill in the details, and start promoting your product.
Performing white space analysis may seem a daunting task, but it can bring in fortunes if performed correctly.
Are you looking to make a strong positive impact on your both top line and bottom line revenue through cross-sell and upsell? Let’s connect to get started.
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