Untapped Whitespaces Unleashing Sales Potential
Snehashish drives Denave from the front with clear focus on operational excellence, innovation, expansion and profitability. Prior to founding Denave, he held key positions at Microsoft Corporation and Wipro Systems.Whitespace can be looked upon as an unchartered territory that is concomitant with curiosity. This inquisitiveness resonates with all the new-age enterprises. In the realms of sales and marketing, this unknown or untapped territory is a gold mine but akin to Solomon Islands, is rife with challenges. Whitespaces essentially reflect databases that have not been tapped earlier. 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 data-base 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 unnecessary and limited-level competition in the market. There-fore, it becomes critical to dig the database all the more and expand by uncovering the potential consumer base for increasing future sales footprint.
The 2018 Data Value Report examines that most organisations are only just scratching the surface of realising their data's potential. On an average, organisations are using only half (51 percent) of the data they collect or generate, and data drives less than half (48 percent) of decisions.
Understanding the Science behind it
After knowing the importance of Whitespace database 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. 33 percent of elite marketers say having the right technologies for data collection and analysis is the most useful in understanding customers.
It starts with data mining and bigdata consolidation from various prospective sources through an extensive market research using both online as well as offline mediums. Then, a technological platform is leveraged to assimilate large amount of information, removing irrelevant details and 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.
Therefore, this 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.
Sieving in the Sales Enablement Engine
The new-age sales enablement practices make use of whitespace database discovery to enable its partners increase their revenue margins. Big data analytics acts as a backbone for provisioning this whitespace database, wherein there have been large scale evolution which has taken place in the realm of analytics, big data management and even predictive analytics. When such evolved technology/methodology is combined with smarter enactment, analytically deduced data can bring remarkable benefits to an organization by empowering its sales team. An organization can generate up to 70 percent more revenue based solely on clean data. It can be called as a fore-most tool for making intelligent 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.
Though whitespace discovery model is dynamic in nature, it involves some visible benefits, mentioned below are few broad industry-wide accruements:
• Expanding the Size of Market Pie: It is the fundamental requirement of any organization to find its potential customers. Here, data analytics aids in digging that untapped customer database with the help of smart data extraction mechanism through Artificial intelligence and Analytics.
• Purchase Probability: 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 data-base that can be leveraged instead of using that old school static database which has the accuracy rate of 30 percent to maximum 60 percent (lesser in case of untapped customer base like SMBs).
• Campaign Understanding: 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, 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 & Analytics: Probability process is further refined by propensity calculations. This signifies that the conversion rate increases by another 40-50 percent augmenting the sales ratio which is also the biggest indicator of sales effectiveness.
Clearly, accessing untapped but potential customer database 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.
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.
Sieving in the Sales Enablement Engine
The new-age sales enablement practices make use of whitespace database discovery to enable its partners increase their revenue margins. Big data analytics acts as a backbone for provisioning this whitespace database, wherein there have been large scale evolution which has taken place in the realm of analytics, big data management and even predictive analytics. When such evolved technology/methodology is combined with smarter enactment, analytically deduced data can bring remarkable benefits to an organization by empowering its sales team. An organization can generate up to 70 percent more revenue based solely on clean data. It can be called as a fore-most tool for making intelligent 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.
Unleashing the Sales PotentialThe 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
Though whitespace discovery model is dynamic in nature, it involves some visible benefits, mentioned below are few broad industry-wide accruements:
• Expanding the Size of Market Pie: It is the fundamental requirement of any organization to find its potential customers. Here, data analytics aids in digging that untapped customer database with the help of smart data extraction mechanism through Artificial intelligence and Analytics.
• Purchase Probability: 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 data-base that can be leveraged instead of using that old school static database which has the accuracy rate of 30 percent to maximum 60 percent (lesser in case of untapped customer base like SMBs).
• Campaign Understanding: 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, 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 & Analytics: Probability process is further refined by propensity calculations. This signifies that the conversion rate increases by another 40-50 percent augmenting the sales ratio which is also the biggest indicator of sales effectiveness.
Clearly, accessing untapped but potential customer database 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.
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.
