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Discover the importance of Account White Space Analysis in today’s business landscape. Uncover its critical role for maximizing growth and profitability.
Whether you are a business owner or a person with a key managerial role, understanding white space analysis is crucial for you. White space in business is like a blank canvas representing customers’ unmet needs waiting to be filled. If you are unaware of the processes to find those blank canvases or the ideas to fill those with customer satisfaction, you are lacking something very major. In today’s competitive business environment, no business can sustain itself without being mindful of critical aspects like Account White Space.
In this write-up, we are going to introduce you to critical concepts like account white space, mining white space, farming white space, etc. We will also be discussing their importance for businesses in the current market scenarios.
Let’s begin with the definition first.
In the simplest term, account white space analysis refers to the analysis of customer accounts to find the areas of unmet demand. It is the process through which businesses identify the opportunities and growth potentials within the existing customer accounts by going thoroughly into the sales data.
Businesses analyze the existing market to identify which products or services are succeeding, which are failing and where are the potential gaps. This is basically analyzing the opportunities of cross-selling and upselling to boost revenue growth. It also helps in pointing out the exact deals or accounts that are in need of nurturing.
The process of analyzing requires leveraging the existing sales data. The analysis gives a clear picture of the gaps or the white space that needs to be filled with customer satisfaction and resulting revenue growth. This analysis is an effective tool that provides powerful insights into growing a business through its existing customer base. This does not only provide opportunities for growth but also helps businesses in building strong customer loyalty.
It is important to understand that account white space analysis is not limited to any particular industry or a business of a particular size. It can be utilized with ease by B2B and B2C businesses as well. And, it is also useful for businesses spanning various sectors including technology, healthcare, finance, agro-industries, etc.
By now it must be clear to you that analyzing white space improves a business’s sales process and strengthens customer relations while growing business revenue. Let us here discuss the benefits of account white space analysis in further detail.
One of the most important benefits of account white space analysis that attracts businesses is that it promotes business growth thus increasing revenue and profitability. The analysis allows businesses to find untapped opportunities within the existing customer base. These untapped opportunities within customer accounts allow businesses to upsell or cross-sell existing products and services. And, it may also present the opportunity to introduce new products or services for existing customers. This is a great way to maximize the value a business can derive from its customer. In a nutshell, account white space analysis provides various opportunities to improve the financial performance of a business.
A business that involves in account white space analysis understands its customers’ needs, wants, desires, and preferences more deeply. And, by providing tailor-made solutions addressing the needs, desires, and preferences of customers, a business can easily enhance customer satisfaction and build strong customer loyalty. Needless to say, the customer retention rate of businesses that use their account white space wisely is significantly higher than their competitors. This is no short-term game. Customers who are highly satisfied tend to stick longer with a brand. They do not only build a long-term relationship with the business that fully satisfies their needs and preferences but also become their brand advocate attracting new customers.
Account white space analysis allows businesses to pinpoint the areas having the highest potential for growth. A business that knows the potential areas for growth is better positioned for planning optimal resource allocation. Rather than spreading the resources thin across all the customer accounts, businesses can choose to allocate the resources wisely to high-potential growth areas. White space analysis allows businesses to focus their efforts and resources on the key accounts and the opportunities with the highest potential for return on investment. It allows businesses to opt for a targeted approach and improve their overall operational effectiveness. The efforts and resources that businesses put into their sales, marketing, product development, and customer support are immense, and white space analysis ensures that they are spent wisely.
Businesses that involve in account white space analysis gain a competitive edge over their competitors and build a better market position. When a business starts finding the white spaces for customers’ unmet needs and desires it starts building its reputation as an innovative problem-solver. They start getting recognized as the industry leader. It is a self-explanatory situation that when a business earns a reputation as an industry leader and an innovator, new customers are attracted without any extra effort. A business can easily differentiate itself from competitors by proactively analyzing the white space and offering unique solutions to customers’ needs. The practice of white space analysis allows businesses to establish their reputation, expand market share and increase their brand awareness.
Account white space analysis is a system for the sustainable growth of businesses that requires a systematic approach. Allow us to walk you through the key components of this strategic system that helps businesses increase their revenue, and build brand reputation and customer loyalty at the same time.
The first key component for white space analysis is mapping relationships with existing customers. This is important for understanding the customers and their needs and preferences deeply. And, this is the first step without which the overall operation of account white space analysis cannot be started. This step involves understanding the customer journey and the needs and preferences of customers. Understanding the customer journey also involves acknowledging the similarities and differences between customers and their journey.
Just after the step of acknowledging the similarities and differences between customers and their journey comes the step of segmenting customers into different groups. Creating tailor-made deals for each individual customer is not a practical approach for any business with a significant number of customers. So, it becomes imperative to group customers based on attributes such as demographics, behavior, purchasing pattern, needs, etc. This segmentation allows businesses to ideate deals satisfying the needs and desires of specific customer segments. This is the most efficient way of directing resources and efforts on maximizing business growth.
Once you have successfully segmented your customers based on their similarities and differences you need to find out the products and services gaps. To find these gaps one needs to analyze the data related to customer behavior, feedback, and interactions. By analyzing customers’ pain points and their desired outcomes you can easily identify where the current product or service is lacking behind. These are the gaps for which you need to come up with a solution in the form of a product or service. This way you can easily align your deals and offerings with customers’ needs and capture the opportunity provided by white space.
Now that we have understood the concept of account white space analysis completely, let us talk about approaches or strategies that are used for the purpose. There are broadly two approaches to account for white space analysis. Let us understand both of them separately.
Mining white space is the approach to account white space analysis where the white spaces are ‘mined’ i.e. actively looked for. You must know mining is the process of digging deep to find a particular metal or substance. So, mining white space involves actively digging through the sales data to find white spaces.
It is the process of actively searching for an untapped or unexplored opportunity within the existing customer account. It involves conducting thorough research and data analysis to find the gaps where a product, service, or solution can be introduced to enhance customer satisfaction.
The mining approach is aimed at actively searching for new revenue streams and growth opportunities within the existing customer base. It is a direct approach to finding white spaces and filling them strategically.
Farming white space is the approach to account white space analysis where white space is ‘cultivated’ by nurturing the relationship with existing customers. Instead of looking for white spaces, businesses adopting this approach nurture the existing relationship with customers.
Farming white space focuses on maximizing the value derived from existing customers by deepening their relationship rather than actively hunting for a new opportunity. This is a long-term approach requiring consistency in operation. Businesses adopting farming white space methodology prioritize building trust, providing exceptional customer services, and delivering consistent value to customers.
This is an indirect approach to business growth. Businesses focus here on building customer loyalty and generating repeat business.
After understanding the two approaches of account white space analysis you might be wondering which of the two is a better approach or which one suits your business better. To get a better answer to any of your queries like that, we need to understand the relationship between both the terms – Mining White Space and Farming White Space.
The most important thing you need to understand is that the end goals of both the approaches are same. They are aimed at increasing business revenue, improving customer relationships, and building brand reputation. The only difference is in the approach or path taken to reach that goal.
As discussed above, mining white space is the direct approach in which we dig into the data to find out white space or opportunities for business growth. We tend to find gaps in the existing product and services so that we can fill them with new products and services thus generating more revenue for the business. On the other hand, farming white space is an indirect approach in which businesses focuses on cultivating a relationship with existing customer and allowing white space opportunities to flow in seamlessly. The main focus here is on customer support and customer satisfaction which will eventually lead to revenue growth.
None of the approaches is better or worse. None is a substitute for others. In fact, you can work on both approaches together to find a multiplier effect on your business and revenue growth.30
Account white space is the process of finding hidden business growth opportunities in existing customer accounts. It is an inside-out approach to business growth where you focus on existing customers first and that eventually leads to a better business reputation attracting new customers. Mining and farming are two methods or approaches to finding white space opportunities for growth. Both approaches can be used together as complementary to each other thus catalyzing the growth and revenue generation speed of your business. Missing out on any white space opportunity in today’s competitive business environment is a disaster for any business today.
Anshi has over 12 years of experience in demand generation, digital marketing, and managing global teams. In her prior role as head of marketing operations for a high growth US healthcare tech organization she transformed marketing from cost to revenue center.
Published July 07, 2023, Updated July 07, 2023
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