Are you putting more time into new opportunities? Or are you focused on selling more to existing accounts?
It's pretty common for sales professionals to chase after new business when new leads roll in. It's the thrill of the chase all sales professionals possess.
The problem is it can cost 10 times more to acquire a new customer than it does to sell more to an existing customer.
But, selling more to an existing customer can be difficult without the right strategy and tools.
White space is the gap between what products or services your customer has invested in, and the other products or services that your company or business has to offer.
For example; Financial advisors who offer mutual funds, exchange traded funds and insurance have many individuals and households as customers. One customer may already have a 401K consisting of mutual funds and also have a life insurance policy.
But the financial advisor has many other products he can offer his customer based on demographics such as age, marital status and annual salary. The gap between the financial advisor's available products and the products the customer has been offered is the whitespace.
The financial advisor must now discover what his customer has purchased, in order to offer other complementing products.
The same formula applies to the account executive that sells to businesses. The account executive must identify the business processes used with his customer.
Then, he must understand the critical business issue or pain point with that business process. If the company has a project in the works to solve the pain point in the business, the account executive must find a solution to match the pain point.
The whitespace is the gap between the pain points the company is feeling, and the solutions they have in place to meet those needs.
To sell more to your customer, you must find the whitespace and fill it with your product or service.
Here are 4 steps you can use to offer more value to your customer by finding the white space in their life or business.
- Understand what's happening in the life of your client or in the business process of your customer company
- Find the pain points or needs with your client or customer company
- Discover if your customer is attempting to solve their problem or need
- Offer a solution to fit the need of your customer
Performing white space analysis on a regular basis for all existing customers can be a daunting task. Fully understanding the products and services that have been sold and, more over, the products and services that haven't been sold can be difficult to identify and visualize.
Are you trying to get more business with your existing customers but having trouble locating those opportunities that are hiding in your own data? We can help.