Many companies search day in and day out for alternative revenue sources. Even though they spend however much time searching for these sources, one of the missed opportunities lies within their existing customer base. Even though this is true, many businesses overlook the potential goldmine, failing to conduct the proper review. By taking the time out to do a comprehensive dive, companies can identify and capitalize on these opportunities, leading to larger revenue growth.
Understanding Whitespace Analysis
A whitespace analysis is a review that should be done around the same time you review other aspects of revenue generation: PPC audits, SEO audits, CRO audits, etc. It’s the analysis of seeing where you have gaps within your current customers to identify where additional revenue can be generated. You’ll be able to segment the current list with a breakdown based on revenue potential, more seat opportunities (growth trajectory), and even cross-sell/up-sell opportunities.
Top Accounts by Revenue Opportunity
The first step in our “whitespace” analysis is to list our top accounts and then segment them based on their revenue potential. To do this:
- Analyze Historical Data
- Estimate Potential Revenue
- Ranking Accounts
Expand into Different Departments
Once you’ve prioritized your top accounts, the next step is figure out the opportunities to sell more seats within those accounts. This can be achieved by expanding into additional departments or divisions. Think about:
- Department Needs
- Customized Solutions
- Internal Advocacy
Cross-Sell and Up-Sell Opportunities
Now that we’ve expanded within the existing accounts, cross-sells and up-sells are a lot easier to identify and when we implement them, it’ll increase revenue. Here’s how you can identify and then work these strategies into your revenue generation plan:
- Product Portfolio Review
- Customer “Need” Analysis
- Personalized Proposals
Adding the Whitespace Analysis to Your Business
To effectively implement this form of analysis and find where you can increase revenue, consider this:
- Take a data-driven approach
- Collaborate and communicate between sales, marketing, and your customer success teams
- Continue to improve your analysis
Takeaways
There’s a treasure trove of unrecognized opportunities of revenue growth within your current customer account. By conducting this form of whitespace analysis, prioritizing top accounts, expanding into additional departments, and then identifying cross-sell and up-sell opportunities, companies can find these treasures.
One thing to keep in mind is that a whitespace analysis is not just a one-time fix, but it’s an ongoing process that can uncover new opportunities and ensure the company stays ahead of their bottom line. Start the analysis today and discover the untapped potential of revenue just sitting around.
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