Whitespace Analysis: Simple yet Powerful

By July 17, 2017Blog & Articles
Whitespace Analysis

I have learned over the years that a business process can have powerful outcomes if it can be explained in a simple way. But ‘simple’ does not mean ‘easy’. It is often construed that way. Simplicity only makes understanding the problem easily. But arriving at the solution to the problem could still be hard.

Whitespace Analysis helps you to discover areas where you can grow your account, align your resource so that you can identify your farming and mining opportunities.

One of the ways to simplicity is identifying the two variables/parameters and put them on a two-dimensional X & Y axis. Then think of various possibilities at a different position of this grid.

So when I set out to build a software for Key Account Management, one of the basic, but fundamental problem was to understand ‘Account Landscape’ to identify areas of growth in a Key Account.

As usual, I started thinking of two variables – people at both sides, products & services of both parties again, opportunities, strategic initiatives of the customer and of my company, global footprint of the account and ………

Finally, I arrived at ‘Buying Centres’ of the buyer Account & ‘Offerings’ of the seller as two variables to build the Account Landscape. The resulting matrix is a simple and yet powerful tool to understand the Key Account.

Deciding what offerings (products/services/solution) to take to market is not easy?  That is the most fundamental aspect of any business. That’s for the management to decide. But an Account Manager has to identify the ‘buying centers’. These are the units in that account where one can take my offerings independently. These are usually divisions/functions and for a global account combined with regions. For example: ‘Retail Banking Europe’ & ‘Merchant Banking’ could be buying centers for a Bank.

Here is an example of that visual, what we call Whitespace Analysis.

 

This will set the Account Manager thinking, which offering is applicable to which buying center(s). Which of those boxes are easier to penetrate? Maybe because my offering there has a compelling value proposition for that buying center and there seems to be no incumbent competitor either. That is my ‘Whitespace’ of growth.
The following Account Landscape shows the progress in that account over the years.

 

Whitespace Analysis

Whitesapce Analysis

Whitespace Analysis

In my next blog, I will write about customer stories where this Whitespace Analysis – Account Landscape helps them unlock millions of dollars revenue in their Accounts.

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Milind Katti

Author Milind Katti

Milind is CEO & Co-Founder of DemandFarm. Having practiced and evolved the ‘account farming’ principle for over a decade he established DemandFarm and is passionate about delivering the best B2B key account management tool to serve the needs of key account managers. Milind also serves on the Board of LeadEnrich & is a Strategic Adviser. He was instrumental in developing & conceptualizing the idea behind LeadEnrich when he worked full-time for the first year. Prior to this, Milind co-founded QEDbaton & built the process frameworks for Delivery & Operations. Milind is an Electronics & Communication Engineer with MBA in Marketing. He is also an avid sports fan, voracious reader & above all a humanist.

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