Everyone’s aware of the old adage “it’s far more expensive to win new customers than to expand current customers”, it’s certainly true. It’s also true that lower than ideal customer retention rates will act as a significant brake on your company’s growth aspirations, you must stop competitors poaching your customers.
The solution to both of these situations is “White Space”, or more appropriately, filling the “White Space”.
What on earth is “White Space” I hear you ask ? It’s simply the area of an organisations structure that remains unchartered territory in your customer plan. The people, teams, offices or divisions that, so far, you’ve not engaged in any form of conversation or relationship. In the majority of B2B selling situations there is more white space in a customer relationship than salespeople realise. The best way of keeping a customer engaged and locking out your competition is to be constantly striving to add value (selling) into the white space and then to bring those peers across the customer together so that they realise the value delivered. Sounds easy I here you say.
Actually it’s far from easy and it takes a huge amount of time to amass the insight and knowledge that will help you build value. All of the reputable Sales Methodologies (Miller Heiman, Holden Powerbase, TAS etc.) have tools to help you map people across your customer and asses their power or influence. They all work very well but you can just as easily build your own visual map of the organisation and set yourself a goal of filling the white space.
Here’s how to get started. Build a spreadsheet that represents your customer, across the top of the spreadsheet (X Axis) list the different teams, divisions or business units. In the 1st Column (Y Axis) list all of the roles or job titles that you are able to sell to. Don’t just include the Executive Decision makers, add all levels of seniority. You need to cover them all (See my post : The Hidden Dangers of Selling to Senior Executives). Use as many cells as you need in order to build an accurate picture of your customer.
Now here’s where the fun starts. Add the names of the individuals that represent each role or title for each of the business units in the appropriate cells. Where you don’t know the name of the individual leave the cell blank. Where you do know the individual’s name, colour code the cell using the following key :-
1. Green : Open Access, regular communication and engaged with your company. Can be a coach to you.
2. Amber : You’ve met the individual but they’re not engaged and you don’t have regular access. Not a coach or supporter.
3. Red : No communication, access or engagement.
Once you’re complete, you’ll have an immediately recognisable organisation map that very quickly identifies where you should focus your efforts. I would hazard a guess that you have far more Red & Amber cells than Green and that the mass of white spaces was a surprise you too.
Now the most important step, TAKE ACTION, there is simply no point doing all of this work and not picking up the phone, it’s crazy, but believe me it happens ! :
1. Ensure that no white space exists, that you have names for everyone that you are able to sell to logged in your CRM and they are being marketed to appropriately.
2. Build a plan that turns the cells in Red, through Amber to Green ideally using referrals and introductions from other “green people” in your organisation map.
Disciplined execution of the plan will see you gain greater insight into your customer with a wider, stronger relationship base. Sales will grow, retention remains strong and you will be making the barriers to entry for your competitors much higher !