01st Nov, 2017
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Data had been the lifeblood of any B2B sales and marketing activity. In fact, it has very aptly been termed as the new ‘oil’ and this correlation holds even more relevance in the realm of telesales. In this technology-driven era, the shift to a data-driven digital infrastructure is as it is quite noticeable.
However, even with the humongous amount of data available in hand, there exists an untapped territory of probable prospects which interests even the strongest market player. This untapped database holds the ability to significantly impact the sales objectives in a major way.
This subject database, known as “Whitespace”, empirically means unidentified gaps or spaces and in relation to the sales terminologies, it essentially reflects those gaps in the prospective customer database that have not been tapped yet.
Discovering the potential customer base in telesales by utilizing whitespace database is like an entrance to enormous progression so that an increase of the overall RoI ultimately leads to expansion of the organization. With all the industry players aiming for the same finite set of the customer database, there comes in unnecessary and limited-level competition in the market. It is now no more a ‘need of the hour’, and has evolved into an essential element for any organization which aims to sustain and accelerate growth.
With rapid scale technology-led development, consolidation of a large amount of data which can be profiled and tested for usability has now become possible. Delving deeper into the dynamics of Whitespace discovery, the benefits of the same becomes clearer. Listing below a few of the broad industry-wide benefits:
Increasing the size of the pie
It is one of the prior-most requirement of any organisation and data analytics helps in unearthing that untapped customer base with the help of smart data extraction engines. Using artificial intelligence and analytics, these data extraction engines are realized.
By connecting the dots between the available set of data and the past purchase trends, the odds of positive selling can be figured out. Putting together this mechanism, we get a smart database access platform which can be used instead of the old-school static database which has an accuracy rate of 30% to maximum 60% (lesser in case of untapped customer base like SMBs).
Probability mapping when further bifurcated on the factors such as area, industry, product etc. allows marketers to fine-tune their campaigns better and thus, have higher conversion ratio.
Propensity leveraging digital marketing and analytics
Probability further honed by propensity calculation increases the conversion rate by another 40%-50% thereby increasing effort to yield ratio – the biggest indicator of sales effectiveness.
Post gaining access to the untapped prospective customer database, whitespace discovery enhances sales force productivity, gives greater average sales price and in due course, leads to maximised revenue generation.
It also expedites deductions from the demographic data, research and current trends whether they are for initial strategy formulation or customer relation management, thereby assisting the sales teams in meeting their targets. To sum it all up, the impeccable execution which is enabled by whitespace database discovery provides a solid base to execute telesales plan; making it vital to drive the future sales enablement model.