How has your market opportunity evolved in today’s COVID 19 , and how has your organisation reacted? Here is my warning as a friend – If you cannot rank accounts from best to worst on revenue potential and propensity to buy, you will not just risk of missing your number – but a much bigger survival problem.
Before you bid for new opportunities ask yourself this question – do you provide all your services to all your current clients? If not, then do you know who runs those services and when the contracts are due?
We call this whitespace analysis. How big is your whitespace? Ensure that the best sales channels are aligned, and your best sales talent has been assigned to the current customers and prospects with the greatest potential. Let me explain.
Identify Your Market Opportunity with Quality Data
Robust account segmentation will prioritise the accounts that have the highest spend potential and those that are more likely to purchase your products and services.
What are the types of sellers that will maximize market opportunity capture?
Before understanding how much opportunity lies within a given territory or market to inform your organizational design and coverage models ask these questions
Are your top prospects existing customers that you want to retain, cross-sell, and upsell? Or are they new customers that you want to acquire?
Its tempting to say the latter – I know!
Accurate and comprehensive data is a critical success factor in conducting insightful account segmentation. The first steps to launching your account segmentation include data collection, data cleansing, and data enrichment. How are you approaching this whole thing?
Prioritize Your Market Opportunity
We all know that data is never perfect. You should be standing in front of your prospects and not crunch the data!
While data is critical, remember that any great segmentation model is built from a combination of ‘art’ and ‘science.’ While data can provide a lot of direction, there is still the real human connection and emotion that only you and your sales team can provide input on.
That human connection happens when some know you and trust you. It happens quickly with your existing account relationships.
Please conduct white space exercise to determine your ideal customer profile and total spend potential.
Refresh Your Market Opportunity
If you’ve already gone through a whitespace exercise, you may want to consider a refresh. Baachu’s best practice is to refresh your model every 12 months, based on the nature of your selling environment. Depending on how fast the market is evolving, the change can easily fall on your product/service mix, your customer base, or both.
Let us support your definition towards your revenue allocation across new logo, cross-sell and upsell, retention, new sectors, with our circa 12000 outsourced FM opportunities database. Why not book 2 hour virtual market insight session, get a complimentary copy of our report and stress test your market planning?
Download our report and stress test your market planning – Click here to download