Whitespace Awareness Week. Day 1: Sizing The Opportunity
Implementing a whitespace strategy presents a material profitable growth opportunity for Resellers, MSP, SIs, Distributors and Vendors.
To kick start the process and to help valid the strategy it’s a good idea to size the opportunity.
To do this, use a spreadsheet and list your customers in a column and your available products and services in a row, then black out where sales have occurred.
Then at the bottom of each row, list the average margin/revenue associated with each product or service.
Next, total up the whitespace for each product or service and multiple the number by the average margin/revenue, this will give you the total addressable market for each product or service.
Repeat the process for all of your products and services then total everything up.
Finally, compare the total whitespace opportunity with your current sales data – and work out the multiple. This will help you understand the magnitude of the opportunity and help justify the investment needed to design and implement your strategy.
To find out more about Whitespace, visit www.boost-technology.co.uk/whitespace.