Benefits of White Space Analysis
Research is the key to unlocking customer needs. You can adjust your sales pitch using this information and make it more attention-grabbing for potential buyers who might need what they offer.
A mini-landscape to evaluate your ideas
Commonly referred to as a mini-landscape or an extension to patentability search, it helps to validate the potential of an idea giving you an overview of the existing art in a particular technology. The study helps to identify new avenues for research and development.
This comprehensive search provides a technical breakdown of the key patents in the technology of interest, along with the insights into the latest developments in a technology, key players and market trends.
These searches are broad but not as broad as a landscape study, which often touches lot of surface but in depth.
In state of search, we sufficiently narrow the surface area to be covered and go in depth to answer some specific questions proposed by business, R&D or legal team regarding a particular technology
- Increased consumer understanding can assist you in making the following decisions:
- How much would it cost to fill such gaps?
- Whether your white space solution is viable
- Who to target
- What value props you should highlight
- Whether or not there are enough customers to make it worthwhile.
You may want to take a calculated risk and sell unexpectedly. Your research can help you decide whether an emotive soft-sell or a hard-hitting hard-sell is the best sales strategy. White Space is essentially a revenue gap that a company might exploit with its offerings. White space analysis is a useful tool for salespeople who want to increase their top-line revenue.
The way you work is not going to change, but the environment where it takes place can make all of the difference. By identifying gaps and analyzing your market using information from magazines or other sources with credibility-building statistics on them for inspiration as well as what people are telling us about themselves through their online footprints (e.g., Facebook profiles), we will be able to figure out how bests tailored sales strategy that works towards success long term.
We are sure this won’t come up much anymore since most had become so digitally inclined–but there was a time when many companies didn’t realize they needed at least some digital or social media presence and marketing.
Looking at the wide map of intellectual property, whitespace analysis shows that some places are more densely occupied with patents than others (IP). For example, many patents are dealing with Bluetooth technology, but there were no patents that handled a smartphone with Bluetooth back in the day. This was whitespace in the field. Connecting the dots, identifying these fields where the competition had not started filing an IP yet – is whitespace.