Targeting White Space for Potential Revenue
Learning Objectives
After completing this unit, you’ll be able to:
- Target white space for business development
- Convert a potential opportunity into qualified pipeline
Now that Lynn and the team have added what they currently know to the opportunity map, they're ready to assess the map for potential revenue.
Broadly, there are three possible sources of new revenue:
- Add onto business they've already won.
- Take business away from competitors.
- Spot potential opportunities that no one has yet exploited.
Add to Business They've Already Won
Lynn and the team know that MyHealth's current enablement program contract doesn't cover everyone in their company who could benefit from enablement, and they believe they can win the remainder of this business.
They've already added a current opportunity to the opportunity map for this business.
Win Business from Competitors
Lynn and the team may also be able to win new revenue by taking business away from competitors.
Lynn opens the Market Landscape tab for the software deal she's already won with MyHealth.
She sees that a competitor called Halcyon currently has $180,000 worth of the total addressable market (TAM) for software licenses.
Halcyon's contract comes up for renewal in just a few months. This seems like a potential opportunity for new revenue.
Switching to the Potential tab, Lynn adds a potential opportunity.
That potential opportunity is now visible on the opportunity map. She'll work with her revenue team to qualify this business.
Spot Potential Opportunities No One Has Yet Exploited
Lynn and the team have targeted the Oriole Med Laboratories business unit because they know it has retail outlets where there may be potential to sell several of their solutions.
They think they may be able to sell point-of-sale (POS) software and associated enablement services to Oriole Med Life Sciences. So they add potential opportunities for these.
Convert a Potential Opportunity into Pipeline
After some additional research work and in talking to people in MyHealth, Lynn and the team believe that there really is a possibility to take the software license business away from Halcyon.
So they decide to qualify that potential opportunity – convert it into a current opportunity.
Lynn clicks the potential opportunity.
Then she clicks the Qualify icon.
She converts the potential opportunity to a new current opportunity by setting its details and clicking Qualify.
(It's also possible to map a potential opportunity to an existing current opportunity. This replaces the potential opportunity with that existing opportunity on the opportunity map.)
The potential opportunity has been converted to a current opportunity, and is now part of the sales pipeline.
Try It Yourself
You've seen how to target white space on an opportunity map for potential revenue. Why not do the same now on your own opportunity map? You can look for chances to:
- Add onto business you've already won
- Take business away from your competitors
- Spot potential opportunities that no one has yet exploited
