White Space and Vacant Territory
Mapping White Space and Vacant Territories
White space and vacant territories are unexplored areas requiring mapping, testing, and management to exploit. A number of workshops must be performed to determine customer needs, trends in technology, and whether or not your company has the services or products to fill the niche.
Methods to Map White Space and Vacant Territories
How can we explore a white or vacant space? How do we find a market if we don’t know what we’re looking for? Mapping white space and vacant territories is approached strategically from an external, internal or future perspective.
External White Space/Vacant Territory Mapping
External mapping begins where the existing market ends. We ask, is this market truly being served? Are the gaps in the current market? What products or services can we supplement the existing market with? By asking these questions, we often find a new set of non-consumers to target.
Internal White Space/Vacant Territory Mapping
Internal mapping starts with your company’s services and products. We ask, what do we offer that other companies do not? What do we do better than our competition? Where does our competition outperform us? By identifying your company’s strengths and weaknesses, we find we can create new products and find new markets that the competition may not have identified.
Future Focused White Space/Vacant Territory Mapping
Future mapping uses historical and current data about your target market to project consumer personas at least 5 years down the road. By examining market trends, we exploit markets that will likely exist in the future, preparing your company for long term success.