White Space Analysis: Expanding Your R&D Potential
What pushes towards increasing research activities?
How do industry experts think of an innovative idea?
What made the industrial leads think of the technology that gave them an edge in their domain?
One will lie if they say that these questions haven’t popped in his or her mind ever. So let’s try to give you a bit of clarity on the same. The answer to this is White Space Analysis. To define, the white space is an area with negligible patenting activity. It designates a study identifying the absence of work done in that particular product or technology domain. This methodology is the initial driver of innovation decision-making strategy.
This is an essential aspect for every company aiming to introduce a new product or technology. It is critical to know at an early stage whether the idea they are thinking of is worth the innovation efforts, and another factor in this is the risk assessment. It is ensured in advance that prospected innovation won’t be sued for infringement by a third party.
By definition, white space analysis uses the company’s existing data and sales records to highlight the new opportunities to reap maximal benefits. White space is also considered an opportunity estimation. It essentially recognizes a gap that businesses can fruitfully utilize to increase their market share in the overcrowded market, providing them with recognition.
How Can Companies Use The Information Gathered By Whitespace Analysis?
We conduct a detailed whitespace analysis for our clients, providing them with a comprehensive report covering immense information about the critical research areas explored in the future. To list, the primary purposes are
- It helps you identify the right opportunities to go after.
- Enables you to explore your customers’ unmet needs and the new services/products added to their portfolio.
- It helps you make mindful decisions about
- leads or customers to target,
- a value proposition that a company should offer to the customers,
- assessing if the entry model is viable,
- if there is sufficient customer demand for prospected products or services,
- the expansion cost,
- analyzing competitors’ performance in the related domain and strategize to outshine them.
How Is Whitespace Analysis Conducted?
White space analysis or mapping is performed to identify a company’s white space and to find the customer’s interests. There several different aspects that businesses can consider while making decisions about identifying innovation opportunities.
White space mapping is broadly categorized as internally-focused and externally-focused.
The internally-focused approach involves considering the company’s strengths and capabilities; using this knowledge, the experts establish the opportunities lying ahead and determine the potential threats. This white space analysis category helps companies identify the earlier barriers preventing them from developing new products, forming new groups, or entering new markets.
Externally-focused mapping looks into the market. This insight determines which products/services currently dominate and identify the existing gap that holds innovation scope.
To elaborate more, let’s look into different aspects that a company can consider while identifying a white space for their business:
Businesses can maximize their sales among their existing consumers: Recognizing the gaps in meeting the customer’s demand and planning to fill in that gap by changing business operations, businesses generally perform these steps to improve their existing consumers’ services. Instead of chasing new customers, upselling and satisfying the current customers is believed to be far more rewarding if approached correctly.
To sell better among the existing customers, a business must understand its current situation and determine the issues being faced by customers. The next step is finding a solution to address them. It’s a needed step to bridge the gap between customer needs and what can be offered to him from the company’s end.
Specifying the audience to be targeted for selling a product: No company can fully satisfy the ever-growing consumer expectations. Many businesses fail to attempt to adopt a blanket approach. Therefore, a business needs to focus on specific customers, especially those who might have been overlooked or neglected by other competing companies. Concentrating on one group of customers and learning about their likes and dislikes, pain points, and demographics can significantly help a business become an expert in this niche group.
While identifying a specific audience group, a business focuses on mapping the products and services directly concerning their problems. Pointing out the key areas is followed by providing a comprehensive and useful solution that will encourage them to increase sales.
Understanding the competitors’ successful strategies: Another alternative to identify potential white spaces is to assess your competitors’ performance and thereby to point out their strengths and shortcomings. It would be helpful if one considered what all could be done to improve the performance, and secondly, this information helps to estimate what your competitors are significantly better at.
Although understanding what areas your competitors are superior in is important, a business should focus more on its company. It’s essential to keep track of what the competitors are doing; this can be used to look for a perfect opportunity to approach their customers/clients with a more attractive remedy, thus, stealing the market.
We are a team of qualified and highly trained professionals in the domain, providing accurate and comprehensive white space analysis services to our clients. Our experts pictorially provide service reports exhibiting technology growth and white space area where there is a potential scope of advanced R&D. These ideas can further be developed to gain a competitive advantage to proceed with an incremental innovation for the new development.
We provide innovative suggestions to address the technical challenges associated with the process/technology. We prepare a comprehensive report covering white space analysis services using demonstrations like bubble charts, pie charts, and 3-D and 2-D maps. The team is well equipped with advanced patent analytics tools, using which it formulates its results.