Identifying the customer base that’s a perfect fit for the product you’re selling is one of the most crucial ingredients for hitting milestones. An Ideal Customer Profile or ICP helps you achieve that because it creates the best utilization tactics for your capital and time. In this article, we’ll talk about all the ways you can fine-tune your parameters to find the ideal customer profile for your product.
A brief idea of Ideal Customer Profile
Creating an ideal customer profile involves knowing which company or business is the perfect fit for your product. It’s an imaginary company that checks all your boxes, i.e., helps you easily meet your sales targets. If you determine your ICP correctly, the road ahead gets easier for others, like the product, sales, and marketing teams.
It’s only logical that your ideal customers would be the ones who need the product you’re selling. The product should add significant value to their life for you to retain them. ICPs are mainly derivatives of the target markets, and there are several steps you can take to niche down and arrive at the ideal customer profile. Let’s look at these in detail.
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Steps to take for creating the ICP
Identify your customers’ goals
Take a good look at the objectives and ambitions of your customers before proceeding to anything else. If you have a fair idea of what they want, you’ll be able to provide your services in a more targeted manner, leading to greater conversions and high customer loyalty. People love to collaborate or deal with someone who listens to their problems and is able to help them with creative and practical solutions. The best way to identify good customers is to look for ones whose goals align well with what your product has to offer. That’s because once that box gets checked off, the progress of your leads and the company will fall on the same track.
Use pain points as an aid.
Apart from the goals of your leads, another thing you must know really well is their pain points. Anything that creates a compulsion to avail of the service or to purchase the product you’re selling is their pain point. For example, say they sell a CRM service, then their pain point could be that your leads have trouble switching between multiple databases and need a single integrated solution. If your product addresses this pain point, then those leads will be your ideal customers. Any solvable problem your client has is an advantage for you because you can step in and pitch your product. Knowing where your prospects are weak will reveal the points where you’re strong. So, always pay attention to the critical analysis of pain points for creating an ICP.
Find the commonalities
Finding things in common makes things work out, doesn’t it? If you and your leads agree on a particular discussion, that sets the stage for moving ahead in the sales funnel. That’s because the more key eccentricities you dig up, the more relevant and common ground you’ll establish. The ideal customer profile includes all the relevant information that can help you get closures more frequently.
Look at the sales statistics of your company.
Another great way to discover the best customers for your product can be your company’s sales data. Look at frequent purchasers, people who might need what you’re selling as a supplement to a product they already use, or people who simply have the budget to invest in a new tool for their company. Use all valuable data to shape your ICP, which should make it easy to pin down your top 10-15 customers.
Proceed toward the creation of the ICP
After you’ve gathered all the insights, you can create your ICP. Include all the necessary information like goals for the current fiscal, size of the company, location, pain points, commonalities, and any other detail that can help you sell better. Once you add all these parameters to your fictitious ideal customer, you’ll gain a powerful tool for creating conversions, i.e., your ICP.
Conclusion
Creating your ICP can transform the way your b2b business functions. Arriving at a fitting conclusion always involves some trial and error but primarily great data utilization. So, creating the ICP isn’t a monumental task. All you need is to trust your data and work through the pain points and commonalities to know your best customers. Remember that the best customers are the ones you want and, simultaneously, those who need your service.
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