Friday, June 24, 2016

Ultimate Guide to Create Your Ideal Customer Profile (ICP)


Who are your dream B2B clients? Which accounts have created the most sales opportunities for your business? Which have long-term success? Which segment in your customer pool drive the most revenue?  This is your Ideal Customer Profile (ICP).
Your Ideal Customer Profile is a benchmark used for your entire corporate strategy from product development to sales & marketing strategy. Defining clearly a company ICP aligns the effort of every department for a very efficient & positive impact on customers experience and brand image. Marketing uses ICP for their advertisement, content management and social management. Sales uses the ICP to proactively handle customers pain points and objections during the selling process. Product developers as well should always refer to ICP while building new features
Companies that target multiple industries with various products might be obliged to create few ICPs. As you gain analytics about your target audience, your ICP will evolve accordingly.
4 questions you should ask yourself while identifying your dream customers:
  • Which clients have the less churn rate?
  • Which accounts based customer have the most potential growth?
  • How hard will it be to attract a given type customer?
  • What will be its specific costs of sales?

Which accounts have the highest potential for referrals?
You can gain all those information by using CRMs (Close.io), Marketing automation softwares (Marketo) or sales prospecting platform (Salestools.io).
An ICP also called Buyer Persona is a data-informed segment of a given overall company’s audience. When marketers or VP sales build their profile, they have to represent a very specific and targeted chunk of their full addressable market. ICP has to be as precise as possible but should not be limited!
Find below the most common point an ICP should highlight in order to fully understand who are your dream customers.

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B2B Individual Demographic Data

First Name. Last Name. Job Title
B2B demographic data for individual contacts is contained in those 3 elements.
The average B2B number of people involved in a sales deal is 5.7 individuals. Having an ICP that take into account B2B demographic data can be crucial to personalized messages. When building your demographic data profile it is ideal to identify around 8 to 10 contacts with different roles and responsibilities in order to leverage dynamics of group psychology to close an account faster.
Having the first name, last name and job title is the very basic of  B2B demographic data. Further data points can be added in order to have a more complete understanding of who will be the buyer such as social media information, jobs history and shared connections.
Emporographics Data
Emporographic is to a company what demographic is to a person. Emporographics are the secret point of a B2B Ideal Customer Profile and has to be leveraged by marketers and sellers when building their respective strategies.
Common Emporographics:
  • Industry
  • Number of Employees
  • Company Size
  • Customers attributes
  • Recent Fundraise
  • Annual Revenue
  • Geographic Location
Emporographics characteristics such as the one above are used to group businesses into meaningful market segments to determine which one is the most valuable for your business.
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Technology attributes
Technology is a key component of an ICP for several reasons.
  • Understanding which technologies are used by targeted prospects can highlight some natural synergies and connections that help drive deals.
  • Technology is also a good way to approximately value how much budget a company has to work.
  • It’s technology will also reveal if the prospect is working with fresh or updated tools.
  • Technology highlight also if the prospect already use a similar solution than yours.

Technology, like other ICP attributes, reveal which accounts should not be targeted in order to be as efficient as possible.
Common technology data points:
  • CRM
  • Marketing Automation software
  • eCommerce softwares
  • Payment methods accepted
  • Audio and video technologies services
  • Digital advertising platforms
  • Web and email hosting
Customized Data
A great Ideal Customer Profile should contain 3 more custom data points. Custom data point represents piece of information that are relevant only for your product or business. It requires advanced intelligence or judgment to implement it correctly.

Salestools Tips:
  • Use your ICP in order to generate data solely on profiles with a high conversion rate using advanced search on social networks
  • Focus heavily on Emporogrpahics attributes while building your ICP
  • Use extensively social media profile for individual demographic data

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