Companies in the hyper-growth phase often use the term “Ideal Customer Profile” (ICP) in order to spend their resources in the most efficient way possible and acquire customers quickly. For companies that are larger, growth often comes through expansions and upsells, and the equivalent of the ICP also applies as some organizations have just the right roles, groups, and pain points that lend themselves to expanded or upsold deals.
So how do companies determine their ICP and what should they be looking for in potential customers? Some of these characteristics may include where they’re currently based, whether they have the means or personnel to put your product to use, and, possibly the most important one, will they benefit from working with you? Some other attributes can be identified by researching your target market or even by looking at your current or past customers and finding the common indicators that led to successful deals. Once you construct your ICP, which in addition to basic firmographics may include information such as buyer personas or a behavioral profile of your ideal customer, you can move forward with outbounding.
Why are we talking about the ICP? Knowing your most likely customers helps you align your marketing, so it isn’t just a spray and pray approach. With a clearer picture of your ideal prospect, your salespeople can more effectively qualify customers and avoid wasting their valuable time with accounts that are unlikely to buy.
Now, what happens once you find your ICP? A major part of the sales process involves a detailed search for potential targets, but with your ICP, you now have a checklist that you can utilize while prospecting for customers. But the work you put into creating an ICP doesn’t just magically find you companies to pursue. Even when you know your ICP, looking for companies based on your ideal target attributes can still take a while. Why spend all this time doing the research when you can have the process automated, with each account already pre-researched and tailored for you?
With CloseFactor, if you know your ICP, we help you find these customers among hundreds and thousands of accounts. For example, one of our customer’s target persona is organizations that are hiring for SRE engineers because their product helps with automating much of the reliability process. Across hundreds of companies, our customer is targeting VP/Director of software engineering personas at accounts that are also hiring for SREs.
One of our marketing customers targets a specific profile of accounts with an expensive campaign. Because the per person spend is high, they can’t spend millions on spraying and praying, so we help them hone in on the specific qualities they seek in potential target accounts, sift through account details, and receive lead info that is immediately actionable.
We also help customers develop their territory plans based on ICP definitions so that every sales rep has a shot at hitting their number and all reps have enough room to sell to different size or maturity customers that meet their ICP.
In sum, if you give us your ICP, we can do the heavy lifting when it comes to researching target accounts so that your sales team can worry about engaging with potential customers and closing deals.
Altschuler, Max. “Step By Step Guide to Creating Your Ideal Customer Profile.” Sales Hacker, January 6, 2021, https://www.saleshacker.com/ideal-customer-profile/