- Abhishek Pattanaik
- 1152
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Having an ICP (Ideal Customer Profile) will help you identify and prioritize prospects that have the right buying intent. They can be introduced to your pipeline or funnel, and you can then curate the Customer Journey best suited for their needs.
But why is an ICP even needed? How does it improve your conversion rates?
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Explore how modern sales firms can benefit from creating an ICP.
Companies have access to only a finite number of resources, and for optimal and efficient usage of them, an ICP helps you focus your efforts on the people who have the intent to buy right off the bat. This not only saves time but also money by pointing your marketing efforts toward the people already interested in your product/service.
Not only does it guarantee better chances of selling to the right audience but also be in touch with better prospects too. ICP and Account-Based Marketing (ABM) also ensure that the people that you are reaching out to have better chances of being long-term customers.
If you have an ICP that is optimized, you can start connecting and nurturing a relationship with people that will help you build a community around your brand.
What is needed for an ICP?
An ICP is an amalgamation of various metrics that help you identify your ideal customer. From content to online behavior and heatmaps, an ICP helps you narrow down your search field and appeal to specific people.
What type of messaging relates best to your core audience? How can you communicate value addition and what might convert are just some of the questions you should ask yourself.
Data
Use your current customer base to have an idea of what type of demographic is drawn to your brand. An ICP can either be general or very specific, depending on the needs of the organization. Use data from your CRM and get data points that will help you set off buying triggers.
Look for patterns in the data and zero in on what metrics can support your sales funnel and customer journey.
Best Customers
Use metrics like Net Promoter Score, Retention Rate, and Potential For Growth for gauging interest and viability in the long run. Add to that the profitability of the account that you are engaging with. High-ticket accounts should be prioritized and high-profit accounts should be treated the same way.
Similarities
When you start processing your data you will start seeing patterns that can be used for a better understanding of your ideal customer. Some stats will start looking alike, such as region or industry and then you can add those metrics to your roster.
Implementation
Once you have the data necessary to focus your ABM campaign you can then formulate an ICP and proceed accordingly. Match the new accounts to your ICP and see whether they are a good fit or not. This will help you filter leads right from the start and refine your ICP too as time goes on.
Conclusion: Optimal ICP, Greater Conversions
Building an optimal ICP needs data and a bit of trial and error to get it right. But once the profile has been established you can start targeting better accounts for better conversion rates.
