What is an ICP and How Do I Find Mine?
What is an Ideal Customer Profile?
An Ideal Customer Profile (ICP) is a snapshot of what your typical client looks like, including specific characteristics about their firm, company size, location, etc. ICP’s are defined by using historical internal sales data and metrics about which type of accounts are most likely to be interested in your product or service. Defining an Ideal Customer Profile is essential, as they are an organization-wide decision effecting the entire company.
When to use an ICP
Starting off on the right foot when targeting future buyers is essential. That means when creating ANY company marketing and sales strategies, you START with an ICP.
Here's a quick example of a company's Ideal Customer: Let’s say your company sells lead generation software and you need to curate an ICP for your next marketing campaign. Because only companies that need leads for their sales department would be interested in your software, you only need to worry about targeting your marketing efforts toward companies that actually have a sales department. Let’s say you also see most of the companies with sales departments have 500-1,000 employees, work in a certain industry (Software) and invest a heavy portion of their budget in sales software annually. All of these aspects of what your most successful sales look like can be used to create your ICP. In this example, your ICP would be:
Demographic contains a sales department
Company size is between 500-1,000 employees
Company is in the Software Industry
Technology they use is Salesforce
How Do I Find My ICP?
As presented in the lead software example above, variables like demographics, geographics, technographics, firmographics, buying patterns, creditworthiness and web presence all come into play when determining your ICP.
In Leadtime, your qualified accounts are first scored on a numeric scale (0-100). Then, higher quality leads are given ranks, where higher grades indicate better quality (ranging from A to D). The scoring and ranking procedures are determined by several signals, including buying stage, demographics of the purchasers and overall compatibility. The A accounts are most likely to align with your ICP—the ideal set of factors that comprise your typical and best customer.
What are the Benefits of Using an ICP?
Knowing your ICP at the offset jump-starts your account based strategies and the life of an account that is starting the marketing-to-sales pipeline journey. These quality accounts can turn into revenue quicker by spending less time in the funnel because you can more effectively manage them with automation from predictive account based marketing and sales.
Read more about why ICP’s are so important in one of our latest blog post here!
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