Bam! This hit me right between the eyes today.
If you know Aaron, and me, you know that we teach the concept of Ideal Customer Profile (if you want to know our philosophy about this in more depth, you can download our book [Kindle version] from Amazon).
In a nutshell, creating an Ideal Customer Profile, or, for you acronym folks out there, ICP, is similar to creating a persona. You blend together everything you know about your customer, or your wanna-be-customer and create a profile. You’ve got to do this for every product or service you sell because you may have different customers loving a different set of your stuff. Personas are typically used for marketing purposes (writing content), and the ICP is used as you build your list for prospecting.
Well, we had the good fortune of spending time yesterday with one of our expert clients. I call them expert because this particular client really understands the Predictable Revenue process. They have been practicing this method for over a year now and have seen phenomenal results (results are higher than norm for their industry).
In the course of our discussions, we started talking about the ICP. “Funny thing about the ICP”, the CEO said. “Meaning?” we said. “Well, we discovered after all this time that our sweet spot is an entirely different profile. We discovered if we sell to this type of prospect, they spend 10-times more with us per month”.
Wow wow wow! Great way to make your numbers, yes?
Teaching Tip: Take out your ICP and review it against data you’ve been tracking for:
- current opportunities
- current clients (higher revenue producing)
- sales cycle timeline (fastest closing)
- decision process
- decision makers (titles, pain points)
- regulatory/compliance changes
- competitor changes
Make adjustments to your ICP and create an A/B test for your next campaign to test your new profile. If you’re like our client, you’ll be so happy you went through this exercise.
Have fun selling.