Are you trying to be all things to all people? Stop. Try this instead.
One of the marketing concepts I’m particularly excited about these days is the Ideal Customer Profile (ICP) because I recently tried it, and it worked impressively well. I often say strategy is deciding what not to do. So the question becomes: Are we wasting marketing/sales time and resources on target audiences that we shouldn’t actively pursue?
Apprehensive about focusing on an Ideal Customer Profile?
While it can be counterintuitive (not to mention nerve-racking) to pivot sales and marketing strategy to drop entire segments for the benefit of hyper-targeting one or a few, it can do wonders depending on your business. Just because a prospect can buy your product does not mean you want them as a customer.
Start by asking yourself these questions:
- Who are your top 15 current most delighted customers? Not the ones who are satisfied. The truly DELIGHTED that embrace your innovations, grow with you, and give you reviews, referrals, and more business?
- What do they have in common – beyond the obvious firmographics of company size and industry? Complex supply chain? Large product portfolios? Few but complex offerings?
- What is the size of this addressable market? Is it big enough to grow your business?
Assuming it is, re-consider your sales motions, messaging, and content strategy to specifically address the challenges of this audience
Don’t forget to measure what works to improve your sales and marketing strategy as you go.
While the ICP concept is by no means new, it surprises me how many of us marketers don’t leverage it. Given the pressures of hyper growth we all face, it is no wonder we feel compelled to chase after every prospect. Yet seeing both quantity and quality of pipeline increase as a result of this approach, is a great reminder that sometimes less is really more.