What is your ICP?
Chances are, you have an idea of who it is - but do you know them well enough to market effectively and put together a cohesive marketing plan?
What is an ICP?
To get back to basics, an Ideal Customer Profile (ICP) can be defined as a profile of the ideal customer for your business. It includes information about their demographics, psychographics, and behavior in order to help you better understand who they are so that marketing efforts will resonate with them more effectively.
Many business owners find it difficult to create an #ICP because they don't know who their target audience is. The first step to creating an ICP would be determining your market niche - this will help you narrow down the type of people that are most likely interested in what it offers and make them easier for business owners, or marketers alike, to find on social media platforms like Facebook groups where these types tend to hang out online.
When creating your ICP, we like to remember that you're looking for your "Users & Losers".
Users & Losers
Your "Users" represent the individuals that will actually be physically using your product or service. "Users" are the champions of your business and will help move your product or service up the ladder to the "Losers". "Losers" are those target personas who experience the loss from not having a solution to problems found within their business and are often the final decision-makers. Loss aversion is a significantly powerful psychological concept that our "Losers" are very receptive to.
Users
A #B2B #SaaS "User" would love to find a solution to help him/her reduce the number of hours spent on creating manual reports around web analytics. If you can provide a solution to that problem, you'll help "Users" save countless numbers of hours on tedious tasks, and they'll fall in love with your product or service. Clearly, a "User" with problems you can fix fits nicely into an Ideal Customer Profile for your business.
Losers
An example B2B SaaS ICP "Loser" needs to reduce the churn rate of his application in order to meet quarterly revenue goals. If you can provide a product or service for his/her team that helps him reduce the loss associated with heavy churn, then you have a perfect candidate for your top-line ICP.
Both Users & Losers have needs that your product or service can address, and they both experience loss aversion in different ways. Positioning your product or service messaging with loss aversion in mind will speak to the "Losers" and thrill the "Users".
"The only way to make a customer happy is by understanding what they want and need, then giving it to them." - Henry Ford
