If you already have an established business, the best way to formulate your ICP is to analyse your existing clients using the following criteria:
Step 1: Describe your ideal client
All accounts that align with your ICP will share similar criteria. Here are some elements you should analyze to see if a prospect aligns with this profile:
Industry
In what vertical are your existing clients, or better, which vertical contains the most accounts aligned with your ICP?
Location
What is the geographical location of your existing clients? Are your offerings available locally or globally?
Company size
Up to what company size can you service or is a prerequisite for your product? Is there a minimum size?
Psychographics
Your ideal client’s personality, values, opinions, attitudes, interests, and lifestyle.
Pain points
The problems and challenges your prospective clients are facing. How do your products/services solve these issues?
Budget
The investment your ideal clients are willing to make in your offerings, as well as any available resources that will help you maintain your products/services.
Step 2: Interview prospects that fit your ICP (Optional)
Before targeting prospects with comprehensive marketing campaigns, you should evaluate if they are truly aligned with your ICP. Here are a few questions you can ask in lead forms, through outreach with sales representatives, or during a quick meeting:
Before committing to a purchase, how much time do you spend researching?
Do referrals impact your decision-making?
Who in the company is responsible for the purchase?
What are your main business challenges?
What is your primary goal for the next quarter?
What is your budget for a product/service?
What are your main concerns?
Step 3: Analyse all the collected data and adjust your ICP
Compare your initial ICP to your interviews.
Formulate your final ICP with the research data and retest if necessary.
Test your ICP with sales and marketing teams for conversions and reassess every few months to perfect it
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