We’ve all done it…. Purchased databases that have little focus, under the belief that “We’ve sold to Company X before, so that is our best vertical market”. I, like many others, was on the hamster wheel. A repetitive cycle of chewing through large amounts of data, with little results.
There was something fundamentally wrong with my approach to finding new clients.
We were not identifying our Ideal Client Profile (ICP). Not to be confused with the Insane Clown Posse! ICP’s are developed by evaluating your current offering, and creating a fictional company that provides value to your company, and receives great value from your service. It also allows you to disqualify poor prospects quickly, so you can spend your valuable time elsewhere. There’s a lot of work that goes into getting the best ICP you can, but I’ve put together a short list of things they share.
Here are 7 characteristics great ICP’s have in common:
- They’re modeled after your 10 Best Clients
- High likelihood of winning
- High revenue potential
- High potential for referrals
- They actually buy your product
- The target Job Title is relevant to your offering. “Don’t sell TP to the CEO”
- No Red Flags!
Now that you’re armed with this information, you’ve got to have something to do with it. I’ll talk more about Data Processing and Validation next time. Happy hunting.