Finance:Ideal customer profile
The Ideal Customer Profile (ICP) is a business terminology used in marketing and sales to identify the customer or organisation that would benefit the most from a particular service. It's an imaginary description that directs sales and marketing tactics, especially in the early phases of a company.[1][2]
Definition and Purpose
An ICP is a detailed, nuanced overview of a company type that would significantly benefit from a specific product or service. It is different from a basic customer overview; it includes demographic information, business objectives, challenges, and decision-making processes of the potential customer.[3]
Importance
The ICP helps organisations focus their limited resources on prospects likely to convert, thereby optimising marketing and sales efforts. It includes focusing on the intended audience, personalizing content and campaigns, targeting suitable leads, and enhancing continuous strategy.[4]
Components
The ICP includes critical aspects like firmographic data, demographic information, business objectives, challenges, and the buying journey. It helps in segmenting the market and focusing on relevant sectors.[5]
ICP in relation to the Buyer Persona
While the ICP focuses on the characteristics of target organisations, such as size and industry, the buyer persona is about the individuals within these companies, their personal attributes, goals, and behaviour.[6][7][8]
Further reading
- Startup series - part 3 - Identifying the Ideal Customer Profile (ICP) - Beyond Growth Marketing". Beyond Growth Marketing. Retrieved 2023-11-19.https://www.beyondgrowth.io/blog/startup-series-part-3-identification-of-the-ideal-customer-profile-(icp)
References
- ↑ Ekbote, Bhushan (2017). "Modeling Ideal Customer Profile for Maximum Return on Investment". doi:10.2139/ssrn.3670461. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3670461.
- ↑ "Startup series - part 3 - Identifying the Ideal Customer Profile (ICP) - Beyond Growth Marketing". https://www.beyondgrowth.io/blog/startup-series-part-3-identification-of-the-ideal-customer-profile-(icp).
- ↑ https://www.theseus.fi/bitstream/handle/10024/493954/Quality_prospecting_in_B2B_sales_Prospecting_manual.pdf?sequence=2
- ↑ http://csjournals.com/IJCSC/PDF7-2/10.%20Tejpal.pdf
- ↑ Theodoridis, Prokopis K.; Chatzipanagiotou, Kalliopi C. (2009). "Store image attributes and customer satisfaction across different customer profiles within the supermarket sector in Greece". European Journal of Marketing 43 (5/6): 708–734. doi:10.1108/03090560910947016. https://www.emerald.com/insight/content/doi/10.1108/03090560910947016/full/html.
- ↑ Cruz, Ana; Karatzas, Stelios (2020). "Understanding your buyer persona". Digital and Social Media Marketing. pp. 69–97. doi:10.4324/9780429280689-6. ISBN 9780429280689. https://www.taylorfrancis.com/chapters/edit/10.4324/9780429280689-6/understanding-buyer-persona-ana-cruz-stelios-karatzas.
- ↑ "How to Build Customer Personas". https://www.business.com/articles/build-customer-personas/.
- ↑ "Ideal Customer Profile (ICP): Your ultimate guide". https://www.qualtrics.com/au/experience-management/brand/ideal-customer-profile/?rid=ip&prevsite=en&newsite=au&geo=IN&geomatch=au.
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