16 July 2018 0

Know Your Ideal Customer Profile (ICP)

BEFORE YOU BUILD A WEBSITE or BUY BUSINESS CARDS

My StealthEnomics  teammates and I are often blown away by the diverse, high quality interactions we have with serious rookie entrepreneurs, new executives, and professionals transitioning from W-2 positions who are launching their own businesses. While their domain expertise, innovations and passion for business growth is excitingit’s also not uncommon for our team to have to confront  a perplexing dynamic: Too many entrepreneurs seem unwilling to exercise due diligence to determine who is their buying audience? Do they know who, why, how, and where a potential buyer would be looking  for their products and services? Who’s ready, willing, and able to buy (RWA)  at a profitable price point?  

To resolve that multi-level issue we help our clients create their IDEAL CUSTOMER PROFILE (ICP). Here are three recommendations you may want to consider before you take on any substantive marketing expenses and torpedo the confidence of your team. 

WAIT ON THE WEBSITE AND BUSINESS CARDS

One of the first and most common sources of cash flow depletion for many new entrepreneurs and small business owners is the decision to heavily invest in website development/design, logos, nice business cards, and business content without first defining their ICP. Think of it this way: What’s the point of writing awesome content and building an attractive website if your message isn’t clear, concise, compelling, positioned, and first tested on digital social platforms and landing pages where prospective buyers are RWA to buy, or where their ears are not inclined to care about your value proposition in a discussion? 

COMPLETE A COMPETITIVE MARKET ANALYSIS FIRST

Being clear about your market niche, ICP, and evaluating your competitors strengths, weaknesses, and the opportunities & threats (SWOT) before you make substantive investments in lead generation and sales personnel will slow your cash burn rate and your investors will love you for it!  In business,  hunting for ideal market position begins with a comprehensive competitive market analysis based on a single principled objective: Competitive Immunity – the nirvana (a perfect state of happiness) for sales & marketing professionals. Competitive immunity is achieved when a product, service, or company is so differentiated and well positioned in the OPENING of buying cycle, that “closing” becomes a presumed, less-stressful milestone event. Insights from a competitive market analysis may help you get there. Leave others to compete. Dominate. 

Know your ICP

CREATE BUSINESS MOMENTUM

Better customers, sweeter deals, faster transactions, executive confidence, lower costs, less market resistance, and competitive immunity are some of the benefits that are consistently realized when a rookie entrepreneur, new executive, or “workpreneur” (someone working a job with a W-2 exit strategy) is laboring over a successful new business launch. One of the most beautiful things to watch is how positive business momentum manifests when new insights and trends are strategically leveraged that empower your team to make daring moves and enjoy what you’re building together.

Win,

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By Christopher Bell III

StealthEnomics™ Chief Operating Officer, Christopher Bell III aka "The Business Janitor" cleans up business & life messes serving high-performance professionals and their teams as a business optimization leader, technology sales expert, keynote speaker, blogger, and coach. His clients are bottom-line focused, value time, and prefer performance over pedigree.