July 19, 2018

GreenFig Education Series Sneak Peek Week 2: Ideal Customer Profile (ICP)

Jyothsna Durgados
Written by:

Jyothsna Durgados

Introduction to GreenFig Education Series

As part of GreenFig’s mission to enable lifelong learning and to accelerate skill development for high demand jobs with our microdegrees in applied business science, we are offering you a sneak peek into the GreenFig experience with our four week Education Series.

We provide highlights from the Digital Marketing Science classes taught by Tracy Eiler, CMO of InsideView. She is a marketing pioneer who is passionate about shaping the next generation of marketers. She was recently named a B2B Demand Marketing Game Changer and is ranked among the Top 30 Most Influential Women in B2B Marketing Technology.

Ms. Eiler moonlights as a GreenFig instructor, teaching the same cutting-edge topics she’s advancing at InsideView, including how to align sales and marketing, define the total addressable market and determine ideal customer profiles.

We are excited to offer our blog readers a taste of the job-ready skills our students are gaining this fall to prepare themselves for high-trajectory careers in the digital economy.

Focus on the Right Customers

This is the second in a four-part series explaining the concept of total addressable market and providing tips to help you begin identifying, gathering data on, and targeting your company’s total addressable market. Read the overview of total addressable market in Part One of our series here.

If you are marketing a product or service to everyone, you are wasting valuable time and marketing resources.

In this blog post on how to define your Ideal Customer Profile, you learn expert advice and step-by-step instructions on how to zero in on your ideal customer. The payoff is not necessarily more prospects, it is identifying the right prospects who are then more likely to become customers – a far better bang for your marketing buck.

Ideal Customer Profile Brings Total Addressable Market into Focus

Understanding your total addressable market ensures you are targeting every potential customer. But determining your total addressable market (TAM) is not as easy as saying “every company in the so-and-so industry”. First, you need to define your ideal customer profile or ICP.

Here’s an example, INITECH is selling human resources software to “every B2B company”. They have not defined their ICP because they think everyone wants their product. Well, a one-person consulting firm does not need HR software. Similarly, a multi-billion-dollar company who built their own solution in-house is not interested either, but maybe a fast-growing company with a new HR executive needs new software to help with recruiting and onboarding dozens of new hires every week.

For INITECH, they can begin to define their ICP as companies with HR executives who have been in the role less than one year and whose employee count is growing more than 10 percent per year.

ICP and TAM do not just help you find more customers, they help you focus on the right customers. Marketing to prospects that have no need for your offerings just wastes time and money. You are missing out on revenue if you are not targeting everyone who fits your ICP.

Define Your Ideal Customer Profile

At a minimum defining your ICP should include a geographic region, a target title or level, and an industry. It is better yet if you can drill down to additional firmographics, like company size. Other criteria might include quantifiable data like increasing revenues or recent M&A activity and qualitative data like whether the company is innovative or has a strategic business initiative related to your offering.

New, data-intelligent technologies are also popping up to help you quantify your ICP even more granularly. Back to our INITECH example, maybe their ideal customer needs new HR software because they just acquired another company. Scouring the web for that type of data is unrealistic and time-consuming. Using software to constantly scan tens of thousands of sources and alert you when a company closes an acquisition could be a great signal of a hot lead. (You can learn more about using market signals and intelligence to help define your ICP in a white paper from InsideView, “Measuring the Impact of Market Intelligence”.)

As a bonus, ICP also helps marketing and sales better qualify and route leads. According to sales and service performance company MHI Global, approximately 35 percent of sales opportunities are duds (Miller Heiman). If you could refocus only on those that fit your ICP your conversion rates (and rep productivity) would surely improve.

It is easy to disqualify a lead based on their location, but it becomes riskier as you add firmographics and buyer data because B2B data is quickly rendered inaccurate. Getting accurate and current data on accounts and contacts is becoming increasingly difficult. A prospect filling out your online form might not know their current revenue or the prospect who your marketing team scanned at an event a few months ago may no longer work for that company. That is where a data cleansing, enrichment, and/or validation service could be of use. These data services also help to identify existing targets whom actually fall outside of your ICP, but who you are targeting based on incorrect or outdated data in your database.

In the third installment, you will learn more about using your ideal customer profile to determine your true total addressable market and then how to turn that TAM into a targetable list for sales and marketing.

If you missed the previous installments in this series, you can find them here:

Part 1 Maximize Growth by Targeting Your Total Addressable Market

Blog written by Jyothsna Durgados

 

See Tracy in Action

 

For more information on GreenFig’s upcoming courses taught by industry pros like Tracy Eiler, contact us.

Paula Sansburn, COO

LATEST FROM BLOG

Related Posts.

Never Stop Learning No Matter Your Age

Our Student Stories blog series highlights the experiences of GreenFig students currently enrolled in our Digital Marketing Science course. Here, we’ll introduce you to several students, find out what drove them to GreenFig, what skills they’re developing right now, and what they aim to achieve with their microdegree from GreenFig.</em></p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;"><strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background: transparent; vertical-align: baseline;">“Never stop learning, no matter what your age”</strong></p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">Deanna Paik could’ve been content to ride out the status quo. After all, the entrepreneur already owns a successful business and possesses a mile-long resume featuring business management roles in numerous sectors. She knows international shipping, how to buy patents overseas, and the ins and outs of owning a successful art gallery.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">But resting on her laurels doesn’t jive with Deanna’s never-stop-learning mentality. While the first half of her career is in the rear-view mirror, she strongly believed that in order to continue to thrive in the second half, her skills needed to evolve.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">When Deanna heard about the opportunity to grow her digital marketing skills as a student in our fall Digital Marketing Science course, she jumped at the chance.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">“I always challenge myself,” she says. “Even though I’m older than most of the other students, I always want to be relevant.“ Specifically, Deanna says she needed to update her technology and strategy skills. Marketing analytics and persona mapping were on the top of her list when starting the course.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">Deanna notes that <a href="https://sandbox.greenfig.com/what-we-offer/industry-instructors/" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; vertical-align: baseline; color: rgb(147, 201, 61); text-decoration-line: none;">GreenFig’s instructors</a> — who are all seasoned, and working, marketing experts — brought realism and energy to the classroom in a way that was empowering to her.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">“I’m most surprised by how energized I am,” she says. “You go into some courses and it’s interesting. But it doesn’t inspire you to get up in the morning and say ‘what else can I learn today’?”</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">Following 16 weeks of classroom instruction, GreenFig students have transitioned to the Apprentorship Module (a mentor-guided apprenticeship with real-world companies). Leveraging their new skills, small groups of students collaborate with a real-world company and execute an active, real-world marketing campaign.<br>“You can sit and learn new skills,” says Deanna, “but to experience it is another thing. I’ve got to put my hands on it and use it.”</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">For Deanna, “micro education” is all about evolving, and thriving. Already equipped with tremendous skills and experience, Deanna didn’t want or need a career U-turn. Rather, her aim is to strengthen and adapt her skills to a changing digital workforce. A highly focused, super-charged course that builds job-ready skills and experience in a condensed period of time was the perfect solution.</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">“I want to see my professional future keep going for the next 20 or 30 years, and a micro degree from GreenFig allows me to do that,” Deanna says. “To continue to thrive in today’s workplace, this is where people like me need to be.”</p><p style="margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px 0px 1em; border: 0px; outline: 0px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; font-size: 15px; vertical-align: baseline; color: rgb(88, 89, 91); font-family: "Open Sans", Arial, sans-serif;">“When I look back, I’ve changed my career every 7 to 8 years,” she adds. ‘I’ve gone from the cosmetic industry, to buying patents in Europe, working for a law firm, then going into the sp</p>

Thursday, July 19, 2018

GreenFig Education Series Sneak Peek Week 4: Smarter Business Decisions

Introduction to GreenFig Education Series As part of GreenFig’s mission to enable lifelong learning and to accelerate skill development for high demand jobs with our microdegrees in applied business science, we are offering you a sneak peek into the GreenFig experience with our four week Education Series. We provide highlights from the Digital Marketing Science classes taught by Tracy Eiler, CMO of InsideView. She is a marketing pioneer who is passionate about shaping the next generation of marketers. She was recently named a B2B Demand Marketing Game Changer, and is ranked among the Top 30 Most Influential Women in B2B Marketing Technology. Ms. Eiler moonlights as a GreenFig instructor, teaching the same cutting edge topics that she’s advancing at InsideView, including how to align sales and marketing, define total addressable market, and determine ideal customer profiles. We’re excited to offer our blog readers a taste of the job-ready skills our students are gaining this fall to prepare themselves for high-trajectory careers in the digital economy. Putting it together: Turn Total Addressable Market into Closed Deals This is the fourth and final post in a four-part series explaining the concept of total addressable market and providing tips to help you begin identifying, gathering data on, and targeting your company’s TAM. Don’t forget to read part one’s overview of total addressable market, part two’s tips on defining your ideal customer profile, and part three’s tips for turning TAM into your target list. Why are these concepts – the notion of distilling your target market down to the granular level and putting them into practice - critical to growing your B2B business? The answer is simple: ROI. Companies who focus their efforts on these initiatives experience better return on their marketing dollar investment. Put Sales and Marketing to Work by Turning Total Addressable Market into Targets As you look to expand and grow, total addressable market (TAM) is also used to gauge the size of new markets to enter, to justify or expand investments in a current market, or to research new product opportunities. In every case, having an accurate view of your TAM is critical to making the best business decisions. Being able to visualize your market is a bonus that helps with defining and assigning territories, allocating field resources, and focusing marketing efforts. A good example comes from HgCapital, a private equity investor based in London and Munich, who says that “being able to tell a clear story of what truly defines a company’s addressable market is a great starting point for thinking creatively about where to invest for growth”. If, for example, your average contract value is expected to be $25,000 and the total number of potential customers in a market is 1,237, then simply multiplying those two values puts the potential market opportunity at roughly $31 million. If your TAM is inaccurate, even by a small margin, you might make the wrong go/no-go decision. Again, having a “clear story” of the TAM is critical to good decision-making, at every level, from an individual marketing campaign to a strategic business-changing initiative. If you missed the previous installments in this series, you can find them here: Part 1 Maximize Growth by Targeting Your Total Addressable Market Part 2 Ideal Customer Profile Brings Total Addressable Market into Focus Part 3 Put Sales and Marketing to Work by Turning Total Addressable Market into a Targetable List Blog written by Jyothsna Durgados See Tracy in Action GreenFig students not only learn these business-critical concepts, but execute them as well. Our course curriculum includes a mini-internship, providing each student the opportunity to run a real-world marketing campaign for a real-world company. Upon graduation, GreenFig students are then prepared with the skills and experience to make an immediate impact at work. Find out how how quickly you can gain the skills needed to thrive in the digital economy. Drop us a line. Paula Sansburn, COO

Thursday, July 19, 2018

Contact us

Need a quote.