PMM Interview Nuggets: Cracking the ICP Code
So, picture this: you're in a product marketing interview, and the question drops, "How would you define your ICP?" ??
Yep, this one's a heavyweight in the world of product marketing interviews, but don't break a sweat just yet. Today, we're going to dive headfirst into this ICP pool and come out with answers that can help you form the right impression on your interviewer. ???
Firstly, let's understand - What is an ICP? And How is it different from Persona?
In simple terms - ICP is a representation of a company that is most likely to want to buy your products and services, remain loyal over time, and also recommend your solution to others.
ICP vs. Buyer Persona
Have crystal clear clarity on the difference between ICP and persona. They're like peanut butter and jelly—delicious together but not the same thing! :P
ICP is all about companies, while buyer personas zoom in on individuals. Wait until you have developed your ICP before you develop buyer or user personas. We'll learn more about this later on.
Why Should You Even Care About ICP?
Okay, first things first, what's the deal with ICP? Why do interviewers love to throw this curveball at you?
Imagine this: you're a salesperson, and you're tossing your pitch at every passerby and, most of them aren't interested!
That's where ICP steps in. Get your ICP wrong, and your GTM falls through like a pack of cards.
A quick look at how it helps your businesses and your team/people:
Your sales team needs to spend time on leads most likely to buy. Defining your ICP ensures you target the right prospects, reducing wasted time.
Focusing on the right audience significantly boosts your chances of closing deals.
ICP guides you toward high-value accounts, translating into more revenue and happier customers.
Efficiently filter out unfit leads, allowing your salespeople to concentrate on promising prospects.
Crafting Your ICP Response
Now, let's talk strategy. How do you ace this ICP question and impress your interviewers?
First off, don't dive in blindly. Instead, set the stage with some probing questions. ???♀?
Is your product or startup brand-new, going through a wild pivot, or part of a bigger product family?
What's your revenue situation? Do you have paid customers, or is it pre-revenue?
Who are the big, bad competitors out there?
The answers to these questions help build a context for your future answers.
Defining Your ICP Parameters
Now, let's get down to brass tacks. What are the details you need for your ICP? Well, think about it like this:
Your ICP should be like a tailored suit, fitting your specific needs.
What industry are you dipping your toes into? Is it SaaS, e-commerce, finance, or somewhere in the Bermuda Triangle of industries? ???
Geography - Where do you want to make waves? Are you going global or staying local? ??
Size of the company - Are you chasing after small fries, medium-sized contenders, or the big kahunas? ??
Revenue & Budget - Understand the financial capacity of your ideal customers.
Key Challenges - Identify the pain points and challenges that your target audience faces. Knowing theirs helps you tailor your messaging accurately. ??
Buying committee - Know the key decision-makers within your target companies.
Tech stack - Consider the tools and technologies in use. ????
Buying criteria - And what exactly sways their decision-making process? Understanding their buying criteria is like having the magic word that opens every door. ??
Defining Your Buyer Persona
What Does a User Persona Entail?
When crafting a user persona tailored to a particular product or project, it's crucial to heed Pareto's Principle. In essence, the 80/20 rule can be an invaluable guideline for various business scenarios, especially in the realm of product marketing. In this context, it signifies that your ideal user subset comprises 20% of your entire user base. These individuals not only harness 80% of your product's features but also contribute to a whopping 80% of your revenue.
These users possess a deep understanding of your product and are willing to invest in it. There are some basic questions that are usually included in most buyer personas, and these categories can give you a good place to get started.
Here are some questions to ask to get a good fundamental grasp of who your ideal customers are:
Demographics: Get to know the basics – their age, job, marital status, income, and education.
Values: Dive into what makes them tick. Are they religious or politically engaged? Do they have strong opinions on current events?
Daily Life: Walk a day in their shoes. What's a typical day like for them? What's the highlight of their day, and what drives them crazy? Are there any changes they wish they could make to their daily routine?
Problems: Identify the hurdles they're facing. What are their biggest challenges, and how are they trying to overcome them?
Aspirations: Discover their dreams. What do they hope to achieve for themselves, their business, or their family?
Determining the Optimal Number of Personas
While a single user persona can provide valuable insights, it's not meant to encapsulate your entire audience.
Your user base is bound to exhibit significant variations. Each user persona aids in discerning which segments to prioritize and which offer minimal value.
Ideally, you should maintain just one or two personas that your team can consistently refer to, particularly for long-term projects.
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The next question arises - From where to get these data pointers?
A Five-Step Roadmap
Step 1: Data Dive for Clarity
Collect the right intel to decode your current customer landscape. Rushing through this step is like building a house on shaky ground. So, tread carefully. Dive into your CRM and unearth the insights. Who's closing deals effortlessly, and where are the struggles?
Identify the cash cows and the customers that stick around like loyal pals.
Note - Make sure your data is clean. Errors can lead you down the wrong path.
Step 2: Hunt for Your Product's Biggest Fans
Time to uncover your product's fan club—the customers who can't get enough of what you offer. But remember, the definition of "best" varies from company to company. So, what does it mean to you? Find the answers in these questions:
Step 3: Spot the Patterns
Next is to look for patterns. Do they hail from a specific industry or location? Is there a common company size or growth stage? Are you a hit in the B2B or B2C world? Connecting the dots lets you paint your ICP portrait.
Step 4: Validate and Expand
Quantitative data got you this far, but now it's time for some qualitative magic. Customer Interviews - Have a chat with your A-list customers. Ask them how they found you, what ails them, and what they adore or despise. And don't stop there; chat with prospects who resemble your best customers. What's keeping them up at night, and do they know about your solution? Lastly, tap into your sales, customer success, and account management teams. Make sure everyone's nodding in agreement.
Step 5: Get Everyone on the Same Page
With your ICP in hand, it's time to rally the troops. Start by building consensus among the higher-ups. Then, carve your ICP into user and buyer personas. This helps everyone picture your ideal customer.
These are the clues to solving your ICP mystery. ??
Prioritization Matters
In case of multiple ICPs and buyer personas. Consider prioritising who is your primary ICP & Persona. ??
Consider the below questions to get your answer.
Identify segments of your target audience facing the most acute pain points.
Understand the root causes of your target audience's pain points.
Determine whether issues are isolated or affect the entire organization.
Identify individuals or teams experiencing pain points most often.
Assess how often your ICP encounters challenges you aim to solve.
“It’s about caring enough to create value for customers. If you get that part right, selling is easy.” – Anthony Iannarino
Fine-Tuning Your Profiling
“You have to tell a story before you can sell a story.” – Beth Comstock
Your GTM is all about telling your story to the right people at the right time and place.
In simple terms - get your messaging and targeting right. And all of it stems from correct and detailed ICP and buyer persona profiling.
As an additional value add from my side - here are some questions which you can enrich our buyer profile more.
How much homework do your prospects do before buying?
Why would they even consider switching to your side?
Do they trust word-of-mouth?
What initially made them fall in love with your solution?
What might stop them in their tracks?
What kind of detective work will they do before deciding they need your product?
What burning questions will they have? What objections might they throw at you? And is your solution their top priority? ???♂???
TL; DR
And there you have it, my dear reader! A complete guide not just to handle any type of ICP question in product marketing interviews but also to bring in more finesse and accuracy in your current marketing gig.
Keep it simple, ask the right questions, and you'll dazzle any interviewer. Good luck on your product marketing adventure! ????