Who needs an ICP?

All companies irrespective of their size need a continuous evaluation of their ICP and redefine it at least once a year.

Why do companies need to continuously redefine the ICPs?

Products or services offered by companies may change; the tech ecosystem may change and client requirements may change. So it is essential to continuously evaluate and update the ICP.

What are the pre-requisites for defining an ICP?

A clear understanding of one’s core offerings - Products or Services is a must.

Can we define an ICP for multiple products and services?

We need to define separate ICPs for each unique product / service line. It is advisable that companies limit their offerings to a few which can be their core competence and do not dilute themselves.

What are the various aspects of an ICP?

Key aspects of an ICP are:

• Account / company profiles including industry, revenue size and geographical locations
• Buyer personas - Which roles in a target company are likely targets for the services?
• Tech stack usage - The company should be in the tech stack that one is offering their services
• Industry cycle - Some cyclical industries need to be targeted based on their economic cycles.