Speaker 1: Hey guys this is Mick and today I'd like to continue our conversation about ideal customer profile. In my previous video I have said that if you selected ideal customer profile, understand the goals that your customer has, then outline step-by-step process that your current customer takes to achieve those goals, then identify the pains associated with the current process, then build the new process that your customer would be taking with your product or your solution, then outline the metrics that you're going to be showing to the customer as proof that you're getting them closer to the goal or that you're solving their problem, then outline the discovery questions that help you identify the pain or identify the goal, and then outline the objections that you would typically hear from your prospects. Today I would like to speak very quickly about creating ideal customer profile. Very often companies just jump in to create personas and ideal customer profile and I think it's wrong because you might find a great persona but you might miss different type of segments on the market that you can target if you just start from persona. So my suggestion first look at your target audience. Target audience is everyone who potentially has the pain that you are solving. So for example that could be marketers in SaaS or B2B. Then identify potential customers and potential customers are those who have pain and those who are actually a good fit for you, meaning they have a budget to buy your product. So that could be marketers in SaaS companies with over 25 employees or with revenue above 1 million ARR. Then you can drill down to ideal customer profile. Ideal customer profile are those that have pain, who have a fit, but for those pain is active and they're looking for a solution. That means that they understand the pain and when you talk to them that you're solving this pain they go, that's right, that's exactly what I need, that's your ideal customer profile. And only then you drill down into a persona. And persona is basically ideal customer profile, ideal customer that you have, but with specific values, beliefs, and attitudes about what they want to get out of your product. Because very often we buy product because we have emotional appeal or we have certain feelings or we want our individual values to be fulfilled. And this is why you want to start with bigger market and analyze all the way to personas. Because if you start with personas you might miss very profitable segments that you would like to target. Another thing that I would like to mention that very often companies go in and analyze their customers and it's very valid in order to create ideal customer persona. They look who are the most profitable customers, who are the customers with the highest average selling price, or with the highest customer lifetime value. And this is all good. However, I also suggest that you have to go out and proactively analyze potential segments that you want to target. Because if you're only going to look at your customers, you can't actually go out and target other customers. Because you will be in this loop that you analyze your customers, then you create your marketing for those customers, so you only get those customers buying your product. And very often there are other profitable segments that you want to target. I also would like to recommend you an article, very good article by HBS that's called B2B elements, value elements. It provides the pyramid of different values that B2B companies have to provide to their customers. Because even if you sign to B2B, still the person is buying. Meaning that you have to address the individual values in order for you to be successful. So thank you very much, I hope you enjoyed that video. And if you have any questions, concerns or comments that you'd like to make, please do so. Please recommend and share if you like this video. And I'll be back with you later.