This month's theme = targeting. Last week we talked about defining your Ideal Customer Profile (ICP), and this week we're going to zoom in on buyer personas.

And you might be thinking..."Jess, this is SO basic. We already know our buyer personas." 

And I'm sure 90% of you are 70% right. But 20+ startups I've worked with in the last two years got a whole lot further, a whole lot faster, when we really dialed this in. 

And I don't know about you but I like to go further, and I like to go fast. 😎

Before I get into the technicalities this week, let's talk about what happens when you don't have your ICP and buyer persona well defined - 

• You spend a lot of time on leads and deals that aren't going to close (time = money). 

• Your messaging isn't clear enough. If you are talking to everyone, you are talking to no one. 

• Your sales team gets analysis paralysis..."so I can target everyone? Everyone in HR in the whole US?"...your team will generate results 10x faster when you give them a better map and a compass. 

• Your sales team somehow closes customers who aren’t a good fit, who then have a bad experience, and churn.

• Your marketing team casts a wider than necessary net, resulting in a lot of leads that sales finds disqualified or sub-par...making your sales team frustrated with your marketing team and vis versa. 

Yep. Wasted time, wasted money, frustrated clients, frustrated workforce. No bueno. 

So yes, this is a simple concept, but it's not always easy to get right. 

Ok, let's get into it. 

Nailing your Buyer Persona

Friendly reminder that your ICP is the characteristic profile of the company you are targeting, which is different from the person within the company (your buyer persona). 

Also important to note that there may be more than one buyer persona involved in your sale, or more than one buyer persona who could benefit from your product. Make note of all of these people and rinse and repeat these instructions accordingly. 

What does a 'good' buyer persona look like? 

The Director of Benefits at a Fortune 100 company based in the US. 

What does a BETTER buyer persona look like? 

The Director of Benefits at a Fortune 100 company based in the US, who also - 

• Has been in their role for 3 years 

• Has an MBA 

• Formerly worked at a big 4 consulting firm 

How do you figure that out? 

If you have customers today, identify the specific person within those companies that 1) originally made the decision to use your product AND 2) the person who is your day to day contact and biggest champion now. 

Build a list of these people's names, titles, and LinkedIn profile URLs. 

Study these people closely. What do they have in common? 

Look at things like - 

• Their title - even subtle differences can make a big difference here (e.g. Chief Human Resources Officer v Chief People Officer)

• Their prior work history - any trends there like a big 4 consulting streak? Or did most of them work at large banks before? 

• The length of time they had been in their current role WHEN they made the decision to purchase your product. 

• Their education level or degree - do most have an MBA? Do most have a CFA? 

• Anything else* that looks like a trend

Story time 

We completed this exact exercise with several clients last year and here are some examples of what we found...

Example 1: 

A healthcare technology company that sold a benefits data solution to the director of benefits. 

What we found: 

They had the most success with benefits leaders who - 

• Had a Director level title (versus a VP or more junior title)

• Had been in their role for ~ 3 years - we think because this was the amount of time they needed to build the business case and political capital for such a large investment and change management pitch 

• Had an MBA - we think because it was a cerebral product that required a more analytical thinker and someone who understood the financial implications of having this data 

• Had worked at a big 4 consulting firm - we think because they were used to large scale change and managing complex projects cross functionally - this wasn't scary for them as former consultants 

Example 2: 

An HR technology company that offers professional coaching to employers to upskill and improve the leadership of their workforce at scale. 

What we found: 

They had the most success with HR leaders who - 

• Had a Chief People Officer at the company - we believe the existence of someone who this title specifically signaled that the company was more progressive and interested in investing in their workforce (versus just a CHRO title) 

• Were psychology majors - and therefore likely better understood or appreciated the benefits of coaching 

• Were certified coaches themselves as indicated on their profile The moral of the story 

You can, and should, get this specific if you want to improve the - 

• The accuracy of your sales & marketing efforts (and therefore your ROI)

• The quality of your leads 

• The probability of higher conversion rates 

All of the data points I mention above can be identified using tools in the market today to refine your lead lists and campaigns. 

And next week, we'll cover some of these tools! 

Know someone who could benefit from being added to this distribution? Send them here to sign up. 

That's all for now! 

With love and gratitude,