When starting a business, it's easy for a first-time entrepreneur to misconceive that everyone can use their product. We made the same mistake and began prospecting every user profile that loosely matched the utility our platform could offer
As a result we invested a significant amount of time, money and effort on the wrong kind of prospects! But this begs the question - what is the right kind of prospect?
Pareto’s 80-20 principle
The Pareto principle, also known as the 80/20 rule, is a theory that states that 80% of the output from a given situation or system is determined by 20% of the input.
We learned the hard way - this principle is very much applicable to prospecting as well! We ultimately narrowed down our universe to identify the right Ideal Customer Profiles (ICP) to find the 20% we should be going after.
Ideal Customer Profile
An ICP has a defined set of characteristics & behaviour that helps us determine if our product/service will help address an urgent need. Urgency is an important criterion since it would decide if your ICP will make a purchase now or take six months to decide.
Once you identify your key prospects, there are a whole host of interesting workflows and tools you can use to create and send personalized messages, meeting requests and invitations through LinkedIn!
Check these guides and articles on using nexweave with:
You'll be pleasantly surprised how this approach will result in conversations where you won't need to pitch your solution. Instead, the talks will naturally flow into discussions on how to take the following steps and implement them!