Market validation is a crucial process for startups, and involves two critical steps: Total Contactable Market (TCM) and Ideal Customer Profile (ICP). Understanding the TCM allows businesses to gauge the potential demand for their product or service, while the ICP helps them identify the ideal customer for their business.
As part of the Whistle Labs program, one of the first steps is to assess the TCM and understand how many buying contacts exist in the market. This involves estimating the size of the total contactable market based on existing contact data across the most popular databases, tools, and websites. This will give a fair evaluation of the total market size. The Whistle Labs team then runs a report across various databases, websites, and search engines to assess the TCM for our clients. We believe that it’s essential to have a clear understanding of the target market to create a product or service that the market wants.
Once the TCM has been determined, the next step is to refine it using ICP criteria. Refining the TCM using ICP criteria can help startups identify the most relevant buying contacts for their business. By focusing on these contacts, businesses can customize their outreach efforts and create a very specialized product.
However, creating an ICP is not a one-size-fits-all process. It requires a thorough understanding of the target market, and businesses may need to adjust their criteria as they learn more about their customers. It is a process that involves testing and refining until they find the ideal customer profile that works for their business.
At Whistle Labs, our team works closely with our clients to identify the most relevant ICP criteria for their business. We understand that every startup is unique, and our approach is designed to fit their specific needs. By doing so, we help our clients identify the right customers and build a product or service that solves their problems effectively.
The TCM and ICP are essential steps in the market validation process for startups and our Whistle Labs understands their importance. Our team helps assess the TCM, identify the ideal customer profile, and provides Whistle clients with an assessment that helps them determine if their product is a fit for the market or if they need to shift their strategy. By doing so, we believe that startups can increase their chances of success and achieve their business goals along the way.
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