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ICP Review
Would welcome feedback on my ICP . In order to keep it brief I left out some content related to goals and pain points. I’ve included these further below.
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Our ICP is a VP of Asset Management at a real estate investment and management company with 2,000 to 20,000 units, that uses systems such as Yardi, Entrata, Rent Manager and Appfolio.
The ICP wants better visibility into portfolio and property metrics such as occupancy, rent growth, vacancy loss, NOI, expense ratios etc. They want a simple way to access the data in the ERP system, analyze it and uncover insights.
The ICP does not want to rely on manual, Excel-based processes to track key performance indicators, and wants their data analysts to learn modern analytics technologies like Power BI, data warehouses and AI.
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Current Goals
- Generate cash from assets.
- Drive up the value of the assets.
- Achieve business plan targets (for cashflow, asset value, capital expense etc.)
- Demonstrate asset performance relative to business plan targets.
- Create an “early warning system” to monitor key metrics and respond proactively with corrective actions.
- Analyze data to uncover opportunities for improving asset performance
- Want a solution that will enable them to unlock the value in the operational data that’s in their ERP system
- Want to retain their asset management talent by providing them tools that increase their productivity and reduce manual repetitive work
Main Pain Points
- Difficult to get the data for measuring performance (collections, occupancy, vacancy loss, leasing velocity etc.).
- Using Excel to analyze data is slow and labor intensive and subject to errors.
- Finding out too late if monthly targets have been missed.
- Flying blind without good data on (collections, occupancy, budget variances etc.)
- Inability to compare assets within a portfolio
Current Solution
- Manually creating reports using Excel after exporting data from ERP system.
- Running the business without important information on occupancy, collections efficiency, expense ratios, unit turn velocity, budget variances etc.
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You’ve got all the basics nailed but I wanted to point out a few things that you might be able to go deeper on.
2,000 to 20,000 units
Can you narrow this down further? Remember it’s your ideal customer persona, not your general customer.
Yardi, Entrata, Rent Manager and Appfolio
Do your customers have one of these (they’re competitors) or multiple of them?
Your messaging and targeting would be stronger if your prospects have a specific tool they use.
They want a simple way to access the data in the ERP system, analyze it and uncover insights.
Why do they want this? What do they get out of it?
The ICP does not want to rely on manual, Excel-based processes to track key performance indicators
Again, why? They find the process boring? Too complex?
Create an “early warning system” to monitor key metrics and respond proactively with corrective actions.
This looks really promising from a messaging perspective. You can play into the “what if” of something going completely wrong.
Drive up the value of the assets.
Can you guarantee that your tool will do this?
Running the business without important information on occupancy, collections efficiency, expense ratios, unit turn velocity, budget variances etc.
Is there massive risk to doing this?
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