Razorpay ICP Template

If you’re thinking about launching a fintech platform in India—something like Razorpay—understanding who your ideal customers are is key.

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Fintech is a fast-moving space, and having clear Ideal Customer Profiles (ICPs) can make all the difference in connecting with the right businesses.

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Here’s a practical, easy-to-follow approach to defining your ICPs.

1. Define Your Product and Value Proposition

Start by clearly defining what your platform offers and who it serves.

Think about the core problem your platform solves. Are you simplifying payroll for growing companies? Or maybe offering a hassle-free solution for vendor payments and tax compliance?

This core value should make your customers think, “This solves my problem.”

Example: “Financial automation for businesses, streamlining payroll, vendor payments, and compliance in one easy-to-use platform.”

Writing out a clear value proposition helps guide every customer type you’ll target and keeps your messaging consistent.

2. Get Clear on Your Ideal Customers

With your value proposition in hand, it’s time to identify the types of businesses that will benefit most. For a platform like Razorpay, your core customers might be businesses looking for easy, reliable digital solutions.

Consider these customer characteristics:

1. Business Type and Size: In India, industries like retail, e-commerce, and food tech are leaning into digital tools. Your ICP could start with businesses that manage a lot of transactions, typically with 50 or more employees.

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2. Financial Needs: Think about their needs—whether it’s managing daily payments, payroll, or compliance. Understanding these priorities lets you frame your benefits to speak directly to each segment.

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Building a clear picture of your ideal customer makes it easier to connect with businesses that are ready to use and appreciate your platform.

3. Identify Core Needs and Pain Points

Going beyond demographics, a great ICP also digs into the common frustrations your customers face.

Imagine a business that’s been handling payroll and vendor payments manually. They’re looking for ways to save time, avoid costly errors, or meet compliance standards more easily. These are pain points Razorpay can help with.

Ask Yourself:

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👉🏻 What specific financial challenges do these businesses face?

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👉🏻Are they struggling with things like tax compliance, payroll errors, or managing high transaction volumes?

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Listing these pain points helps you design features and craft messages that directly address your target customers’ needs.

4. Map Out Key Customer Segments

Instead of aiming for every business, narrow your focus to a few main types with distinct needs.

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Here are a couple of potential segments:

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‍1. E-commerce Business Owners: Often dealing with high transaction volumes, these businesses look for simple, automated solutions for vendor payouts and tax compliance.

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2. HR Leaders in Scaling Companies: Growing startups or mid-sized businesses that need reliable, scalable payroll solutions and automated compliance support as their teams expand.

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By tailoring your messaging and features for each segment, you’re not just selling a product—you’re solving real, specific problems for each group.

5. Define the Customer Journey

To ensure each customer type has a smooth experience, it’s helpful to map out the key stages they’ll go through. For Razorpay, these might look like:

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A. Discovery: Businesses often hear about Razorpay through industry events or recommendations from peers. Start building trust by sharing customer stories or hosting webinars focused on financial management.

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B. Consideration: Once they’re interested, these businesses will look for product demos or case studies. Make sure you have materials that answer common questions and showcase your platform’s ease of use.

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C. Onboarding: As they begin using the platform, the onboarding process should be smooth, with clear tutorials and guides. This early support can be key to encouraging adoption.

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D. Regular Use: After onboarding, customers will use the platform for payroll, vendor payouts, and tax compliance. Ensuring a seamless experience with easy-to-access support will boost long-term loyalty.

Mapping out these touchpoints allows you to spot areas for improvement and where added support could make a real difference.

6. Prioritise Your ICPs

Not every customer type will bring equal value to your platform. By focusing on segments with high engagement and frequent needs, you can maximise growth.

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A. Frequent Users: E-commerce platforms and food delivery services often handle daily transactions. These customers value reliability and automation, making them ideal for Razorpay’s solutions. Emphasise efficiency and ease of use in your messaging.

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B. High-Value Occasional Users: Companies that handle monthly vendor payments or payroll may not use the platform daily but place a high priority on compliance and accuracy. For these customers, highlight compliance and security in your messaging.

Focusing your resources—like marketing and support—on these high-impact groups means your platform can grow with the customers who benefit most from it.

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By building a detailed picture of who your platform is best suited for, you’ll be better equipped to engage with businesses that align with your product’s strengths.

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Identifying and prioritising these groups means your resources—whether marketing, sales, or support—are focused where they’ll have the greatest impact.

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In the fintech space, it’s not just about developing a financial platform, it’s about understanding who will benefit from it most and aligning every aspect of your offering to meet their needs. Defining your ICPs allows you to build features, design messaging, and create support that resonates with the businesses you serve.

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By following these steps, you’re moving beyond a broad approach—you're targeting businesses that genuinely need what you offer. This clarity will guide everything from product development to customer engagement, ensuring your platform becomes an essential tool in your customers’ financial toolkit.