The Mayfly ICP process
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Before deciding what to build or even how to position it, you need a clear view of how the problem is being solved today, who customers are already turning to, and where those solutions leave gaps. This understanding can move you forward, focusing your effort on where it can create the most impact.
Competition can feel overwhelming, especially in crowded or established industries. The Mayfly approach is designed to cut through that noise - giving you a clear, practical view of where you’re really competing and where opportunity exists. In 3 steps.
It's clarity before competition. Defining your customer is a foundational step in building a successful AI venture.
Because we focus on industry-led AI ventures, ICP definition starts at the industry and business level.
We begin by clearly defining factors such as:
- Industry and sub-sector
- Company size and stage of maturity
- Operating environment (regulated, complex, high-risk, AI readiness)
- Existing systems, tools, and constraints
This ensures the venture is anchored in a real organisational context, rather than a broad or abstract market category.
We begin with a broad view of how the problem/ process is currently being addressed.
This includes both direct competitors and indirect competitors, because customers don’t compare your product only to similar software, they compare it to every possible alternative.
The alternatives solution can be a manual process or fragmented tools stitched together.
In many industries, these indirect competitors represent the true status quo you’re competing against
In most B2B and industry environments, the person who uses the product isn’t necessarily the person who buys it.
We make a clear distinction between:
- End users: the people interacting with the platform day to day
- Decision-makers: those responsible for approval, budget, and risk
This distinction matters. A product that users love but decision-makers don’t trust will struggle to be adopted, and the reverse is just as true.
Once roles are clear, we build a deeper picture of each stakeholder.
With roles, motivations, and pain points clearly defined, we merge this understanding into practical customer personas. These personas capture the essence of the people the product is built for and marketed to. How they think, decide, and behave. This becomes a shared reference point for the team - ensuring product decisions, messaging, and channel selections stay anchored in real people, not assumptions. The result is true alignment between people, purpose, and product.
Who we are
We're a Venture Studio, here to turn your AI idea into an industry transforming venture
Mayfly combines product insight, GTM strategy, technical execution and network in one integrated team.
We partner with a select group of ventures, shaping them with care and build them with commercial and technical depth.
Our staged process is designed to reduce risk early, validate what matters and give founders clarity and confidence at every step.
Build your strategic roadmap
Uncover the risks, commercial opportunity and strategy for success so you can build your venture with clarity and confidence.
$15,000
UVP
- UVP Definition
- Customer Discovery
- Problem/ Solution Analysis
- Competition Analysis
GTM
- Phased GTM Roadmap
- Channel discovery
- Funnel Design
- Messaging framework
- Business Model Strategy
Product
- Phased Product Roadmap
- Product Scope and Quote
- Product Hypothesis
- User Journey Mapping
Bring your idea to the table
Book a complimentary strategy session with our team
If you’re an industry expert exploring an AI venture and want a clearer understanding of who you’re really building for – and how AI could meaningfully improve their day-to-day – we’d love to hear about it. This first conversation is simply a chance to talk through your idea, your target customers, where their real pain points are, and whether there’s a strong foundation to move forward together. Early ideas are welcome.
FAQs
The ICP is a foundational part of the UVP strategy. It also influences awareness channels, pricing models, messaging, and the broader GTM strategy, as well as feature prioritisation and user journey design. Defining it early creates alignment across product, marketing, and sales.
At Mayfly, we begin by conducting workshops and interviews to understand your target market. From there, we define key demographics, psychographics, and behaviours, and develop detailed personas that represent your ICP and map their motivations, challenges, and buying behaviours.
Yes, your ICP can and often should evolve as you learn from real user feedback, market changes, and the growing capabilities of your product. Once you've achieved product-market fit, expanding into adjacent segments becomes easier and more strategic.
A strong pain point is one that's recurring, costly, and emotionally felt by your target customer. It significantly impacts their time, money, or growth, and current solutions either don't exist or fall short. If existing solutions are inadequate, it's worth building a venture around that pain point.
Broad targeting can dilute your messaging and reduce early traction. AI ventures gain momentum faster when they serve a clearly defined segment with a deeply felt problem. Narrowing your focus enables you to hone in on your ICP, test your assumptions, and refine your messaging.
