“Great insights build great communication”
And great communication is the key to building strong trust and great business relationships.
When you reach out to any of your target audience with the hope of hearing yes from them, what do you think can make them say yes to you?
It’s how well you communicate with them, it’s how well you address their problems and pain points and understand their needs and goals.
Question comes, how can you do that?
And the answer is by knowing and understanding them as much as you can.
When it comes to knowing and understanding your B2B sales prospects, you must gain the information about their company’s
Demographic
Firmographic
And
Geographic aspects
Each of this information is very crucial for you to curate the compelling pitch and run an effective campaign.
In this blog we are going to understand the firmographic data of your target audience. We will discuss what exactly it is, and how you can leverage it for your benefit.
Let’s get started.
What is firmographic data?
B2B Firmographic data is a type of information that describes an organization’s primary components, which can be used to categorize organizations into meaningful categories.
Here are some firmographic data examples
Geographic area: The location where your targeted company is situated.
Number of clients: The type and the number of clients with your target audience have.
Type of organization, industry: Type of industry they are in, and is that aligned with your product offerings.
Technologies used : The tools and software they are using.
Company size: Number of employees working in the company.
Annual expenditure and revenue: Amount of money a company is investing, and amount of revenue it is generating. Amount of profit company is making.
Organization structure: The type of organization such as private, public, non-profit or government agency
Growth rate: The pace at which company is expanding in terms of revenue, market share, or
Ownership style: And many such information you can collect.
Why firmographic data is important?
Business firmographic data is significant for organizations as it helps them to segment potential B2B customers into meaningful categories.
Firmographic data prevents you from wasting your time and money on unqualified leads. With firmographic data you can create better marketing strategies by understanding your audience better. Firmographic data helps you to create personalized messages with which your target audience can resonate and connect better.
Let’s see how beneficial it is for any business involved in active client acquisition.
Improved market targeting
By gathering B2B firmographic data, you can better understand and categorize potential clients or partners based on a number of different data points, such as industry type, company size, company reach, annual expenditure and revenue, ownership style, B2B market trends, and growth information.
This information can give you critical insight into how your product might be relevant to a target organization, what use case diagram you might have for their product, and what problem-solving needs they have based on their size, location, and industry.
Enhanced customer service
Firmographic data can help you provide high-quality customer service, which is critical for acquiring and maintaining consumers. For example, understanding the firm’s geographical location allows you to be aware of opening hours and local events, aiding in easy communication.
Improved lead generation and scoring
By utilizing firmographic data, you can reach a wider pool of potential clients by understanding the unique needs of every business they contact. Additionally, using firmographic data to improve targeting allows you to find more success without additional investment since less time and energy are wasted on unqualified prospects.
Expanded sales intelligence
The more you know about a company, the better you can promote it. Firmographic information aids in the provision of high-quality customer service, which is critical for acquiring and maintaining consumers.
Improved sales strategies
By understanding the firmographic data of your target audience, you can tailor their marketing and sales strategies to address the unique requirements and opportunities associated with companies using specific technologies.
Enhanced product development
Firmographic data can help you identify trends in the market, such as what industries are increasing revenue or what sectors and marketplaces are growing. This information can help you develop products that are more relevant to your target audience.
Competitive analysis
Firmographic data can help you understand your competitors better by providing information on their size, location, industry, and more. This information can help you identify gaps in the market and develop strategies to fill those gaps.
Resource allocation
By understanding the firmographic data of your target audience, organizations can allocate your resources more effectively. For example, you can focus your time on leads and firms that are well-qualified for your product or service, and that your messaging is relevant to your target audience.
How to use firmographic data?
All the efforts that you must have put into collecting the firmographic data, will be rewarded if you know how to use it correctly.
Let’s discuss what are the different ways you can use firmographic data and make most of your marketing campaign.
Firmographic data is a valuable tool for businesses looking to better understand their target market and create more effective b2b marketing strategies. Here are some ways to use firmographic data with real-life examples:
Market segmentation
Firmographic data helps you to segment your target market into smaller and manageable groups such as type of industries, size of company, company reach, annual expenditure and revenue, ownership style, market trends, and growth information.
For example, a restaurant management system company can use firmographic data to identify potential new customers in the restaurant industry and create customer profiles to tailor their platform and pitch to the specific needs of the industry.
Buyer personas
With firmographic data you can create semi-fictional representations of your ideal customer.
This can help you better understand your target market and craft more targeted marketing messages. For example, a software company can use firmographic data to create buyer personas for accounting software for large businesses.
Improved customer service
With the help of firmographic data of your target audiences you can segment them better, understand their needs, and curate personalized content. All these ultimately help you to improve your customer service.
For example, understanding the firm’s geographical location allows you to be aware of opening hours and local events, aiding in easy communication.
Improved lead generation
It is not the quantity but the quality of data that matters. And firmographic data helps you to improve the quality of your lead.
Firmographic data help you to know which prospects have better chances of conversion. This makes you put your efforts in the right direction. When you pitch the right people, your conversion rate and ROI increases.
For example, you can use firmographic data to focus your time on leads and firms that are well-qualified for their product or service, and that their messaging is relevant to their target audience.
Plan sales strategies effectively
The main motive of collecting, analyzing and using firmographic data is to understand your target audience. When you understand your target audience in terms of their problems, struggles, needs, and goals, you can plan your strategies more effectively.
The more effective your sales strategy, the more will be your conversion and ROI.
For example, you can use firmographic data to create targeted messaging and content for leads based on shared characteristics.
Improve product development
Firmographic data helps you to know which product your target audience requires the most. Or what are the gaps in the current product that your target audience is using already. This helps you to design and develop the product accordingly and create your unique USP.
For example, you can use firmographic data to identify trends in the market and develop products that are more relevant to your target audience.
How to find firmographic data?
To find firmographic data of a prospective company, there are several ways to gather the information. Here are some methods:
1. Visit the company’s website
Many companies publish key firmographic data on their websites, such as industry, location, number of employees, and annual revenue. You can gather this information by visiting company websites and reviewing their “About Us” or “Company Information” sections.
2. Business Directories and Databases
Industry-specific trade associations and organizations frequently collect and share firmographic data on their members. This can be a valuable resource for businesses looking to target specific industries or sectors. Several companies specialize in providing firmographic data and other business intelligence services. These providers often have access to extensive databases and can deliver accurate, up-to-date information on companies in various industries.
3. Conduct online reconnaissance
If you need to dive deeper into a company, especially if you want to go to the next level of detail, you can conduct online reconnaissance. This involves searching for information about the company on search engines, social media, and other online platforms.
4. Survey companies directly
You can also collect firmographic data by surveying companies directly. This can be done through email, phone, or in-person interviews. However, this method can be time-consuming and may not be feasible for all businesses.
5. Purchase firmographic data
You can purchase firmographic data from a firmographic data providers. However, it is important to choose a reliable data source as business directories and buying a list involve risks of data errors. The fastest way to get updated data is by using a data intelligence tool.
By using these methods, businesses can gather firmographic data that is relevant to their brand and can help drive corporate success.
It is important to ensure that the information is accurate, up-to-date, and relevant to business objectives.
When it comes to finding a firmographic data vendor who provides accurate, real-time updated , relevant data, you can trust Ampliz. Ampliz Provides you firmographic data that is accurate, real-time updated and compliant.
Conclusion
Thus with firmographic data at hand, you can know your target audience completely and put the right marketing efforts at the right time and in the right direction. This helps you to get maximum ROI of all your time, efforts and money.
