If you’re in sales or marketing, you’re constantly on the lookout for ways to improve your team’s effectiveness. One of the most effective ways to achieve this is by leveraging firmographic data. In this blog post, we’ll explain what firmographic data is, why it’s important, and how you can use it to boost your sales and marketing efforts.
What is firmographic data?
Firmographic data refers to the characteristics and attributes of a business that can be used to segment and target customers. This includes information such as company size, industry, location, revenue, and employee count, as well as the products and services they offer.
Additionally, the ‘next generation’ of firmographic data includes looking at characteristics like what technologies are a company using, what does their digital presence look like – from web traffic to social followers to reviews – and what other local attributes can you find out about them.
Why is firmographic data important?
Firmographic data is critical for sales and marketing teams because it enables them to target their efforts more effectively. By understanding the characteristics of their ideal customer, they can tailor their messaging, offers, and outreach to better resonate with those prospects.
Firmographic data can also help teams prioritize their efforts. For example, if you’re a B2B software company, you might find that your product is best suited to mid-sized businesses in the technology industry. Armed with this knowledge, you can focus your sales and marketing efforts on that segment, rather than wasting resources on less promising leads.
How to use firmographic data
There are several ways to use firmographic data to improve your sales and marketing efforts:
- Identify your ideal customer: Use firmographic data to develop a profile of your ideal customer. This will help you understand their needs and pain points, as well as the channels and messaging that will resonate with them.
- Segment your audience: Use firmographic data to segment your audience based on shared characteristics. This will enable you to create targeted messaging and offers that are more likely to convert.
- Prioritize your efforts: Use firmographic data to identify the segments that are most likely to convert and focus your sales and marketing efforts on those areas.
- Improve personalization: Use firmographic data to personalize your messaging and offers to better resonate with your prospects.
- Refine your strategy: Use firmographic data to refine your sales and marketing strategy over time. As you gather more data, you may discover new segments to target or new messaging that resonates better with your prospects.
How to source firmographic data on your target companies
To effectively use firmographic data in your sales and marketing efforts, you need to first source the data for your target companies. Here are some ways to do that:
- Conduct online research: The internet is a rich source of information on companies. You can start by researching the company’s website, social media profiles, and other online platforms to gather information on their industry, size, location, and products or services.
- Use B2B database providers: There are many data providers that specialize in collecting and analysing firmographic data. These providers offer a range of data points that can be used to segment and target customers. Examples of such data providers include Dun & Bradstreet, ZoomInfo, and Firmable.
- Leverage public data: Many countries have public registries that provide information on companies registered within their jurisdiction. Examples of such public registries include the U.S. Securities and Exchange Commission (SEC), Companies House in the UK, and the Australian Securities and Investments Commission (ASIC).
- Tap into your network: Your existing network can be a valuable source of firmographic data. You can reach out to your current customers or business partners to gather information on their industry, size, and other attributes. Additionally, you can leverage your team’s professional network to gather information on potential prospects.
- Conduct surveys: Surveys can be an effective way to gather firmographic data directly from your target audience. You can create surveys that ask questions about their company size, industry, location, and other relevant data points.
Firmographic data is a powerful tool for sales and marketing teams. By leveraging this data, you can better understand your target audience, tailor your messaging and offers to their needs, and prioritize your efforts for maximum impact. If you’re not already using firmographic data in your sales and marketing efforts, it’s time to start. Your bottom line will thank you.
If you want to get started with firmographic data with the definitive B2B database for Australia, contact Firmable today.