We all know that B2B marketing is hard. The benefits of segmentation sometimes can become too hard to grasp. Majority marketers think that a customary approach to market segmentation is enough. But the buying methods of B2B customers are so damn different that most large companies usually act & think differently compared to the small ones. This is where Firmographic data comes in. Firmographic data is important to B2B industries as demographic data is important to the B2C industry. Firmographic data appends are what make up an ideal customer profile.
Imagine selling without knowing to whom you are selling to. This situation can leave the concerned marketer in a state of a confusion. For this not to happen, B2B Marketers should stop giving too much emphasis to the individual getting the content than the brand. This is because even though the person whom you’re talking to is very important, B2B marketers first need to concentrate on the markets & the companies within those markets. This involves firmographic data append as it aids in getting a clear view of the attributes of various organizations that are most likely to buy.
The most important feature & other uses
The most commonly used feature of firmographic data is to identify the ideal customer. Details provided by firmographics let you to segment ideal candidates & today majority organizations that provide these details have a high level of segmentation with exclusive parameters.
Segmentation: Firmographic data equips marketers to carve out clusters of companies based on set parameters. This allows marketers to generate marketing material that is personalized towards specific criteria as it is an indispensable addition to the top of the marketing funnel.
Value Estimation: Firmographic data allows marketers to estimate the value of the company, leading to comprehend how much investment is needed. Marketers should always have an idea regarding this or else valuable marketing money will be lost by targeting the wrong segment.
KPIs: Firmographic data empowers marketers to track the essential KPIs & make changes based on the data which is collected. This keeps your sales cycle robust & aligned towards the goal.
Let’s break it down
In simple words, firmographic data appends are depictive features of firms that can be used to aggregate individual firms into meaningful market segments. It can be used to describe businesses, non-profits & governmental entities. Firmographic data appends are to businesses & organizations what demographics are to people. The criteria for firmographic data include details such as:
How popular is your product in the niche market? Is it more affordable than your competitors? Is it expensive but more functional? Marketers should never assume that their customers are who they think they are because today data has the power to tell different stories. Sometimes the biggies in the market might be experiencing a lag in economy & your inexpensive products will be more engaging for bargain shopping enterprises.
Type of Industry:
It’s important to know which industries can leverage your product most, unless you are marketing a product that belongs to a niche industry. Deeply scanning the data will let you understand about the hidden markets where you can advertise more & raise an entire new customer base.
Number of employees:
In which sector is your product more popular? With startups, mid-size companies or thriving enterprises? Knowing this will help you in identifying where the like-minded buyers are.
Where are your customers more concentrated? Where should you run your marketing campaigns? Looking deep enough into the data will help you determine whether these businesses have branches or franchises in other regions.
It’s necessary to understand the sales cycle or else you will be wasting your time & effort in marketing to businesses or individuals who have no intention to buy. Marketers should know the time that a prospect will take to conduct research & make an informed decision along with how long a shopper who has no intention to buy might waste your time.
Who makes the final decision to buy the product? The CFO, CEO or a middle level manager? Get to know which job titles represent the most dependable buyers.
Additional firmographic data to consider:
Company size in terms of square feet, the busiest season of the year for your customers, what is the climate like….. Knowing all these is the ticket to marketing your product successfully.
Various types of Firmographic data appending than can be done
- Content marketing strategies.
- CMS usage.
- Social media channels that they are present on
- Automated marketing
- Customer engagement
- Technical data
- Business partnerships
Extra benefits of firmographic data append
Besides the fact that your targeting becomes more precise & aggressive, the following are the benefits of Firmographic Data Appends:
- Boost the existing records
- Upgrade the alignment between sales & marketing departments.
- Reduce the verification cost.
- Yield in-depth knowledge about your data.
- Reduce the sales cycle & top the efficiencies of the marketing collaterals.
Want to invest in a sound technology for firmographic data append rather than beating around the bush?
Now, the ball is in your court
Sales & marketing in B2B requires a good amount of time & resources. It takes lot more resources to capture the market but the yield will be way higher. But for this adequate firmographic data is necessary & it isn’t easy. Personalization is the buzzword of the market today & it is essential for marketers to have data stock well furnished & that it should give actionable insights that can be used effectively to get connected with the right people at the right time.