How Firmographic Data Help Achieve Business Targets

  • How Firmographic Data Help Achieve Business Targets

    The sales cycle at B2B organizations is getting elongated over the years. This calls for the right action so that representatives reach the potential customer at the right time for optimized and quicker results.

    With the increasing adoption of the latest techniques and tactics, marketers realize the importance of data such as the firmographic, which can reduce the time of the sales cycle and increase the rate of conversions within a specified time.

    Before we get an in-depth understanding of how it works, let’s decode the firmographic data.

    Firmographic Data Decoded:

    The fascination with the firmographic data would continue in 2020 and for the years to come by.

    So, what exactly is this data?

    It is the data that facilitates the segregation of the company as per the number of clients, different organizational sizes, geographical location, etc. With the availability of such information, organizations can target the prospect.

    data attributes

    The descriptive characteristics of a company can be analyzed at both macro and micro levels. Just as you can see in the image at the macro-level, companies are categorized by industry, size, etc., while at the micro-level, it is differentiated by the behavior such as sales cycle, revenue, etc. The macro-level gives a bird’s eye view over the company’s data, while the micro-level data offers the inside view of the overall functioning of the organization. Targeting B2B customers by industry and size is highly needed as you would not refer to the data that has segmented retail businesses when you have the requirement to target real-estate businesses. The same process goes with the revenue and sales-cycle where you might not like to target businesses that earn less revenue and follows a longer sales cycle.

    You should acknowledge, every B2B buyer looks into the overall aspects before purchasing any service or product, so in this instance, the B2B seller should also study the quality and relevant data that the firmographic provides to convert these potential customers.

    CMO’s of leading organizations state that low quality and insufficient data is the reason for disappointing results. The firmographic data is the savior in such instances and resolves the challenge by providing valuable insights to marketers for reaching the targeted business results.

    As stated by former CMO of FreshBooks:

    “Time and money are your scarcest resources. You want to make sure you’re allocating them in highest-impact areas. Data reveals impact, and with data, you can bring more science to your decisions.”

    Bringing science to decisions, meaning having the right data to refer to. The firmographic data is the sophisticated and refined data that never goes wrong in helping marketers to achieve the desired results.

    Find the below image:

    email segmentation

    In this survey, almost 50% of respondents stated firmographic data helps segment their email lists.

    50% is a good number, and from this, one can understand the relevance of the firmographic data.

    How firmographic data help small businesses?

    As you see the ad below, it is developed to target small businesses.

    small business

    How do you think that the organization could develop this content?

    This information is collected from the firmographic data, where the marketers could identify the requirements of the business and accordingly develop the content marketing strategy.

    The data rightly guides the team to reach out to the highly qualified leads and make the right conversion with the best market segmentation. The data also leads the personalized email campaign, instantly connecting with the customer.

    Some of the other aspects by which the firmographic data is segmented:

    • Performance: You must know there is a huge variance in the performance of different organizations. Their revenue generation, profit, etc. are different. As a B2B seller, you have to look into these aspects such as how the business is earning, via which channels and technologies, so that the representative can pitch the service related to those technologies to businesses.
    • The current position of the organization: The current status of the organization also determines whether a company would purchase a specific technology or not. If the company is growing slowly, it might have the constraint to invest on a high-priced technology. The firmographic data helps provide this information to the service seller so they can modify and prioritize what to include in the strategy.

    Let’s understand the workflow of the firmographic data

    The firmographic data:

    • Enhances your landing page
    • Help to target customers based on different selects
    • Optimizes the targeting process
    • Improves the marketing message

    1. How firmographic data enrich the landing page?

    Landing pages are included in the website to increase the sales conversion, but do you know firmographic data can be used to enhance the landing page?

    These pages directly address the pain points of potential customers and provide solutions for them. The insights to understand the pain points are rightly gathered from the firmographic data.

    As a marketer, you should not ignore this aspect, and utilize this data for the enrichment of the landing page. B2B buyers are very selective; firmographic data makes you understand the selective purchase behavior of these customers.

    2. How could it target customers based on different selects?

    The company size, revenue are some of the most-talked-about selects, but there are also other crucial selects of firmographic data such as:

    • Headquarters or the location of the company
    • Number of clients
    • Ownership such as whether it comes under public or private
    • The trends it is following

    All these help in the right targeting.

    3. Technographic data optimizing the targeting process:

    The Technographic data helps optimize the targeting process. As mentioned before in a quote, data brings science to the decisions. Companies are no longer dependent on assumptions, but there is real-time data in numerical form to back the decision. Thus, you can optimize the ad targeting and direct your marketing campaign on the right path without wasting time, money, and effort.

    4. Improves the marketing message:

    Technographic data is also known to improvise the marketing message for the campaign.

    The aim of any business is to explore new opportunities and increase revenue, but for that, one needs to have a perfect strategy by analyzing how to target new customers. The new customers are sometimes entirely different from the existing customers. In such a case, firmographic data helps marketers understand the new set of customers, their preferences, and pain points and accordingly refine the marketing strategy.

    Conclusion:

    In the current market scenario, firmographic data is acting as the lifeline for an organization. They are helping businesses to have a competitive advantage over their competitors and built a secure position in the market. As, a marketer, one needs to explore the enormous advantages that firmographic data offers and leverage it to multiply the sales and revenue in a short span. Make the sales prospecting, ad. targeting, and messaging a mandatory practice via the right and accurate firmographic data.

    The organization that could rightly harness the opportunity via firmographic data has a high chance of becoming the leader in the industry, and an organization to look upon for.

     

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John Mathew, Direct Consultant