What is firmographic segmentation?
The better you understand your customer, the better you will be able to tailor your products, services and marketing messages to their needs. For B2C marketers, the ability to group prospects, leads and customers is vital. And at the individual level they rely on demographic data to do it.
Firmographic segmentation works on very similar principles, allowing for the creation of B2B segments. Marketers can use firmographic data to create a new campaign targeting businesses which employ more than 10,000 people in the manufacturing sector and are based in Germany. Or the product development team can create a market research group to help source feedback on their latest ideas, targeting companies that earn €20m+ revenue and which are based in France.
The more granular and accurate the data, the more effective your firmographic segmentation becomes.
How can you use firmographic data?
Firmographics can be used in much the same way as demographics data. Some examples include:
Crafting a personalised marketing, contact, and sales conversion strategy and pathway for B2B leads and customers.
Personalising and improving your customer service interactions with target businesses, targeting their specific needs and pain points.
Develop long-term relationships with target businesses by understanding the issues they – and their industry - face.
Understanding your ideal client profile and developing optimised marketing campaigns to reach them.
Firmographics can also be used to enrich your existing data sets, allowing you to unlock additional value and insights. And with more data, you can become more creative in your analysis and application.
Where do firmographic data vendors acquire their information?
Sourcing your own accurate firmographic data is time consuming and labour-intensive. So choosing to work with a reputable firmographic data vendor can save you time and money, allowing you to focus on using the data, rather than finding it.
It is also worth noting that like Global Database, a good data vendor will routinely refresh and update their firmographic information. Partnering with one of these providers will ensure that your records are accurate, trustworthy and ready for any application.
Firmographic data vendors source information from a range of sources, such as annual reports, government registration databases and even corporate websites. Just make sure that any potential provider adheres to the applicable data protection laws (such as GDPR) in your territory before purchasing their data.
Unlocking more value from your demographic data
Your business may already have an extensive CRM database – but that information can always be enriched and improved. With firmographic data you can obtain additional insights and context about your contacts – and how best to reach them with your messaging.
How can we get started with firmographic data?
To see how firmographics data can help your B2B marketing and sales processes – and to experience the Global Database difference for yourself – please contact us to arrange a free trial.