When it comes to identifying individual prospects, one of the best places to start is by identifying companies that are going to be the best fit for your product. But it’s not enough to just know the company’s name and phone number. What’s the company’s size? Annual revenue? Industry? Headquarter location?
This kind of data is called firmographic data, and it’s the business equivalent to personal demographic data. Knowing company firmographics can help sales and marketing teams in a number of ways.
Segment companies via Firmographic attributes
Honing in on specific firmographic attributes allows you to tailor lead gen and sales outbound strategies for more effective response. Maybe you want to target small companies, mid-market or enterprise. Or you only want to serve companies that are in the high-tech industry. Each of these will likely require a different strategy in order to reach the right buying group.
Firmographic data lets you ignore companies that don’t have those particular attributes – meaning you won’t spend lots of time trying to figure out this information for a particular company. Even if the marketing department did nothing else but segment companies by firmographics, this could save your sales team from cold calling literally every business in the phone book or Thomas Register.
Personalize your marketing efforts with Firmographics
Don’t we all ignore emails that start with “Dear marketer” or “Dear Friend?” While personalizing an email won’t guarantee they’ll respond, you can at least improve your odds with a personal touch. Personalized emails improve click-through rates by 10%, and emails with personalized subject lines are 26% more likely to be opened.)
Segment your list to identify two to three firmographic-specific groups, and nurture each of them with copy and content specifically crafted for each. It’s not entirely personalized, but the effort won’t go unnoticed by your prospects and will more effectively speak to their pain points.
Analyze the potential ROI with Firmographics
One of the best ways to use firmographic data is to assess the potential of ROI of your programs for many potential companies or even a single account. Looking at revenue size and the size of specific department’s marketing team can give you a strong idea of how much budget (if any) your buyer will be able to spend on your product. Do this for all of your target companies, and you can get a good idea of how much ROI you can expect.
To learn more about how you can surface accurate firmographic data with EverString to enhance your sales and marketing efforts, schedule a demo today.