Firmographics are to B2B marketers what demographics are to B2C. While demographics reveal insights about a person (e.g. age, gender, race, income, etc.), firmographics tell you the same about a company. Size, location, revenue, industry — it’s all part of the firmographic story. And when firmographic data is deep, accurate, and complete, it can lead to significant gains for the data-driven B2B marketer.
B2B firmographics let you segment your list via these different attributes so you can prioritize them based on industry, size, or region, and assess their overall fit with your product or service. You don’t waste any time trying to determine whether a business can actually afford your product or if they would ever even need it.
Firmographic data has grown in complexity and importance in this data-driven age, making them a critical part of an effective account-based marketing strategy.
Imagine that you’re selling a Salesforce add-on geared toward a particular industry (e.g. multi-family dwellings or small manufacturers), or company size (e.g. between 50 and 100 employees). You can collect a list of potential customers based on their technographic data, but discover that the companies are either too big or too small or they’re not in an industry that actually needs your solution.
If you know each company’s firmographics early on, you can remove the bad fits from your data — or make sure they’re not in your data set to begin with — and your salespeople can avoid trying to connect with them only to find out they wasted their time.
Why Firmographics Matter
It’s easy to dismiss B2B firmographics as “just the contact information,” but it’s so much more. You can feed your firmographic data into an AI system to better predict which customers are likely to buy. You can see which companies are growing and which ones are shrinking, which ones have more revenue and which ones are losing market share.
Firmographics can give help improve your sales and marketing efforts through:
- Increased sales velocity, which lets you narrow your list of targeted accounts to only those that are a good fit. This helps you reduce the volume of wasted calls and misspent effort trying to connect with prospects who can’t actually use your product or service.
- Improved marketing ROI, which lets you personalize and hyper-target your prospects, zeroing in only on those in a specific region, industry, or revenue size. It may also help distinguish your message from all the impersonal and mass-marketed messages that begin with something like “Dear Marketer” or “To our friends at ____.”
- Sophisticated risk assessment. You can complete a more in-depth risk and benefit assessment of each lead, such as an insurer looking for new clients. They can choose to work with companies of a certain size or avoid companies that work in a particular industry, focusing only on those clients that fit their overall company strategy.
There’s a growing divide between traditional data providers who cover basic firmographics and modern data providers who add depth and detail to the firmographic profile, giving buyers a more nuanced, complete picture of reality. These modern data vendors help their customers model and predict the ideal prospect — the ones worthy of your marketing team’s time.
The EverString Approach to Firmographic Data
Savvy B2B marketers know that success in today’s sales environment means knowing how to leverage big data. Firmographic data is an important part of the big data story, especially when layered with technographics (which refers to a company’s tech stack). Together, these data sets tell a multi-dimensional story about any particular company, which helps sales and marketing teams identify and target their best-fit accounts.
But even the savviest marketers are often slowed down by fragmented data sources. Trying to extract, match and de-dupe firmographic and technographic data from multiple vendors is a time sink, costing marketing and sales teams dearly and giving competitors an opportunity to sprint ahead. The only way to regain your advantage is to work with a single vendor that has already managed, de-duped, and organized your data for you.
EverString uses AI-human integration to ingest all data “graphics” from any and all sources, create new data through machine learning, and keep data fanatically up-to-date by continuously indexing the web.
Working with this “single source of truth” can save you hours and hours of data management and give your sales and marketing teams sophisticated and relevant insights that help you achieve more sales and a higher ROI.
“EverString provides accurate firmographic and technographic data about the vast majority of companies in their database and allows us to refine and filter that list by literally hundreds of data points.”
—Raheel Alam, Salesforce Administrator, BombBomb
Ready to see how EverString’s modern data platform can provide the most reliable firmographics? Contact us for a free demo.