In the B2B world, data becomes increasingly important for gaining competitive advantage, streamlining decision making, boosting revenue, and increasing profits. If you are looking for data that provides all these benefits, you should get familiar with firmographic data.
What is firmographic data in the first place? How can it help you boost your B2B sales?
Below you can find all there is to know about firmographic data and discover how it can help you capitalize on opportunities in your target market.
What is firmographic data?
Firmographic data is data that contains very specific types of information. For B2B businesses, firmographics is what demographic data is for B2C businesses. It contains valuable information about companies across industries.
One firmographics entry can contain the company name, location of its headquarters and all branches, number of employees, growth trends, and which vertical it operates in.
Simply put, firmographics refers to data that contains key information about the companies and their operation. Now, why would you use firmographics to boost your B2B sales? Let’s see what you can achieve with access to this valuable data.
Easily identify valuable prospects
In the B2B niche, one of the most important things you can do is identify valuable prospects. The decision-making in B2B takes time and staying with the leads that long in contact costs time and money. One might even say that everything ranging from marketing to making the final sales pitch is an investment.
Now, while you want to maximize your sales, you also want to ensure that your organization is profitable. That’s precisely where firmographics come in. With access to specific types of information, you can quickly identify valuable prospects.
Whether you want to filter prospects by location or industry type, you will be able to discover the ones that both can benefit from your products and services and afford them.
Improve the cost-efficiency of your marketing campaigns
B2B marketing campaigns can amount to high costs. As we mentioned earlier, generating sales is important, but ultimately, it’s the bottom line that matters the most. Unfortunately, there are not that many strategies you can leverage to improve the cost-efficiency of your marketing campaigns and optimize your customer acquisition costs.
Using data to fuel your targeting efforts is the best strategy to rely upon. Instead of casting a wide net and financing expensive broad-scale marketing campaigns, you can narrow down your campaigns. With firmographics, you can focus on the most valuable targets and forget all about those expensive multi-channel marketing campaigns.
Personalize your approach to improve sales
Finally, if you want to boost sales, your marketing messaging and sales pitch must reflect the current needs of your customers and clients. The challenge here is that no two clients are the same. It simply means that one uniform messaging strategy will provide different results.
You need to personalize your approach and highlight the features and values of your products and services that are relevant to a lead.
Yet again, firmographic data comes to the rescue. With all these types of information in your hands, you can excel at firmographic segmentation. You can create different segments by applying specific criteria or even focusing on account-based marketing and sales.
The best thing about it is that you can adopt this as an ongoing strategy. As long as you have access to regularly updated firmographics, you will be able to keep your approach personalized, boost sales, and maximize profits.
Getting access to firmographic data
If you find firmographic data quite interesting and would like to start using it to boost sales, you should know that you can either compile the data yourself or obtain it from a data provider.
If you decide to do it yourself, you have a couple of options. You can send surveys to ask companies to provide the requested information or launch a web scraping operation to pull the data from credible online sources.
The easiest way to get firmographic data relevant to your company is to purchase it from a data provider. Top-notch providers in this niche keep their firmographics regularly updated and accurate so that you can immediately start using data to boost your B2B sales.
Conclusion
Firmographic data is a compelling resource to have at your disposal at all times. It can help you identify valuable prospects in any target market. More importantly, with firmographics, you can run cost-efficient marketing campaigns and personalize your messaging to boost conversion rates and generate more sales.
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