Firmographic Data Append to Grow Your Marketing Footprint
Firmographics is short for firm demographics. It is a set of characteristics that are used to segment prospect companies/organizations/enterprises.
Firmographics is to B2B what demographics are to B2C. It enables you to extract information regarding various parameters about a particular company that can come in handy when you are creating your marketing campaigns. You can derive data from it that can be used to personalize your marketing.
The most commonly available details are SIC codes, company size, and location. These are the basic entries and the list can go on to a very high degree. It is crucial in understanding organizational behavior, especially in particular industries.
It is mainly used for segmentation today based on shared sets of qualities. Some of the most common parameters are company size, employee size, annual revenue, location etc.
Finding Your Ideal Customer with Firmographics
The most commonly used feature of firmographics is to find your ideal customer. Once you have narrowed down on the type of organization that you want to work with, details furnished by firmographics allow you to segment ideal candidates. Today, most organizations that provide these details have a high level of segmentation with exclusive parameters.
The Different uses of Firmographic Data Append
- Segmentation– This allows you to create groups of companies based on parameters that you have set. This allows you to create marketing material that is personalized towards specific criteria. It is an invaluable addition to ‘top of the funnel’ marketing- giving you the right direction to take.
- Value Estimation– This allows you to figure out the estimated value of the company, leading you to understand how much investment you need to make in netting business. It is important to have a clear understanding of this because you may lose valuable marketing money in targeting the wrong company/segment.
- KPI– Firmographic append allows you to track essential KPIs and make course corrections based on data collected. It keeps your sales cycle robust and aligned towards goals.
Firmographics Appending- The Various Values Involved
What is firmographics append?
Firmographic data append is an essential part of any B2B company’s database marketing setup. Some of the most common attributes are as follows:
But are these enough to ace digital marketing today. The clear answer is no. This is where firmographics appending steps in. You need to have a whole lot of data to make an informed decision. You need to have various criteria settled before you apply them to your marketing. Today, most companies have a mix of traditional and digital marketing strategies. You need to be able to bridge this gap in order to reach your potential customer.
Here is a brief list of the details you can append if you have few of the firmographic details as furnished above.
Some of the Many Details That Ampliz Provides Through Its Firmographic Append Service
These are only some of the many details that you can collect about companies easily from most standard database providers today.
Let us illustrate with an example here so that you understand the true depth you can dive to and retrieve information.
Company X is looking to marketing a service that is suitable for financial companies. It is a stock trading program that enables investors to forecast and predict certain types of shares and bonds in the market.
Their target audience is large and major financial services providers who invest large amounts of money for their investors in the stock market.
What Are The Different Types Of Company Information That Company X Will Need To Fulfil These Criteria?
1. Area of Operation– This gives an idea of how to target them, digital or traditional. It also gives you an idea of the type of financial environment they operate in. HNI, developing the market and so on.
2. Number of Employees– This allows you to estimate the various levels of hierarchy they follow, the per employee revenue scale and types of employees.
3. Funding– A crucial aspect, giving you key insights on who is investing in them, why and how much their wallet is worth.
4. Acquisitions– What they are looking for in terms of growth areas.
5. Products– What products/services they currently have and use.
6. Customers– Who they deal with, how much is the bandwidth of operations and where their customers are located.
7. Sister concerns– Maybe they might need your product and not the parent company.
8. Board of Directors– Who takes the decisions and who signs the cheque.
9. Partners– Who they work with and why.
10. Groups– What are the different financial groups they are part of and who they are dealing with.
These are some of the many details you can get appended by just knowing the company name and area of operations. The depth of investigation is easier for B2B companies because the number of companies will be lesser, information is readily available in public sources and libraries and the scale of operations is smaller compared to B2C where data can run into millions of counts easily.
There are certain basic needs that need to be fulfilled before you go into appending firmographics. These give you a head start and allow you to branch out in the necessary directions.
What Are the Various Types of Firmographics Appending That you can do Today and why You Need To Be Doing It
From basic firmographic information, you can extract a lot of details by appending them.
1. Social media channels they are present on.
2. Content marketing strategies.
3. Automated marketing.
4. CMS usage.
5. Customer engagement.
6. Technical data.
7. Business partnerships.
These give you a substantial amount of data that you can utilize to create marketing collaterals that target them squarely.
Here Are Certain Benefits of Doing Firmographic Appending
1. You get to know the industry your ideal client is in– This allows you to target that specific industry as conversions are higher.
2. The size of revenue from your ideal customer– You can expect a certain minimum amount from your ideal customer by figuring out a pattern of spending.
3. Where does your ideal customer do business– This gives you a better picture of who their target audience is and what they are doing to market to them.
This type of appending is one of the best ways to augment the capabilities of your internal teams. It helps in increasing the understanding of your ideal customer which in turn elevates your marketing to higher standards, allowing you to push forth towards newer prospects and close faster.
Sales teams have an in-depth understanding of who they are talking to, are better prepared to answer queries and are able to target the pain points of their prospects. This makes a lot of difference to the speed of your sales funnel, the ability to keep prospects interested and assured of your interest in the matter and also allows you to spend lesser time finding prospects.
Marketing teams are highly benefited from firmographics append since they have a lot of interesting data around which they can build their marketing collateral base. Content, design, delivery- all of these benefit immensely from appending since the writers know who they are writing from, who is reading and what needs to be going into the content for it to convert.
Campaign managers have a clear idea of their field of approach, which is substantially narrowed down and filtered. They do not have to waste time in sending campaigns to large sets of users and target specific email appending companies and titles within them. This reduces cost, increases returns and gives the revenue stream a boost.
Competitive research becomes easier as you have substantial information about the market, understand where your business is coming from and know who likes what and more importantly- why.
What Are The Benefits Of This Type Of Appending, Other Than the Fact That Your Targeting Becomes Aggressive And Precise?
- Reduces the cost of verification
- Improves marketing and sales alignment
- Boost existing records
- Provides in-depth knowledge about your data
- Shortens sales cycle and improves efficiencies of marketing collaterals
B2B marketing and sales require a decent amount of time and resources to be fulfilled. It takes a lot more resources to capture the market, but the turnover will be decidedly higher. To enable this type of sales funnels, you need a robust avenue for the collection of data. Collecting this data isn’t enough. Since personalization is the key word today in marketing, it is essential to have your data stock well furnished and it should give you insights that can be used effectively.
Instead of beating around the bush and trying to figure out what ifs and buts, it is better to invest in this sound technology that enables sales and marketing teams to go into the field confidently. It gives them valuable time and bandwidth to reach and interact with the prospect who has the maximum chance of engagement and conversion.