Firmographics help companies understand that their customer’s needs go beyond the easy-to-track demographic data they already store.
How can we measure what is most important in a business scenario? It is important for companies to understand that their customer’s needs go beyond demographic data. Enter firmographics, the business equivalent of demographics.
Firmographics are to every organization what demographics are to describing people. The most common questions of firmographics center around employee size, revenue size, industry, number of locations, and location headquarters. Across organizations and within each of these categories, both the distributions of values and trends will be of interest. Given the ability to describe and classify an organization within these parameters, firmographics breed a new kind of market segmentation.
Demographic information can help us to understand how consumers differ, whereas firmographics measures what matters most in a business environment. Helping an organization to understand their customers’ or prospects’ business needs, firmographics look at a company’s size or industry as more relevant than gender, age, or education. Sales teams can learn which opportunities have the most potential for boosting sales and revenue with this data. Bringing the huge advantage of focusing your time and efforts, firmographics pave the way for targeted sales and marketing campaigns based on this data.
Researchers are typically looking at two aspects when they consider a company’s responses to these questions. First, they are looking to determine the subgroups existing in the general population. Second, they are looking to establish a complete picture of a typical member of these segments. With all of this in mind, a marketing strategy and marketing plan can be developed.
How can we measure what is most important in a business scenario? It is important for companies to understand that their customer’s needs go beyond demographic data. Enter firmographics, the business equivalent of demographics.
Firmographics are to every organization what demographics are to describing people. The most common questions of firmographics center around employee size, revenue size, industry, number of locations, and location headquarters. Across organizations and within these categories, both the distributions of values and trends will be of interest.
Given the ability to describe and classify an organization within these parameters, firmographics breed a new kind of market segmentation. Demographic information can help us to understand how consumers differ, whereas firmographics measures what matters most in a business environment.
Helping an organization to understand their customers’ or prospects’ business needs, firmographics look at a company’s size or industry as more relevant than gender, age, or education. Sales teams can learn which opportunities have the most potential for boosting sales and revenue with this data. Bringing the huge advantage of focusing your time and efforts, firmographics pave the way for targeted sales and marketing campaigns based on this data.
Researchers are typically looking at two aspects when they consider a company’s responses to these questions. First, they are looking to determine the subgroups existing in the general population. Second, they are looking to establish a complete picture of a typical member of these segments. With all of this in mind, a marketing strategy and marketing plan can be developed.
Implementing firmographics with sales-i
The sales-i Record Card affords your company the opportunity to use firmographics and keep track of every interaction with a customer or prospect. Encompassing everything from position, turnover, industry, and key competitors to your key contacts within the business number of employees, the sales-i Record Card is the easy way to incorporate firmographics into your sales team.
With sales-i’s intelligent Campaign Manager feature, you can use these firmographics as the basis for targeted and fully customizable sales and marketing campaigns. You can filter your customer or prospect list by any number of segments, run reports based on these segments and create precise marketing campaigns to target organizations with a specific profile. For example, your Office Product customers in the Chicago area, with over 50 employees that have Staples as a key competitor and revenue exceeding $1 million – with sales-i, this list will be in front of you in a matter of moments.
Firmographics is a great way to keep an ongoing sales resource. It is key to create a list of factors with the most impact on distinguishing high-profitability prospects. Businesses often use firmographics to determine the target market because customers demand different products and services. This data can also provide insight into a person’s level of influence within their company. The job function can be defined, and the power to make purchasing decisions is also touched upon.
