Every business has some form of firmographic data, no matter how big or small. It separates your company from the competition and tells the world what you’re all about. But what is firmographic data? How do you collect it? And most importantly, what can you do with it?
In this comprehensive guide, we’ll explain everything you need to know about firmographic data and show you how to put it to use for your business. So whether you’re just starting or looking to take your marketing efforts to the next level, read on for all the information you need.
What is Firmographic Data?
Firmographic data is information about businesses and organizations that can be used to identify and understand them. Accurate firmographic data includes business size, industry, location, and more. It can be extremely helpful in understanding your target market and making decisions about sales and marketing strategies.
When the demographic data of an individual is known, firmographics can help to identify the organization they work for. Similarly, if your marketing efforts are focused on a specific type of business, firmographics can help you understand more about that business.
Examples of firmographic data points include but are not limited to.
- Company name: This is the most basic piece of firmographic data, but it can help identify potential customers and understand more about them.
- Company size: This refers to the number of employees at a company or the revenue generated by a company. This information can help you understand which products or services are most likely to interest a particular company.
- Industry: Knowing the industry in which a company operates can help you tailor your sales and marketing strategies.
- Location: A company’s physical location can be important for many reasons, including understanding the local market and targeting marketing campaigns.
What are the Benefits of Collecting Firmographic Data?
Let us know some benefits of firmographic data.
Helps you understand your target market
When you have a good understanding of who your target market is, you can make better decisions about your marketing and sales strategies. This data can help you segment your market to focus your efforts on the right people. Suppose you want to target small businesses in the United States.
With firmographic data, you can easily identify what kind of businesses are out there and where they are located. Even if your potential clients are not on your radar, this data can help you find them.
When your sales and marketing efforts focus on the right target market, you are more likely to see positive results.
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Helps you track the competition
Firmographic data can also be used to track the competition. By understanding the key characteristics of your competitor’s target market, you can develop marketing strategies that will allow you to better reach your target market.
In addition, tracking your competitor’s marketing efforts can give you valuable insights into what is working well for them and what could be improved. If you have an annual revenue of 1 billion and your competitor has an annual revenue of 10 million, you know that you need to be more aggressive to get a bigger piece of the pie.
To effectively track your competition, you must gather firmographic data regularly. This data can be gathered through market research, online resources, and social media.
Once you have gathered this data, you can develop a more comprehensive understanding of your competition.
It can be used to segment your market (firmographic segmentation)
The customer’s firmographics (Firmographic segmentation) can be a significant factor in segmenting your market. This is because different firms will have different needs and requirements. As such, it is important to understand the firmographics of your target market to segment them effectively.
For example, if you sell products or services to small businesses, you must segment your market based on business size, industry, and location. By understanding the firmographics of your target market, you can develop marketing strategies that are more likely to resonate with them.
Allows you to make informed decisions about marketing strategies
Firmographic data can be extremely helpful in making decisions about your marketing strategies. For example, suppose you want to launch a new marketing campaign.
With firmographic data, you can identify which companies are most likely to be interested in your product or service. You can also segment your target market to ensure your marketing campaign focuses on the right people. Informed decision making about marketing strategies can help you save time and money. Even if you don’t have a lot of firmographic data, it can be helpful to use what you have to make better marketing decisions. Remember, firmographic data is just one piece of information that can be used to make marketing decisions. Be sure to consider other factors, such as customer needs and wants, competitor activity, and the overall market landscape when making marketing decisions.
How to Collect Firmographic Data
Now that you understand the importance of firmographic data, you may be wondering how you can collect this data. You can go about collecting firmographic data in a few different ways.
Social Media
One of the best ways to collect firmographic data is through social media. Social media platforms like LinkedIn, Twitter, and Facebook are all great places to collect firmographic data. You can use social media to find information about a company’s size, industry, location, and more.
Your marketing strategies should include a social media component so that you can collect firmographic data. Start by creating social media profiles for your business, and then start following and interacting with other businesses in your industry.
Even if you don’t interact with them directly, you can still learn much about a company by observing its social media activity.
Google Business Profile (GBP)
Google Business profile (Formerly called Google My Business – GMB) is a platform that allows businesses to manage their online presence across Google Search and Maps. When customers search for your business on Google, they can see your GBP listing, which includes important information such as your business name, address, phone number, hours of operation, and website, and GBP is a powerful platform that provides valuable insights about your customers.
For example, you can see how many people have viewed your listing, called your business, or clicked on your website. You can also see what keywords people are using to find your business. This information can improve your marketing strategy and attract more customers.
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Company Websites
Most companies will have a website, which can be an excellent source of firmographic data. Websites usually contain detailed information about a company’s products or services, history, and contact information.
Websites often list key personnel, such as the CEO or high-level executives. In some cases, you may be able to find financial data, such as annual revenue or the number of employees, on a company’s website.
Few things that you should remember while collecting firmographic data from websites:
- Check for an “About Us” page: This is a common place for companies to list detailed information about themselves, including their history, mission, and key personnel.
- Look for a “News” or “Press Releases” section: This can be a good place to find information about a company’s recent activities, such as new products or partnerships.
- Search for financial data: You may be able to find annual revenue, the number of employees, or other financial information on a company’s website.
- Check the website’s domain name: The domain name can sometimes give you clues about a company’s industry or location. For example, a .gov domain indicates that the website belongs to a government entity, while a .edu domain suggests that the website is associated with education.
Website Analytics
Another great way to collect firmographic data is through website analytics. If you have a website, you can use Google Analytics or another similar platform to track information about your website visitors.
This information can be extremely helpful in terms of understanding your target market and identifying potential customers. Website analytics can provide data on where visitors are coming from, what pages they’re looking at, how long they stay on your site, and whether or not they make a purchase. When your marketing campaign is running, you can also use website analytics to track how effectively it attracts new visitors and generates leads.
Online Directories
Many online directories list businesses in specific industries or locations. These directories can be a great way to find firmographic data on potential customers. Some popular online directories include Yelp, Angie’s List, and the Better Business Bureau.
Like if your target businesses are in the healthcare industry, you could use a directory like Healthgrades to find contact information and other firmographic data. Or, if your market segments are based on location, you might use a directory like the Chamber of Commerce to find businesses in specific areas. Unlike lead generation platforms, online directories are typically free to use. The business’s existing customers are adding data to these platforms, so you don’t have to worry about accuracy as much.
Final Words on Firmographic Data
Firmographic data is an important tool for any business, but it’s especially important for businesses looking to target new customers. Understanding your target market and collecting firmographic data on potential customers can increase the chances of success when marketing to new markets.
The key is to use various sources to collect as much data as possible and to use that data to create targeted marketing campaigns.
When used correctly, firmographic data can be a powerful tool for businesses of all sizes. By understanding your target market and collecting the right data, you can create targeted marketing campaigns that are more likely to succeed.
With the right approach, firmographic data can help you reach new customers and grow your business.
So, at last we come to the end of our guide on firmographic data. We hope that this guide has helped provide you with a better understanding of what firmographic data is and how it can be used to benefit your business. If you have further questions about firmographic data or marketing to new markets, please don’t hesitate to contact us.
Growth Hackers is an experienced Google Analytics consulting agency helping businesses from all over the world grow. There is no fluff with Growth Hackers. We help entrepreneurs and business owners leverage their firmographic data, increase their productivity, generate qualified leads, optimize their conversion rate, gather and analyze data analytics, acquire and retain users and increase sales. We go further than brand awareness and exposure. We make sure that the strategies we implement move the needle so your business grow, strive and succeed. If you too want your business to reach new heights, contact Growth Hackers today so we can discuss about your brand and create a custom growth plan for you. You’re just one click away to skyrocket your business.
