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What is firmographic data?
B2C marketers use demographics to describe their market segments. B2B marketers need data that describes businesses instead of consumers, or firmographics. B2B marketers collect firmographic data that defines their target market and includes their industry, number of employees, legal status, company size, financial standing, and other business-related variables.
Marketers collect firmographic data from multiple sources. Publicly available information will list business names, industry categories, location, estimated annual revenues, and company leaders. This low-cost approach provides valuable market insights, but the data may be outdated or not detailed or relevant enough.
Marketers also use surveys to collect data. Survey results include current information about the company’s status. Since the business environment changes rapidly, surveys are a great way to collect fresh and relevant data.
For B2B marketers, firmographic data is a must-have marketing tool to identify their target market.
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