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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 This low-cost approach provides valuable market insights, but the data may be outdated or not detailed or relevant enough.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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What is firmographic segmentation?
What if a marketer’s ideal market is small tech start-ups in Atlanta? Or large commercial bakeries in Minnesota? Each of these segments has unique characteristics and buying patterns that marketers want to know. Marketers use firmographic segmentation to classify their customer markets.
B2B marketers research companies by their industry, size, location, and other factors to better understand their markets. This segmentation approach helps them properly position their products and services to their ideal market.
Firmographic segmentation variables include a business description, financial performance, and industry insights as major categories with unique variables for each type. B2B marketers are now combining firmographic data with other types of data to improve their segmentation efforts.