Firmographics is a set of characteristics about an organization. Firmographic data can be broken down into two groups, standardized characteristics and custom characteristics. Standardized characteristics is data that remains the same regardless of which organization is using the data. Examples of standardized characteristics are industry, annual revenue, number of employees, location of headquarters, technographic data points, etc. Custom characteristics are data that is defined in relation to a particular organization. For example, stage in sales lifecycle and purchase intent score are data points that will be different from organization to organization. Firmographics help group organizations into different segments. For example, organizations can be broken down into different categories by of entity such as business, non-profit, governmental agency, etc.
For marketing and sales teams with an account based marketing (ABM) strategy for targeting prospects, firmographics is vital data. Firmographics can help marketing and sales teams in segmenting their target market, in defining their sales and marketing pitch to their different target market segments, exploring how to expand into new target market segments, assisting Sales Development Representatives (SDRs) in their inbound sales and outbound sales prospecting, etc.
Sales and marketing teams can use firmographics to help define organizations that fall within their target market. For example, sales and marketing teams can define their target market as businesses with more than 300 employees and less than 1000 employees in the healthcare industry. From this definition of a target market, sales and marketing teams can get a list of companies to target.
In an ABM strategy, sales and marketing teams can use firmographic data and their target market segments to create personalized pitches for different target market segments. Sales and marketing teams can use standardized firmographic characteristics to craft messaging. Custom firmographic characteristics can also be used. Sales and marketing teams can use personalized messaging around purchase intent or if a company is in a particular stage in a sales lifecycle.
Since firmographic data assists sales and marketing teams in defining which organizations to target based on their target market, sales and marketing teams can apply the same approach to exploring new target market segments. Firmographic data gives sales and marketing teams structure for new segment exploration and reporting results. For example, sales and marketing teams can define different segments by industry and choose messaging towards those segments and report results by industry segment. Sales and marketing teams can personalize their messaging using many different methods including marketing emails and website personalization
There are several companies that assist sales and marketing teams in getting standardized firmographic data. Companies like Clearbit and FullContact offer an API solution to programmatically retrieve firmographic data. These companies assist organizations in putting this information into a marketing automation tool. Custom firmographic data requires sales and marketing teams to define attributes that will be helpful to their organization. Most marketing automation tools allow organizations to define their own set of data about prospects.
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