What is Firmographic Data and How Do You Use It?

The same way that demographics provide information about human characteristics, firmographic data provides information about firms or companies that allow you to group them into market segments. 

Firmographic data is useful because it gives marketers deeper insights that they can then use to leverage target accounts. In other words, firmographic data gives businesses information about what organizations, rather than individuals, would benefit most from their product/service. This is particularly useful when it comes to account based marketing (ABM). 

As with demographic data, there are various types of firmographic data that marketers and sales teams can leverage including:

Industry: What industry does the company fit into? Are they a non-profit, a B2C company, another SaaS, etc? This information can determine how you approach a sale and what content you share with them. 

Size: How big is the company account you’re targeting? Will they need your product on a larger scale, or are they too small to benefit from it?

Location: Ask yourself where your customers are doing business, where they’re headquartered, and whether or not they have more than one location. The answers to these questions will help you better understand your customers needs, send timely communications, and personalize content. 

Performance: When you know how a company is doing performance-wise, you can better understand how your product/service can help them grow. Turn to things like market share, sales figures, and growth and losses to see what stage a company is at in their life cycle.