What are firmographics?
Firmographics refer to a set of characteristics employed to describe a certain business, comprehending, for instance, aspects such as yearly revenue, industry or vertical, company size, number of employees, and location. Firmographic data is often used in B2B marketing and sales to identify and target specific groups of companies that are most likely to be interested in a particular product or service.
Why are firmographics important?
Firmographics are especially important to market segmentation and lead scoring techniques, as data insights gained from firmographic variables can be of great value to filter out companies not aligned with your Ideal Client Profiles (ICPs). For example, certain revenue ranges may be incompatible with your current pricing, and some industries or verticals may not be related to the solutions you offer.
Essentially, firmographic data can be used to determine the needs, preferences, and behavior of target audiences to inform greater accuracy with marketing strategies.
How do firmographics work?
There are many ways to gather firmographic information on your leads, ranging from social listening on LinkedIn to the creation of lead forms on your top-performing gated content with specific fields concerning firmographic variables.
Such information should then be forwarded to your marketing and sales teams, to further evaluate an account’s value to your company. In short, firmographics are essential for verifying and qualifying leads in alignment with your ICP or personas, as well as to serve as a basis for market segmentation.