If you target everyone, you target no one.
When B2C businesses start their personalization journey, they break down their customers and leads up into segments based on unique demographics. This makes it much easier to create relevant content and personalized messaging which is used to convert prospects into leads and leads into customers.
In the B2B scenario, B2B demographics are called firmographic data. Personalization is equally important in the B2B world than many people might believe.
85% of buyers admit that they’ll completely write off companies who don’t personalize the very first interaction.
Firmographic information alone isn’t enough to create highly relevant content for your buyers, but it still is the first place to start your segmentation process. Firmographics are the attributes B2B companies use to segment their target market in order to discover their ideal consumers.
To better understand firmographics and the role they play in market segmentation, think of B2B companies using firmographics in the same way that B2C companies use demographics. Both are used to segment target markets to reach an ideal audience. Firmographics and demographics are different in the fact that demographics are used to segment consumers and firmographics are used to target other businesses that can potentially turn into clients.
See the Difference? But What is Firmographic Segmentation?
B2B segmentation with firmographics helps you categorize your customers are so you can target similar audiences in the future with relevant and relatable content. There are many variables SDRs and marketers use to segment target market using firmographics. Some of them are listed below.
Some industries are more likely than the others to be interested in a specific product that your company is offering. For instance, a company in the manufacturing industry looking to invest in a security system won’t be interested in a software company selling SaaS products. Grouping and segmenting such companies allows B2B marketers to personalize their advertising efforts relevant to each industry.
You need a different communication and messaging strategies to resonate with companies of different sizes. Companies of different sizes are likely to respond differently to various marketing and advertising tactics. For instance, marketing communication targeted towards a small retail chain will not be relevant for an enterprise level technology company.
Location firmographics can tell you where a target business is located geographically. Consider you are a firm in EU not conducting any business in Middle East. In that case, you should not spend any time or budget engaging with customers in Middle East. Also, you’ll also know which branch of your firm is closest to your customers.
You need Job Function and Job Level information to accurately score leads, assign leads to buyer personas, and implement effective ABM programs. Regardless of the end results, the right approach to ABM is targeting the right accounts at the right time — and firmographics segmentation is one of the best ways to achieve this.
Benefits of Firmographic Segmentation
Performing firmographic market segmentation uncovers valuable insights that can then boost ROI of marketing campaigns and sales efforts.
Personalize Your Marketing Communication
Effective personalized marketing requires being able to understand and communicate with customers in a meaningful way. With firmographic segmentation, you get to focus and categorize your messaging and all of marketing communications to a particular segment of customers.
Identify New Target Markets
With firmographic segmentation, you’ll be able to identify gaps and uncover holes in your previous strategies. You’ll be able to identify the new, untouched prospects that fall in these gaps, and you can then target them in you upcoming campaigns.
Boost Sales Results
You get granular information about the attributes that make up the companies in your target market will expose the top pain points that should be addressed in your sales efforts. Once you’ve performed firmographic segmentation, you’ll be able to create cases and scenarios in your sales communications that your prospects can relate to.
InfoGenie offers granular-level firmographic segmentation which allows you to search by levels, functions, titles, and locations. It also provides highest possible match rate, direct dials across multiple levels, functions, personas, regions, industries and size. Always be sure to find the right decision makers when you are powered by a massive data pool of over 120 million with accurate email addresses and direct dials.