What is Firmographic Data? Examples, Providers & Datasets to Buy

The point of firmographics is to know more about companies. Thus, the main use case for this type of B2B data is knowing more about the different organizations you’re involved with, from future prospects, to your current customers and suppliers. This can help you to check that your company is only engaging with the right firms and that you engage with these firms properly.

Firmographic data can be crucial for the personalization of content. It can be used to formulate the following factors, creating advertisements in social media targeting a sector, creating effective blog posts to influence the market, creating newsletters and email campaigns for companies, A/B testing, creation of study materials and tutorials for a specific company.

However, all of this is done within the context of if the company is a potential prospect, a current client, or an existing supplier.

Here is a list of how the use cases of firmographic data fit into your understanding of all the companies you’re involved with:

Understanding Your Current Customers

It goes without saying that it helps to know the companies that are currently purchasing your products/services. While you may already have a pre-established relationship and a decent idea of who and what they are, firmographic data can fill in gaps and help with useful predictions.

For example, you may not know that a current customer company has recently increased its number of employees by a substantial amount. Firmographic data can find this out for you as soon as it is happening and without you even needing to ask. by looking at which departments the company is growing in, you can determine if you’ll need to adjust your categorization of this customer and if perhaps you could upsell them more of your products.

Evaluating Your Existing Suppliers

An often unconsidered benefit to firmographic data is that it can also help you to evaluate the performance, and thereby the value, of your existing suppliers. You can’t even begin to satisfy customers and generate profit if the foundational supply for your company is rotten.
By using firmographics, you can check changes to the size, performance, and revenue of your existing suppliers, letting you know if they’re good to keep or if it’s time to find a new source.

Assessing Future Prospects

The most obvious use case for firmographic data is how it can be used to judge potential companies that you might want to engage with in the future. This could be both new customers and new suppliers.

An example of using firmographics here is to categorize and segment potential prospects by firmographic attributes, e.g. country, industry, and size. You can then further differentiate them by how they behave, as shown by their revenue and sales cycle length.

This information will allow you to only engage with companies in the market you’re interested in (shown by location and industry) and who could afford your product/service (shown by budget, size, revenue). You’ll also gain an idea of how the interaction with the company will go by understanding its size and sales cycle length.

Thus, it’s very clear how acquiring firmographics is a must if you’re looking to create appropriate and reliable future B2B relationships.

Data Enrichment

Despite having uses of its own (as mentioned above), a use case of firmographics that cannot be overlooked is how valuable it is when enriching other data sets. Indeed, by using firmographics to enrich existing data, you can make its own use cases stronger.

Firmographic data is often used to enrich other B2B data types, likeintent data, B2B contact data or technographic data.

To use these data types in an example, you might have already acquired technographic data and implemented it to find a company that has a technology stack which has a gap that your product can fill. Intent data can then show you when this company is looking to fill the gap, and B2B contact data can ensure you reach the right person within that company. Now you can use firmographic data to learn more about how the company works and how the sales process will unfold, including information like its revenue and sales cycle length.

Now in order to undergo this valuable enrichment process, you the firmographic data must have a match key that can connect it with similar data points in your existing data sets. Make sure there is a match key and that this is suitable for your existing data sets, and you’re good to go.

Firmographic data consists of all the characteristics that can be used to describe and categorize a business. These can be on a macro scale, like size and industry, or on a micro scale like revenue and sales cycle length.

Some of the key attributes of firmographic data include:

• The legal status of the company (publicly owned, privately owned, non-profit, NGO, Inc., LLC.)
• The location of the various branches of the company (region, country, state, city, zip code, address)
• The company’s industry (SIC classification codes)
• Company size (including revenue, number of employees, SME)
• Performance (sales cycle length, sales numbers, quarterly and annual profits, credit rating)
• Company structure (headquarters, parent companies, subsidiaries)

As you can see, firmographic data really provides a comprehensive description of every aspect that it might be beneficial to know about a company.

What’s important for you is to identify which attributes will be of most use for you depending on the type of business you’re interacting with. Businesses can each have their own unique style: a Fortune 500 company will not operate in the same way as a small, young start up.

Below, we outline the most popular attributes associated with this type of data—features that data buyers are actively seeking to meet their needs.