Businesses across industries have plenty of opportunities to choose from when it comes to making improvements. However, when you think about being able to facilitate informed decisions, there is no alternative to data.
With access to the correct data, you can improve decision-making, invest smarter, become more competitive, and step up your marketing and sales strategies.
This short guide explores opportunities business demographics B2B unlocks. Before we see what benefits, it offers, let’s define business demographics.
What are business demographics B2B?
Demographic data or demographics is one of the most commonly tracked, recorded, stored, and used data sets in B2C markets worldwide. It includes various information about consumers, including age and location. It enables B2C companies to streamline various activities including sales and marketing.
Business demographics B2B data is demographic data’s counterpart. As the name implies, companies in B2B markets use it. Unlike demographic data, which includes information about consumers, business demographic data provides information about companies.
Business demographics is also commonly referred to as firmographics, a type of data that belongs to a broad category of alternative data. It includes many valuable data points such as company size, headquarters location, structure, industry, year of foundation, and many others.
Businesses can use this data in many ways, and companies that provide it use the best SOC practices to protect the interests of all companies. What is data SOC? It stands for a security operations center and is an auditing method that ensures your data is well-protected by all service providers your business uses.
Benefits of business demographics B2B companies use
Business demographics B2B data offers many benefits to companies of all sizes and across verticals. The most common data fields in firmographics are:
- Company name
- Subsidiary status of the company
- Company size
- Performance (revenue and growth)
- Company location
All benefits business demographics B2B data offers come from two values it provides. First, it helps you take your B2B market research to the next level, discovering the most critical facts about a company in a specific market. You can also apply filters to list companies by location, yearly revenue, or any other relevant criteria.
Secondly, you can focus only on companies in a specific location with firmographics. You can narrow your listings to a particular city, region, country, or continent. How does that benefit your business?
Identify potential partners
If you are looking for potential partners to complete your supply or manufacturing chain, you need as much information as possible on them. Gathering information in the old-fashioned style is slow; by the time you complete your research, some of the data you’ve collected might be outdated.
With access to firmographics, you will never have to worry about outdated data. You can quickly identify potential partners and reach out to them with your offer.
Understand your competitors
Besides identifying potential partners, business demographics can also help you shed some light on your main competitors in any target market. You can see all companies in the relevant industry operating in a specific location.
More importantly, with data points such as company size and performance, you can understand their operations and assess whether or not your company can compete with them. Once you know their exact names, you will also have a shortcut for in-depth competition research.
Enable marketing team to better target prospects
Targeting is one of the most critical processes your marketing team is in charge of during all campaigns. A suitable targeting methodology can reduce marketing costs, shorten turnaround times, and secure sales. In the B2B world, targeting is even more crucial as there are only a handful of decision-makers within a company.
With firmographics, you can review a range of parameters to identify the most valuable targets among all prospects so you can refine your targeting strategy.
Personalize marketing offer
Account-based marketing is massive in the world of B2B. Given that every company is unique, you need to be able to communicate relevant values your service or product delivers. In other words, you need to personalize your marketing message and sales pitches.
You can easily segment companies by various factors. It makes it so much easier to come up with custom marketing messages for each segment or every company individually.
Firmographics can help you make informed investment decisions if you are interested in investing. Given that these data sets are regularly updated, you can spot valuable investment opportunities before other investors.
Where to get firmographics
There are two ways to get business demographics B2B data. You can collect it yourself by scraping data from relevant websites or sending structured questionnaires to target companies.
This process can be tedious and time-consuming. That’s why companies choose the alternative: buying ready-to-use firmographics from data providers. They pull information from multiple public sources, ensure their records are up-to-date, accurate, and correct, and structure data to make it ready for analysis.
Business demographics B2B data is a powerful resource you can have at your disposal. As you can see, it can facilitate much more than making informed decisions.
You can use it to identify main competitors and potential partners, improve targeting, streamline account-based marketing, and find the best companies for investment opportunities.
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