B2B marketers can’t always depend on the same metrics, tools, and solutions used by B2C marketers when it comes to lead generation and sales conversions. For example, demographics is a standard way to segment and target potential customers for the B2C marketer, but it’s far less useful for the B2B marketing pro. Instead, B2B marketers turn to the metrics of firmographics.
Firmographics is the set of attributes that a particular business (or firm) holds that defines a target market. For instance, are most of the businesses that buy your products in the industry of automotive manufacturing or perhaps food processing? Maybe your best target business is located in New England or in the Southwest. Perhaps your most loyal and profitable customers are those with 100 to 1,000 employees. These defining metrics are called firmographics.
The Firmographics Everybody Collects & Uses
The most common metrics to collect on businesses (a.k.a. firms) are:
• what industry the businesses are in
• what location the businesses are in
• what size the businesses are
• what is the business’ status (partnership versus corporation, stand-alone versus franchise, etc.)
• what is the business’ level of performance (steady, declining, increasing in profits)
These are the standard metrics to collect on the businesses you serve. By using these metrics to develop a well-refined target business for your marketing efforts, you can use firmographics at the top of your marketing funnel to produce better lead generation before customers ever get near your sales team.
Deeper Firmographics for the Serious Marketer
However, the metrics used to produce your firmographic profiles don’t have to be limited to those above. There are deeper metrics for the savvy marketer to collect and utilize in order to build and hone a more targeted profile of the business customer. Consider adding these factors into your firmographics:
• How much do each of your best customers spend with your business?
• What is the average purchase size?
• What is the lifetime value of your best customers?
• How much does it cost to acquire each of your best customers?
• How much does it cost to retain and/or support each of your best customers?
• How satisfied are your best customers?
• How closely do your best customers match your current target market?
These metrics allow the marketer to refine their lead generation efforts to target those businesses that are most like your current ideal customer. ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.
To learn more about how ReachForce can help you optimize demand generation and your impact on revenue, check out our real-time web form enrichment demo, or request a free marketing data diagnostic. Get the power to let data drive marketing and higher performance.