The Intersection of Firmographic and Technographic Data
Table of Contents
In the vast business landscape, two key players that deal in data have emerged to provide valuable insights: Firmographic and Technographic data. While it may sound complex, in simpler terms, they are like treasure maps helping businesses navigate through the sea of opportunities. Let’s understand how these two types of data intersect and unlock a world of possibilities for companies.
What is firmographic data?
Firmographic is like a company’s biography, which includes basic information like industry, company size, location, and revenue. This helps companies understand their probable customers or partners better.
What are the most important elements of firmographic data?
The key elements of this data contain:
1. Industry: The market in which a company operates such as technology, healthcare, manufacturing, or retail.
2. Company Size: The annual revenue generated by a company or the number of employees it has.
3. Location: The geographical location where the company has its offices or headquarters.
4. Organizational Structure: The organization type, such as public, private, government or non-profit.
5. Years in Business: The operational length of a company.
6. Annual Revenue: Total money a company makes in sales per year.
7. Growth Rate: The pace at which a company is growing in employee count, revenue, or market share.
8. Technology Usage: The types of technologies used by a company.
By analyzing and segmenting probable customers based on these firmographic features, companies can recognise trends, patterns, and opportunities, which allows them to create more focused and persuasive marketing campaigns for their audience.
Where does this data come from?
These are a few resources from where you can gather this data:
1. LinkedIn.
2. Business Directories and Listings.
3. Data Intelligence Tools.
4. Buying a List.
That said, you must choose the most trustworthy data source. Business directories aren’t often updated. The same goes for buying a list as it involves the dangers of data errors. The quickest way to get updated data is probably by using a data intelligence tool.
What is technographics ?
Technographics is information about the technology stack used by a prospect or customer. This includes everything from the network infrastructure to the application they prefer, and so on. In today’s tech-oriented world, ignoring tech-driven data would only leave you behind the rest of your competitors. Therefore, it has become crucial in empowering a company’s growth journey.
This data will help you understand how different target groups prefer different technologies and how those tech tools impact their purchasing decision. With technographic data, you can create particular segments within your target audience. You can then direct personalized marketing campaigns to each of them differently. The best thing about it is that it will help you analyze what tech stack your prospects are using and how they are using it.
What are technographics data types?
Technographics data is the data we provide when a company is using a particular software like X, Y or Z and:
1. They started using it on a specific date.
2. They have been using it for the last 3 years.
3. The amount of money they spend on that technographics data or technology.
4. The estimated date of contract expiration.
5. Another way of defining technographics data is by seeing what technologies the company is using, how long they have been using it, and what is their technology percent.
What are some filters on technographics data?
Any kind of new filter is essential and valuable for marketing and sales. Filters are used to reduce or select the right customers that they want to target. Technographics and Intent data have filters like firmographics, revenue, and employee count, and they all are used to choose the right audience.
Technographics Data is a new generation filter that is becoming consequential because SaaS businesses are growing enormously. The number of technology platforms and technologies being offered to businesses is also increasing significantly. When these technology platforms or IT services companies need to choose the right accounts, they need a unique filter, and that filter is a technographics filter for them.
What are the methods to get technographics data?
1. Front-end/web-based technologies: These technologies are available on the websites of these companies. That is why they are called front-end technographics.
2. Back-end-based technologies: These technologies are enterprise software that is not available on the website but are still being used by the company. These are generally costlier, with the cost varying from 5000>, and they need manpower to support them.
3. The software behind firewalls: These technologies cannot be detected easily. Sometimes you can ping the firewalls and servers to get this information about them but not always.
Why is this intersection of technographics and firmographics important?
It is important because of the following:
1. Targeted Marketing: If you want to direct your marketing efforts straight to companies that fit your ideal customer profile and also use technologies aligning with your services and products. This is where the fusion of technographic and firmographic data works like a charm, as it enables customized and targeted marketing strategies.
2. Strategic Partnerships: Companies often aim for partners who share identical values and technology stacks. By merging firmographic and technographic insights, companies can recognise potential partners with compatible traits, fostering stronger partnerships.
3. Sales Efficiency: Time = money, for sales teams. The meeting of these data types simplifies the sales process. The sales reps can custom their pitches, as they are armed with complete information, addressing both the company’s profile and technological requirements, eventually increasing conversion rates.
4. Product Development: Understanding the technologies prevalent in a typical industry helps businesses create products that easily integrate into their target market. This confirms that the solutions offered are not only suitable but also compatible with the existing tech ecosystem.
5. Customer Success: Post-sales, maintaining customer satisfaction is essential. With firmographic and technographic data, companies can offer more personalized support, predict potential issues, and suggest proactive solutions, improving the overall customer experience.
In Conclusion
In today’s business world, knowledge is power, and the junction of firmographic and technographic data is the secret weapon. By merging these two data sets, businesses can come up with informed decisions, refine strategies, and build meaningful connections in an increasingly competitive digital landscape. However, it’s not just about data; it’s also about unlocking the possibility within that data to drive your business towards success.
Author Details
Vinay Mehendi
Vinay Mehendi, PhD focuses on customer engagement, alternative data, technographics, and CRM data management. he was listed as Top 20 B2B Marketer by Ruth Stevens in 2020. He is a Clemson graduate.
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