To answer your first question, no. Firmographic is not a made up word and it is not the same definition as demographics.
So what are firmographics?
Firmographics play a role in quota attainment, sizing and structure of an organization and helping identify where sales resources should be spending their time prospecting or upselling. Correctly identifying which firmographics are common amongst your biggest spenders is a guaranteed to way to bring value and keep your spot at the table.
What are examples of firmographics?
- Employee Size
- Total Assets
- Total Sales
- Stock Value
- And the list goes on…
Firmographics are not a one-size-fits-all type of deal. Go-to-market strategies based on firmographics change as the market moves, new products are established and/or new channels of reaching your customers are uncovered.
How do I identify which firmographics are best suited for my team?
By going through the tool that you downloaded at the beginning of the article, you will be able to quickly narrow down the firmographics that are will drive revenue.
How does identifying firmographics help my team?
Have you not known how to answer the question, “Where should I look for leads or greenspace?” If not, then this exercise is going to give you the ammunition to do so.
How can I benefit from knowing the ideal firmographics?
The following benefits will ensue from focusing on the ideal firmographics:
- Focused time and efforts
- Larger new deals
- Higher propensity for upsells
- Shorter sales cycle
If you are ready to start focusing your efforts to drive the greatest returns, then make sure to download this Firmographic tool.
Have a different method for identifying ideal customers? Comment below and let’s bounce ideas off of each other.