Data is slowly but surely becoming the key to unlocking many secrets across industries. Ecommerce is not an exception. Running your OsCommerce online shop can prove challenging, especially when you want to launch new products, penetrate markets, and improve your sales.
When good old marketing tactics fail to deliver projected results, relevant data may answer the questions such as why strategies failed and how to improve them. The data that can be significantly helpful here is firmographic data.
Before we go through some firmographic data examples and how they can improve your OsCommerce shop, let’s see what this data is.
What Is Firmographic Data?
As the term suggests, firmographic data is ready-to-use information about companies in a specific industry or market segment. Another commonly used name for this data type is firmographics. Think of it as demographic data, but instead of demographics of people, it’s demographics of companies.
When running an online store, it is of immense value to understand which companies you are up against in your target market or what competition to expect in the market that you plan to penetrate.
Furthermore, firmographics can help you learn more about the companies sourcing your products.
How To Access Firmographics?
If you want to base your business decisions on firmographic data, you should know you can obtain firmographics in two ways.
First, you can collect firmographic data yourself. There is already some of the data you can use in your business contacts records.
You can enrich it with email campaigns targeting relevant businesses and politely asking them to fill out your form. It can take some time to build a database of your own, structure the data, and make it usable.
If it sounds like too much work for you, the other way of obtaining firmographics may sound more appealing. You can get it from an established data provider’s marketplace. These providers sell verified firmographics relevant to your niche you can use out-of-the-box.
Now that we’ve covered firmographics and how to get it, let’s go over some examples and see how this data can help you get your OsCommerce shop to another level.
Firmographic Data Examples
Here are the most relevant firmographic data examples any OsCommerce business manager can use.
Bear in mind that all these data examples are relevant to the niche you target. For instance, you can get firmographics on a specific target market, industry segment, or data on the companies sourcing your products or buying them in bulk.
One of the most straightforward ways to learn who your competitors or potential business partners are in an industry or market is to take a glimpse at firmographics. It outlines all the companies within the target market and can help you discover new companies your initial research failed to pinpoint.
The industry type is valuable information because it tells you how to render a specific company. For instance, a value of the industry type firmographic data can be Digital Marketing, IT and Services, Product Manufacturer, and others.
Wouldn’t it be fantastic if you could discover the performance of a specific company before you decide to do business with it? Fortunately, firmographic data can tell you about a particular company’s performance.
Among other things, the performance firmographics example can tell you the company’s annual revenue. You can even dive into the specifics and discover their average sales cycles.
One of the most vital things to consider when sourcing products for your OsCommerce store is a particular company’s location. It can help you further optimize your supply chain and ensure you have enough products in stock. Additionally, it can help you calculate the shipping expenses in advance.
An excellent thing about firmographics is that it also includes location information.
Next, we have the size of a company. You can discover how many employees each company has. It can be of immense value if your OsCommerce store is B2B-oriented.
For instance, if you sell office furniture, you can discover your most valuable prospects and focus on them.
Finally, we have trends as some of the crucial firmographic data examples. They tell you whether a company’s performance is growing, declining, or stable. It has many use cases, such as assessing your performance or aligning your marketing to sell to companies that are currently expanding and need the products you sell.
Advantages Of Using Firmographics In Ecommerce
Firmographics data examples paint the picture of the potential of using firmographics in ecommerce. However, it can still be difficult for you to decide whether it can help you improve sales through your online shop or not. Here are some of the most notable benefits of using firmographic data to help you reach your decision.
Let’s start with the most obvious benefit of using firmographics in ecommerce.
Identifying Potential Customers
There is no other way to identify valuable prospects but to look at the data. Relevant data tells you if some companies need your products and if they make enough money to buy products from you in the volumes that you plan to sell.
Personalized marketing is the current paradigm in both B2C and B2B niches. As you can see from the firmographic data examples above, you can quickly learn details about specific companies. Instead of running a broad-scope marketing campaign, you can personalize your marketing efforts.
Firmographics enable you to run account-based marketing and fine-tune your messaging to address your leads’ and prospects’ unique problems and needs.
Instead of wasting cash on expensive paid ads, you can run data-driven personalized campaigns, making them hit the bullseye and cut your costs. Firmographics can help you make your marketing campaigns more effective and potentially save you a lot of cash.
Developing A Business Intelligence Culture
Ultimately, using firmographics can help you create a business intelligence culture with data as a focal point of your decision-making processes.
Besides using data to run marketing campaigns, you can also use it to benchmark your business against competitors, source products from reliable vendors, and make wiser investment decisions.
Hopefully, the firmographic data examples above have helped you see the value of firmographics. Firmographics can help you set up your OsCommerce online shop for success.
It can enable you to reduce operational costs, reap the benefits of personalized account-based marketing, and quickly identify prospective clients within a market segment.