More than three decades ago, when we were tasked with creating a benchmarking report for a specific company and its competitors, we quickly realized the limitations of SIC classifications. This realization led to the need for more precise and representative industry competitor listings. The result of our efforts is the inclusion of over 1000 carefully researched listings in the USP Data app, revolutionizing B2B market segmentation with unparalleled accuracy.
The Evolution of Business Market Segmentation:
Business Market Segmentation involves dividing a vast target market into smaller, more manageable segments. Traditionally, this was done using SIC codes based on sectors. However, SIC codes have inherent challenges, such as static allocation at a company's inception and the extensive use of 'Other' in SIC descriptions, making them insufficient in many cases. Anyone who has tried to navigate a listing based on SIC codes understands their limited usefulness.
1000+ Thoroughly Researched Industry Sector Listings:
For benchmarking, where meaningful comparisons are crucial, we discovered that there is no substitute for meticulously researched listings. This ongoing process starts with association listings and incorporates valuable feedback from our report customers to ensure relevance across all 1000+ sectors. Business market segmentation is dynamic, influenced by new ventures and closures, requiring continuous research efforts.
Inclusive Search Methodology:
While the USP Data app includes standard SIC classifications for all UK companies, our unique value proposition lies in our extensive research overlay. This significantly improves the effectiveness of sector firmographic selections, reducing the chances of overlooking key firms. This has profound implications for refining niche listings. The data for sought-after companies is readily available, and speed becomes crucial in identification and access. Users can start with a few known companies of interest, identify their sectors, and use business market segmentation to quickly locate competitors using SIC codes or researched reports. Combining these approaches expedites the path to finding the relevant niche group.
A Critical Role in the SME Space:
Our researched B2B market segmentation not only provides precise industry sector listings but also reveals valuable averages and trends. This is instrumental in identifying opportunities within the vast landscape of SME companies, many of which submit incomplete accounts. This is a unique advantage of the USP Data app, especially in deal origination within the SME space, where nearly 80% of firms (below £10M turnover) have incomplete accounts. When evaluating comparative offerings, it's essential to consider this unique strength and recognize the indispensable role of accurate business market segmentation in unlocking opportunities within the SME domain.
Firmographic data, also known as firmographics.
It is a set of characteristics used to categorize corporations and organizations.
Firmographics are data sets like demographics for people and technographic for technology.
It allows you to categorize firms based on unique identifiers.
It's especially beneficial for B2B teams looking to rapidly discover and engage qualified leads who are most likely to benefit from your product or service.
