How does accurate firmographic data drive frictionless onboarding? 

Business information data is essential for accurate and efficient customer onboarding workflows

Many companies are currently looking into companies to partner with that provide more reliable data to drive quick and efficient customer onboarding experiences. Firmographic data is used to develop a robust data set on current clients for monitoring purposes, and verify businesses that might become customers during onboarding. 

Companies look toward business health data and business compliance data to create frictionless customer onboarding experiences. However, they need accurate, current firmographic data to begin the onboarding process and verify the business they want to onboard. Having a larger variety of data points makes it easier to personalize your offerings to your clients and potential clients, as well as ensure that they are the right fit for your business. Finding actionable strategies and determining the best decisions to make requires the initial use of firmographic data. 

This article will look at the importance of accurate firmographic data as it pertains to frictionless onboarding. We’ll share the definition of both of these things and provide information about how the two combine to create a customer experience that is personalized, simplified, and appreciated by new and potential customers. 

What is firmographic data? 

Firmographic data is a set of data characteristics related to a company or organization that helps to verify their existence and accuracy for onboarding or monitoring purposes. This data can also be used for extensive insights to target the right accounts to use your products and services. 

Some of the different pieces of information provided in firmographic data include company size, annual revenue and expenditure, market trends, industry type, company reach, ownership information, and growth information.  

Demographic data and firmographic data are often combined to categorize groups and individuals. Both can be leveraged to profile businesses. One of the most useful spots for use of this data is frictionless onboarding, a goal for most businesses in today’s time and age. 

What is frictionless onboarding? 

When we talk about frictionless onboarding, it means that a new client or customer can board your company without having anything get in the way. This modern form of onboarding provides needed information about your services and products, acts as an introduction to your team, and is the first step to creating a relationship built on a pillar of trust. 

Removing all the obstacles that stand in the way of onboarding completion is the goal in this situation. Once a business is interested in what you have to offer, they can visit your website, or contact your team directly and sign up to gain access to the product without any challenges popping up in the process. 

Top ways accurate firmographic data drives frictionless onboarding 

Small business being onboarded

There are several methods to use firmographic data as part of your overall onboarding strategy. Below are three examples so you can overhaul your system to create the quick and efficient process that customers are looking for. There are many more options once you get the framework in place and have access to the most accurate data. 

Quick verification when customers fill out online forms 

The first way that accurate firmographic data can be used to revolutionize onboarding is through quick verification. Any time a customer fills out an online form on your website, it can be quickly validated so you can be sure everything is correct, and the business exists. This means you spend less time doing the validation yourself and can instead focus on onboarding businesses to your products and services. This seamless verification process shrinks time to onboarding and reduces onboarding flow costs for the enterprise.

Form validation ensures that all fields include correct, valid data. Even something as simple as this can have a huge impact on the results your company experiences.

An easier method to find small businesses 

Not all businesses are huge enterprises, with tons of news about them spread around the internet. According to the Small Business Administration, 99.9% of United States businesses are small and have fewer than 500 people associated with them.  

Small businesses include everything from tiny startups and companies to family restaurants and retail stores. As you might expect, getting data on these companies can be challenging due to their size and lack of public documents, funding rounds, or news. Most businesses that need this data don’t have the time or knowledge to find firmographic data on small businesses on their own for use in onboarding and must rely on data providers to furnish the correct details. 

When you work with a company that provides accurate firmographic data on small businesses, their automated solutions and APIs do the digging and research in their dataset, and you reap the benefits of that. With Markaaz’s verification and decisioning API suites, all you need to do is upload your potential customer to the API to get all of the business information you need to verify the business. 

KYC & KYB verification 

KYC (know your customer) and KYB (know your business) are two regulatory requirements used by businesses to ensure they are doing business with people they should be. Both of these verification services are built around due diligence.  

KYC is used by financial institutions like fintech and banks to identify their customers before an account is opened. It gives information about a customer to avoid financial crimes and online fraud and helps a business comply with anti-money laundering (AML) rules. 

KYB is an even larger process, as it’s simpler to verify for an individual than it is for a business. With KYB, business and corporate entities from around the world are verified. This is impossible when done manually, especially at scale, as it requires looking for documents from business owners, searching legal filing, and cross-checking financial information. 

When you choose a service that offers firmographic data, the process becomes easier. All the information you need is delivered to your onboarding flow. There’s no need to gather information and documents on your own. Having verified data makes it easy to accept a new customer or turn down a potential client. Bringing in only the right customers is an important part of onboarding. 

Markaaz’s low-code verification and decisioning API suites find the correct small and medium business data and verify the business, as well as returning accurate decisioning on whether the business should be onboarded to your services.

Final thoughts 

When using firmographic data, to get the best outcomes, it should be used to make educated decisions, verify your customers, and create customer segmentation. Having the right answers will help a company reduce the time between acquiring data and taking action while improving sales success. 

One of the best areas to use firmographic data is in customer onboarding. It can be used to verify customer information, ensure KYC and KYB verification, and make it easier for people to find small businesses. All of these benefits are crucial and can create the level of success you want for your business. 

Markaaz offers many types of firmographic data, along with things like compliance data and business health data. If you’re ready to enjoy the positive effects of Markaaz’s firmographic data held in the Markaz Directory of over 300 million global small and medium businesses, reach out to us now. 

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