If you running a business then sometimes you might face a problem in detecting the right customers for your product.
- What is Micro Marketing? Definition and key things
- Key things about micro marketing
- Understanding micro marketing
- How Micromarketing Works?
- Example of mice marketing.
- Advantages of micro marketing.
- Disadvantages of micro marketing
- Types of micro marketing.
- 1). Local
- 2). Relationships
- 3). Job Title
- 4). Industry
- 5). Size
- 6). Customer Needs
- 7). Brand Loyalty
- 8). Customer Recovery
- 9). Price Sensitivity
Micromarketing is the best thing you need to know for the growth of your business.
In this article, I am going to give you details information about micro-marketing and how it helps to grow your business.
Lots of big companies like P&G, coca-cola, apple, Tata are using this technique for selling their products to the right customers.
What is Micro Marketing? Definition and key things
Micromarketing is a method of advertising to targets certain groups of people in a niche market. Through micro marketing products or services are marketed directly to a target group of customers.
To use micro-marketing strategies, an organization needs to definition there audience according to a specific feature, such as gender, job title, age, or geography, and then create campaigns toward that specific group. Due to the lack of customization and scale economy, it can be a more expensive strategy than other methods of marketing.
Key things about micro marketing
1. Micromarketing is an advertising strategy that allows a corporation to target a niche team with a specific product or service.
2. Through micro marketing, an organization defines an audience by a specific trait, such as gender or job title, or age limit, and then creates campaigns toward that specific group.
3. The ultimate goal of an organization in micro-marketing is to reach a target group of customers and get them to take action, such as buying a good service.
Understanding micro marketing
Marketing is important for businesses that operate in a competitive environment. As a strategy, marketing companies use it to increase their sales, customer base, brand awareness, and ultimately profit.
The long-term strength of any business depends on how successful its marketing campaign is. Whether a company delivers one or 101 products, it must identify its target market to run effective marketing campaigns. In the past, companies have conducted extensive marketing campaigns through TV or radio advertising in the hope of attracting customers to the target market. Today, businesses have been able to offer more personalized marketing schemes to each individual in their target pool, as well as to reach a single audience.
Businesses start using this strategy in the 1990s. After that, it became easier to deliver highly customized products to individual segments of the population. Larger companies can create specific categories within their customer base, while smaller businesses with smaller advertising budgets prefer to match customers with targeted products and promotions by personalizing their marketing process.
How Micromarketing Works?
There are different approaches to micro marketing. For example, a business may decide to run a micro-marketing program by specifically promoting its loyal customer base; Match special offers for dissatisfied or lost customers; Tailoring products to customers with unique needs; Marketing goods and services to residents in a particular city or region; Or delivering products to targeted customers with specific job titles or career titles.
The challenge with micro-marketing is its high-cost implementation and lack of economies of scale. This marketing strategy is usually more expensive than the user companies that spend more per target consumer and create a few marketing ads targeting a large audience by customizing many ads and appealing to a large number of customers. Also, running micromaterials can be expensive because they do not scale up in size.
Unlike other marketing, micro-marketing is a strategy that targets the largest potential consumer base of a company’s products or services. With macro marketing, a business tries to measure how the target market is for any good or service for its good market and works on how these products can be made available to these customers.
Example of mice marketing.
In this article I will explain it by giving an example of two big companies, they are P&G and Uber.
While P&G was introducing its Pantene Relaxed and Natural Shampoo and Conditioner product line, it runs a unique marketing campaign targeting African American women.
While Uber was trying to expand its geographic reach, it used big data from social media platforms to learn more about specific transportation problems in each city.
Advantages of micro marketing.
- 1. Micro-marketing is highly targeted, as it targets a specific segment of the population.
- 2. Micromarketing helps to save costs, as it reduces your target population. Small micro-budgets are set for this type of marketing and overall it reduces the marketing costs of any organization.
- 3. Micromarketing provides user-generated growth. This means that if first-time users like your product or service, they’re more likely to spread the word to their friends and family. This provides the potential for a company to increase sales.
Disadvantages of micro marketing
- 1. Micromarketing is time-consuming because it requires the marketer to carefully target the part of the population that wants to target it. This requires a lot of research and resources. Additionally, marketers must spend on developing the campaign.
- 2. Micro-marketing requires a higher cost of customer acquisition because there are fewer people in the target segment. The average cost of acquiring new customers may increase.
- 3. Micromarketing may not target the right audience and the wrong segment of the population is likely to waste resources and time.
Types of micro marketing.
In this type of marketing, an organization operating in a specific location/region will choose local micro-marketing strategies so that they can target more potential in that specific region.
In this type of marketing campaign, merchants prefer to market their products/services to people they know well.
3). Job Title
By running such campaigns you will be able to target specific job titles such as marketing managers, human resources managers to channel your molecular marketing campaigns.
You can also choose this to sell your products or services to other prospects in a particular sector.
When you look at businesses of a certain format, it can come down to this type of micro-marketing. In this, an organization selects its audience based on optimal numbers.
6). Customer Needs
When a business offers its products and services in a variety of potential possibilities, such national marketing campaigns will be tailored to the needs of the customer.
7). Brand Loyalty
This type of micro-marketing is used to target the most loyal fans of a particular brand, service or product, including personal targets.
8). Customer Recovery
In this type of micro marketing promotion, any business will try to win by using some special offers to its lost or dissatisfied customers.
9). Price Sensitivity
Targeting customers who are generally sensitive or price sensitive. For example, a cutting-edge solar panel system can give customers an unusual incentive and healthy budget for solar panels.
Micromarketing is a very effective way of marketing. If your business is not growing so well or your product is only for a specific group then you must consider it.
There is a very high chance that your product will sell more when you use this marketing technique to market your product.
It helps you make your business more profitable.
Written by Jyotirmoy Chowdhury.