When a business opts for a marketing strategy for targeting a specific group of consumers within a niche market, the process is termed as micro marketing.
In such types of marketing, a business will narrowly define its target audience on some exclusive feature sets such as job title, demographics, Zip code, etc., and then will try to connect and convert users of that segment. In this article, we will be covering the critical concepts of micro marketing, its implications, types, advantages, and other vital characteristics. So, without any further ado, let us get started.
Meaning of Micro Marketing
One of the most important things used for the operation of a business is marketing.
With the help of marketing, any business can have the success that it wants to have in the first place. In this world of competition, having marketing techniques is what keeps the companies going ahead.
So, there is not a single speck of doubt when we say that marketing is one of the best strategies that businesses tend to use these days. This can help in increasing the customer base, profits, sales, and brand awareness as well. And with the help of Micro Marketing, businesses can be more effective in targeting those users of a niche market who are more likely to convert.
So, paying attention to the micro marketing campaign is essential for those businesses that are looking for more targeted campaigns based upon the inclination of their audiences in any particular niche market.
Let us now have a closer look upon its definition-
What is Micro-Marketing?
Now you must be wondering how micromarketing can be understood in its simplest form?
Well, this can be understood as a necessary marketing strategy that is being used by different businesses these days. This strategy involves the testing of advertising efforts of a particular company on some tightly targeted people or customers.
Let us provide you with an example to make you understand better.
The market of a company can be divided into certain smaller groups of people. This is done based on the engagement that they are showing to the product. This helps businesses in making decisions about the company in the best way.
Doesn’t that seem like something that you would want to do as well?
So, here we are going to make you understand what the critical importance of micro marketing is. This will be the best help that you can get for sure.
Importance Of Micro Marketing
Micromarketing was something that became pretty common in the 1990s for sure.
There was a development in computer technology which meant that the segmentation, as well as the dissemination of the information provided to the consumers, became more comfortable in the best way.
So, with the advancement of the technology out there, it became more and more amazing and simpler to provide some of the most customized and amazing products to the customers out there.
The individual segments of the entire population started to get more natural deliveries.
This is where micro marketing was a great help for sure.
Micromarketing is a fantastic strategy which can easily be used by firms and business of different scopes.
The larger companies can create some fantastic segments in the customer base that they have.
Also, smaller businesses can match the customers that they have with promotions and targeted products in the best way.
All in all, micro marketing can help a lot in making things a bit more personal which in turn will spell success for the companies.
Let us now have a look upon different types of micro marketing, so you can understand how businesses can segment their campaigns on various grounds-
Examples of Micro Marketing Campaigns
1. Location-based Micro Marketing
In this type of marketing, a company running in a particular location/area will opt for the local micromarketing strategies so that they can target more and more prospects in that specific locality.
2. Relationship-based Micro Marketing Campaigns
In this type of marketing campaign, businesses choose to market their products/services to the people they are well aware of.
3. Job Title based Micro Marketing Campaigns
By running such sorts of campaigns, you will be able to target a specific job title such as Marketing Manager, Human Resource Managers for channelizing your micro marketing campaigns.
4. Industry based Micro Marketing Campaigns
When you choose this type of micro-marketing campaign, you opt for selling your products or services to other prospects in any particular sector.
5. Size based Micro Marketing Campaigns
When you target businesses of any specific format, then it can come into this type of micro marketing. In this, a company selects its audience on the ground of the favorable numbers.
6. Customer Needs-based Micro Marketing Campaigns
When a business offers its products and services to the prospects of some peculiar needs, then such micro marketing campaigns would be based upon customer needs.
7. Brand Loyalty based Micro Marketing Campaigns
Such sorts of micro marketing are used for targeting the most loyal fans of any particular brand, service or product with personalized targeting.
8. Micro Marketing for Customer Recovery
In this type of micro-marketing campaign, a business will try to win back its lost or unsatisfied customers by using some exclusive offers.
Price Sensitivity
This kind of micro-marketing campaign comes into play when a business tries to target audiences based upon their sensitivity towards the price of any goods or services.
Difference between Micro Marketing & Macro Marketing
While micro marketing targets a specific segment of the niche market, macro marketing is dedicated to focusing the majority of customers.
In Micro Marketing, a business clearly defines its audience and tries to convert that small segment, while in macro marketing; a business works to opt for strategies that can help it in reaching the mass market.
Advantages of Micro Marketing
Marketing strategies are great when it comes to the success rate that they have for sure. With the help of micro marketing, businesses can have a lot of profit for themselves.
That is one of the most important reasons why people need to know more and more about such advantages of micro marketing. That is what we are going to talk about right here. You can know each and everything from here.
1) Highly Targeted
With micro marketing, you will be able to target a particular segment in the best way. This could be based on religion, ethnicity, interests and so much more. This will help you in getting down with the demographics and target the right people.
2) Cost-Effective
The strategy is entirely cost-effective and some micro-budgets are involved in the whole process for sure. So, you might end up saving some money on the entire approach. Doesn’t that seem like a fantastic thing, people? Go ahead and try it out right now to see the results.
3) Channelisation of Use-Generated Growth
Micro-marketing campaigns are quite useful in penetrating the niche areas and convincing the early adopters to channelize the word of mouth campaign for the business. When your old users appreciate your product or service, they will spread the news to other prospects as well, which will ultimately boost your sales potential.
In addition to these advantages, there are some disadvantages of micro marketing as well, so let us have a look upon those as well-
Disadvantages
- Sometimes micro marketing can take more time in developing and spreading
- There can be an increase in the cost per acquisition
- There are chances that you miss your target segments
So, you need to be very careful while running micro marketing campaigns, as they do not focus upon the full range of audiences and that is why you need to get your conversions from the limited exposure that you get.
Hence being proficient in micro-marketing strategies is very important here.
Micro Marketing Wrap Up!
So, these are some of the things that you need to know about micro marketing.
While the strategy might be a bit time consuming, we can say this without a doubt that you are going to get some great benefits out there.
If you have a business that can enjoy better profits by targeting a specific group of audiences, then Micro Marketing campaign would be highly useful for you. It will let you run more personalized and result-oriented campaigns.
How important do you consider the micro marketing campaign for your business?
Have you ever opted for micro-marketing strategies for penetrating your target segment? Share your experiences with us in the comments below.
