Business owners are taking their marketing trends to newer levels and interestingly enough, smaller levels. Typically when business owners create marketing plans they consider covering as much market segment as possible on the largest level possible, whether national or even global, practicing what is known as macro-marketing. Today a new marketing trend is being considered by many business owners to help them reach a narrower but more targeted segment, this trend is called Micro-marketing.
Micro-marketing started when executives started realizing that it was worth more to matter a lot to a few people than to matter just a little to everyone. Micromarketing offers a hopeful vision for anyone who has ever had to create a great marketing plan without a million-dollar budget or an army of resources.According to Manish Grover, Program Director of Mind Tree Marketing & Strategy, micro-marketing focuses on understanding and segmenting the regional markets, at a local or even an individual level. Companies can easily conduct micro-marketing research by reading neighborhood newspapers, asking existing customers to fill out questionnaires, attending community meetings and meetings of local clubs, and observing the types of customers who patronize competitors.
After researching and obtaining all the necessary information, businesses can target their segments and create strong and almost personalized relationships with customers. This micro-marketing approach leads to effective customer loyalty and as a result,increased revenues.
Micro-marketing is very cost efficient for the following reasons:
While researching, business owners will not worry about the high costs of trying to cover a wide variety of groups.
In terms of distribution, costs will be resourcefully cut back because there are no delivery costs to widespread geographic regions.
Advertising gets expensive when businesses attempt to reach a global or national market. Magazine, television and radio ads cost millions of dollars, especially when being circulated to reach a wider audience.
Micro-marketing ads, on the other hand, may include fliers, ads in local publications, radio advertising and even signage in or near the store and of course mainly online advertising and social media networks.
Digital evolution and media convergence has played a huge role in micro-marketing. Today, digital advertising platforms from the likes of LinkedIn, Twitter, Facebook and Google are an incredible way for businesses to scale advertising budget and reach the most micro-targeted niche.
For most social media, businesses can perform demographic targeting where they identify a number of demographic characteristics such as, age, level of education, location and subject key words.
Amanda McCormick, a social media marketer shares her views on using Facebook, the most popular social media network to this day. “I’ve run Facebook ad campaigns for years, and found them an awesome spend on a micro-budget. By far the most successful strategy is to bid for ‘likes,’ which helps you build up an interested audience really fast. [...] I love the Facebook platform for its demographic targeting most of all.”
In our age of information saturation, consumer attention is the scarcest commodity of all—which makes your job tougher than ever. How do you thread your messages through billions of bite-sized information snapshots to reach the right people? One thing’s for sure, you’re not going to succeed using traditional approaches. Mass marketing is dead; the next big thing is indeed very small. Micromarketing helps businesses move from a fading era of mass marketing to embrace a meaningful genre of micro-collaboration that builds macro markets