Micromarketing consists of focusing on a niche market of a specific group of individuals. A micromarketing campaign involves marketing products or services directly to this specific group of customers.
A company that wants to employ micromarketing techniques must define an audience based on a specific characteristic, such as job title, age, or geography, and then create campaigns tailored to that group. Compared to other approaches, this one is more expensive. Because of this, some small businesses can’t afford a digital marketing strategy of this type, but here in Q Ad, we’re going to tell you how this works so you can apply it.
Being familiar with Micro Marketing
In a competitive market, marketing is crucial. By using marketing as a strategy, organizations can increase sales, customer base, brand awareness, and ultimately, profits.
Using micromarketing is a challenge due to its high cost of implementation. The advertising costs associated with companies using this marketing strategy are generally higher per targeted consumer. Creating a few marketing ads tailored to appeal to a large mass audience is less expensive than several marketing ads targeted at a small group of consumers. Moreover, micromarketing can be expensive to run since it cannot be scaled up to a large audience.
Micromarketing is different from macromarketing, a strategy that looks to target the biggest possible consumer base of a company product or service. With macromarketing, a business attempts to measure how wide a scale its target market for a good or service is. The business then proceeds to work on how its products can be made available to this group of consumers.
How to use Micro Marketing
Examples of companies that have run successful micro marketing campaigns include Procter & Gamble (P&G) and Uber.
P&G ran a marketing campaign to target African American women when it was introducing its Pantene Relaxed & Natural shampoo and conditioner. During its expansion efforts, Uber analyzed the social media data available to it to find out more about the specific transportation problems in the cities that it was targeting. As a result, the company grew its client base through targeted promotions and referrals.
Some things you should consider
The expansion of emerging technologies, such as big data, is used by micro marketers to capture information via mobile devices and e-commerce platforms. According to the data collected, consumers can track the type of products they are viewing or purchasing based on demographics, geographic locations (IP addresses), favored websites, brands they prefer, or spending habits. In this way, a website can match related products to digital consumers.
By targeting a well-defined segment of consumers, micromarketing is an approach that attempts to get the audience to make a purchase or take some kind of action. In order to create profits for a company, micromarketing matches products to a consumer’s tracked preferences.
We hope this information helps you in creating better marketing strategies for your company. If you have any questions, or you would like us to help you, please get in touch with us! We will be happy to work with you. We are a multicultural marketing agency, with more than 13 years of experience.