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An example of microtargeting would be when our Cloud Kennect users find a certain type of prospect on LinkedIn, via the LinkedIn boolean search.
Users can segment based on job titles, geographic areas, schools attended, etc. Micromarketing works very well and is responsible for Kennected being on the Inc. 5000 list in 2021 and helping our customers generate approaching (at time of writing $750 million in revenue).
Marketing methods that can work with any brand depend on various factors such as audience and product. Usually, brands have specific goals for advertising and their audiences.
Micromarketing helps marketers segment their business to target markets easily and effectively.
Micromarketing can be an excellent way to reach your target market effectively. It seems everybody is taking part in digital advertising these days.
Here is what micro-marketing can help with.
What Is Micromarketing?
A simple micromarketing definition would be “targeted marketing to a niche or specific group,” giving it a much narrower scope than traditional marketing.
Micromarketing can help you understand and connect with niche groups of your target market in personal and meaningful ways.
These marketing strategies target a niche market with a larger targeted audience. A micro-marketing strategy can help your enterprise target specific customers.
Micromarketing refers to a marketing strategy designed to attract and reach a specific segment of consumers. Micromarketing has similar methods to targeted marketing.
Similar to target marketing or market segmentation, micro marketing collects specific information from segmented groups for marketing campaigns.
Marketing strategies include identifying characteristics of a targeted audience segment to determine its identity.
Companies can narrowly define their target audience through different characteristics like job title or ZIP code and tailor their marketing efforts accordingly.
Generally speaking, marketing requires the business person to determine specific needs and dislikes. It helps consumers match products to offer them more easily.
Market research is crucial to any firm operating in high competition.
Marketing can help a company grow its business, customers’ base, and eventually, its profits by increasing its market share.
The customer must identify the product to ensure that a marketing campaign will be successful.
Historically, corporations ran advertising campaigns via radio and television to attract customers from target markets.
One excellent example of micro-business development is in the real estate industry.
Any local realtor that establishes the reputation of selling properties in a specific price range knows the needs of those wishing to purchase a home at this cost.
In this regard, the realtor should take into account the clients’ specific needs and work with them to find and maintain properties that satisfy their needs and requirements within a more broad demographic profile.
When P&G released Pantene Relaxed and Natural shampoo and conditioner, it designed and conducted an advertising campaign that targeted African-American women.
When Uber sought to expand its geographic reach, the company used social media analytics to discover the specific transportation issues in each city where it planned to relocate.
The result of this was an increase in the client’s base through referral benefits and promotions.
One example of a successful micromarketing strategy implemented by the Coca-Cola camp is their 2014 “Share a Coke” campaign.
They replaced the Coca-Cola label on their 20-ounce bottles with first names.
With individual names printed on every bottle, Coke’s micromarketing campaign targeted particular customers per bottle and generated a real sense of exclusivity with every purchase.
When Nike started using plus-size mannequins in its stores, it did so to target customers that fit into this demographic; something competitors were not doing.
It also led to a growing customer base through tailored promotions and referrals.
Micromarketing also includes niche marketing. This doesn’t mean marketing strategies are costly for consumers.
Comparison of marketing efforts invested with a small segment of people against that of a more populated group of consumers indicates lower costs for micromarketing campaigns.
The budget for marketing to smaller demographics is lower.
Still, because it’s typically a niche market with fewer people in the industry, it can be more expensive to get those initial customers.
Companies that lack extensive resources or budgets, sell in a competitive industry, or want to build personal connections with customers can all benefit from a micromarketing strategy.
Micromarketing can give companies granularity and concentrate marketing.
All efforts are aimed toward particular market segments and understanding their need and demand based on gender, location, interests, ethnicity, and more.
Growth Is User-Generated
Micromarketing strategies tend to plant seeds on niche markets, allowing early adoption to handle the market. If someone finds something they like, the word spreads instantly.
A micro-marketing strategy is helpful for firms of any size.
Large firms can create specific segments within their customer base.
At the same time, small businesses with smaller advertising budgets prefer to match consumers with targeted products and promotions by personalizing their marketing process.
Increased Cost Per Acquisition
Micromarketing requires a higher cost of customer acquisition cost.
Although this campaign requires a lower budget and costs, the lower-cost audience includes fewer people. This can cause increased prices in cases of incoming customers.
A smaller target market means that you’re spending more money from your marketing budget per person.
A micromarketing strategy will take considerable time.
Each specific niche group you create to target will need customized content, messaging, and resources to effectively market it on a small scale.
The marketing strategy needs some time developing, maybe even time spreading. Investing time in building and maintaining a loyal customer base is essential.
Probability Of Missing The Target
Micromarketing is targeted and does not target large audiences. Exposure may be limited, and a potential failure to reach another target segment occurs.
If you miss the mark even slightly, you can risk losing your chances of personal connection and the results of increased sales.
For example, rather than a “spray and pray” approach — where you target everyone and hope it sticks — knowing precisely who you’re targeting can help your team be more creative within a brief, which can help create a richer marketing campaign than striving toward universality.
The Pros And Cons Of Micromarketing
Micromarketers must weigh up several factors before making this kind of marketing plan. Micromarketing is expensive as it is challenging with limited time and resources.
Because you target specific groups, you should know them intimately to understand them better. A buyer persona is vital for any company.
Brand loyalty is a high priority when using this strategy, as the targeted group of customers is a niche.
There are also distinct advantages to using micro marketing. In particular, the benefits of such an effort are the high levels of targeting.
Micromarketing is a wise decision when your business wants to reach out to a specific niche of your overall target audience.
What's The Best Strategy For Micro-Marketing?
Micromarketing focuses more on helping people identify specialized niches in their target markets personally and effectively.
The success of a business approach depends greatly on how knowledgeable you are in this niche and how much research you devote to examining customers’ information.
Businesses use micromarketing to find a specific market segment of the population to sell their product or service.
If you want to understand how data will help your organization, understand how data will help you make decisions about how your business can use it.
Developing marketing campaigns for a specific group requires heft data. This may mean doing surveys, interviewing the select market, or more.
Smaller businesses may struggle to introduce micromarketing to their campaigns.
What's The Difference Between Micromarketing And Macromarketing?
The primary difference between micro-marketing and macro-marketing is that the former focuses on a targeted small group of people.
In contrast, the latter focuses on a broad group of customers.
Micromarketing is more cost-effective than large marketing campaigns.
For example, if a marketer adopts a micromarketing strategy based on a job title, they would consider people in a particular profession like financial analysts.
With macro-marketing, a business attempts to measure how wide a scale its target market for a good or service is, and proceeds to work on how its products can be made available to this group of consumers.
These two different methods are used to compare one another, but marketing strategies may combine both for an extended range of results.
How Kennected Uses Micromarketing
LinkedIn’s number one lead generation tool Cloud Kennect is an automated service that hyper targets other professionals depending on their demographics, locations, careers, etc.
Since 2018, Cloud Kennect has successfully generated leads and built relationships between professionals.
All the while, the tool is expanding your network and doing all the hard work for you.
Sign up for a demonstration today!