What is Micromarketing? Definition, Examples, and Uses
Micromarketing is a wonderful approach to target a particular group of people by advertising the trends. In a nice market, micromarketing is very important in order to advertise products or services to a specific group or people or customers. In simple words, it is a type of marketing but at a micro level. A company or business should define its target audience in order to take maximum advantage of micromarketing techniques. They can easily define their audience on the basis of different factors such as age, geography, gender, and profession. As a result, a company can easily target a particular audience or group. When compared to other marketing techniques, micromarketing could be expensive because it requires particular resources and customization.
What is Micromarketing?
As we mentioned above, micromarketing is basically a promotional strategy to target a specific niche with a specific service or product. Businesses or companies that operate in a highly competitive environment should take advantage of micromarketing. The main purpose of a company to use micromarketing is to enhance its sales, brand awareness, profitability, and customer base.
The overall success (or long term success) of a company or business is based on its marketing campaign. If its marketing campaign is effective, it will become its long-term success. Understanding your target audience, no matter what you offer or sell, is vital. This is also necessary to run a successful marketing campaign. Radio, TV, and newspaper-based marketing campaigns have become outdated. It’s an era of social media and digital marketing. These modern marketing methods are more powerful and useful than TV and radio. They help to get the attention of the customers in a great way. These days, companies and businesses are using customized marketing techniques to target different customer segments instead of targeting the mass audience.
In the 1990s, micromarketing was very common. With the continuous advancement of technology, things have become changed now. Now, it is easy to target a particular group in a niche market taking advantage of technology. Whether you are a small or big business, you can take maximum advantage of micromarketing. Small businesses can target their customers by running smaller campaigns that are cost-effective. But, large companies can divide their customer base in order to target each customer segment differently using micromarketing.
How does it work?
Micromarketing can be conducted in different ways. For example, if a brand decides to offer promotions or coupons to its loyal consumers, then it is called micromarketing. Tailoring your services or products according to the customers’ needs is also a form of micromarketing. In a nutshell, micromarketing can be done with various approaches. But, the lack of economy scale and customization are two major pitfalls of micromarketing. It requires so many resources to personalize various advertisements or marketing campaigns. This is the reason that it is so expensive. That’s why only large firms afford this strategy.
It is necessary to remember the difference between macromarketing and micromarketing. In macromarketing, a company specifically targets a large customer base or audience by advertising products or services.
Examples of Micromarketing
Uber and P&G (Procter & Gamble) are two companies that have utilized micromarketing campaigns. When Procter & Gamble launched its “Pantene Relaxed & Natural Shampoo”, it ran a special campaign to get the attention of African American ladies. When Uber tried to expand its business, it used social media platforms in order to collect data of the cities they were thinking to venture into. They identified the transportation issues of the regions that they wanted to capture. On the basis of collected data, they ran tailored or customized promotional campaigns to target the audience.
Micromarketers collect data from social media sites and other digital platforms in order to make the right promotional strategy or campaign. The captured data is based on favored websites, geographies, and demographics. They analyze the customer spending power and their preferences. This is necessary to understand their demands. By designing a customized marketing campaign for a particular segment of customers, micromarketing is very helpful as it entices customers to take the big decision. In a nutshell, micromarketing can do wonders for businesses.
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