What is Micro Marketing? | Examples | How To Build Micromarketing Strategy?

Strategic marketing is crucial to recruiting possibilities and turning them into consumers for entrepreneurs. The process of presenting a company's or brand's products or services to a particular audience is known as marketing. Marketing is concerned with assessing target client markets and devising tactics to get a company's products in front of the proper people. As a result, marketing is a vital instrument for establishing relationships between brands and their customers. Clients who identify with a company's promotional materials are more inclined to respond to its promotion tools.

However, marketing can be done in a variety of methods. Diverse business owners acquire different techniques to fit their particular brand. Marketing emphasises the connection between your product, brand, and customers. So, choosing the correct marketing plan for your business is critical, or it will be difficult to promote your brand among the audience, especially in these days when technology has made it so easy for many people, resulting in market saturation.

There are a lot of marketing strategies that can be used to grow and advertise your brand. One of them is Micro Marketing. In this article we will be discussing Micro Marketing and how it can be beneficial.

What is Micro Marketing?
Why do Businesses choose Micro Marketing?
Micro Marketing - Advantages
Micro Marketing - Disadvantages
How to build a Micro Marketing strategy?
Successful Micro Marketing- Examples

What is Micro Marketing?

The most important rule of marketing is to understand your target market. This is the only method to expand a business if you understand your clients' needs. Micro marketing is exactly that but on a smaller scale. The target audience for this sort of marketing is quite small and has comparable characteristics such as location, income, age, shopping habits, and so on.

For example, a brand that creates women's apparel finds out that college-aged women are their buyers as well. So they create a micro marketing plan to simply target their women's apparel to college-aged women. This means the business can create a marketing strategy especially targeted towards college-aged women so as to appeal to that particular group as well.

Why do Businesses choose Micro Marketing?

Micro marketing is an extremely useful tool for both the small and large businesses. It's a fantastic opportunity for a huge company to test a new product with a small audience on a small scale. If the product works well within a tiny audience. The company can make it available to a larger audience. Micro marketing can be helpful for small businesses in developing a name among the local community and build a loyal customer base.

Micro marketing is mostly used by companies to target a very precise market section of the population to whom they may offer their product or service. If a corporation can match the correct goods or services to the proper audience, it can make a higher ROI than if they cast a broad net.

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Micro Marketing - Advantages

The main advantage of micro marketing is that it is incredibly cost effective. Because the target audience is smaller than normal, the cost of advertising is likewise lower. This is the type of plan that any type of business can use because it doesn't take a lot of money and can be quite profitable.

Another benefit is that, because of the highly targeted advertising to a small audience, the business can obtain all of the information about the consumers' demands and the feedback can be quickly reviewed. This results in an overall better understanding of the consumers and the product.

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Micro Marketing - Disadvantages

One of the most significant disadvantages is that it is a lengthy procedure. To know every detail about the purchasers' wants and the type of product that might function among the smaller audience, extensive market research is required.

Due to the smaller target base, the campaign's scope may be limited, which may be detrimental to the company. It carries a high level of risk and can result in a small audience and no growth overtime.

How to build a Micro Marketing strategy?

Following are some important steps that can be considered to generate a successful micro marketing strategy :

1. Create the Buyer Personas

The most crucial part of any micro marketing strategy is to figure out the buyer personas. If the company knows about the buyers they are targeting, then the marketing campaign can be created according to their needs and buying behavior. The business can use the help of analytics and create a buyer profile by looking at the data provided by Google Analytics, Instagram Insights, Facebook Insights, and YouTube. These platforms can provide information on demographics, such as age, gender, region, and preferences.

Surveys and interviews can also be used to gain a better understanding of the consumers' wants and how they would like to use the product. These two strategies can assist a company in developing an overall buyer persona and a higher likelihood of successfully marketing its product.

2. Select and create ways to reach the audience

Businesses can simply select platforms for customers based on their shopping behavior and other characteristics such as age, geography, gender, and so on if they know who they are targeting. You can easily pick the platform to advertise your product or service if you have a strong understanding of the buyer personas. The methods can be both offline and online, such as online advertisements, social media posts, and so on.

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Successful Micro Marketing- Examples

There are numerous excellent instances of organisations that have developed successful micro marketing strategies, each in their own unique way. Following are some successful examples :

Coca Cola

The Coca-Cola camp's 2014 "Share a Coke" campaign, in which they replaced the Coca-Cola label on their 20-ounce bottles with first names, is an example of a successful micro marketing tactic. They devised a micro marketing technique to determine which names will sell the most to their target audience. Coca-Cola recorded its largest-ever year-over-year gain for the 20-ounce bottle at 19 percent as a result of the personalised touch.

Uber

Because of the city's taxi issues, Uber used to be an app-based black vehicle limo service that solely served San Francisco. The news of this new service swiftly travelled across San Francisco, and other states soon followed suit. Uber built targeted micro marketing campaigns that tailored to particular markets as they moved from state to state. This was focused on identifying unique transportation difficulties in different cities and states utilising social media data. To persuade users in various markets to use the app, Uber launched localised internet ads with varied promos and referral benefits.

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Conclusion

Micro marketing is all about targeting individual members of your audience as much as possible. The more you engage with your target audience and tailor your campaigns to their requirements, the more successful your product will be. It's an excellent strategy for all kinds of businesses, and it's a great way to try out new items. It can be a time-consuming procedure, but if done well, it can be quite rewarding.

FAQs

What is micro and macro marketing?

Micro describes something with a small scale or scope, whereas macro describes something with a big scale or scope. In contrast to micro marketing, which focuses on a limited group of buyers, macro marketing refers to a plan aimed at a bigger audience.

What is the importance of Micro marketing?

Micro marketing aids in the understanding of the general target population and can be cost effective because it targets a smaller client base than traditional marketing.

What are the types of Micro marketing?

Different types of Micro marketing are:

• Location-based Micro Marketing
• Relationship-based Micro Marketing Campaigns
• Industry-based Micro Marketing Campaigns
• Customer Needs-based Micro Marketing Campaigns
• Brand Loyalty based Micro Marketing Campaigns
• Micro Marketing for Customer Recovery

Why are micromarketing strategies used?

Micromarketing strategies are used by the companies to target audience in a cost effective manner.

What are the successful micromarketing strategies implemented?

Examples of some companies that made its success using Micromarketing strategies are:

• Uber
• Coca Cola
• Procter & Gamble
• Red Bull