Great news: on the internet, your business can interact with hundreds of millions of potential customers.
Bad news: your competitors have the same access, and they’re already throwing money at the problem.
Furthermore not so good: your mighty, scrappy team has to figure out how to match, well, hundreds of millions of customers.
Or do you?
For your business to go big, sometimes it helps to think small – particularly when it comes to your marketing strategy.
We’re talking about micromarketing — targeting a small group from your customer-base — which can be the transformative strategy for your business.
Why don’t dive into what micromarketing is, and why it’s important. Plus, we’ll explore examples to inspire your first micromarketing campaign.
What exactly is micromarketing?
For your business, micromarketing means drilling down beyond the level of niche marketing (targeting a certain segment within the larger market) to target specific individuals or micro (“extremely small”) groups.
By targeting smaller, more specific audiences, you’re able to personalize your outreach and make use of audience insights to customize your messaging for more customized, effective marketing.
Yes, this involves a different type of time and effort compared to more traditional mass marketing — and it’s worth it.
Why commit time and resources within micromarketing?
Micromarketing requires a lot more resources — if you calculate your efforts by potential customers attained.
However , targeting specific, segmented audiences is often more effective within the long-run towards acquiring high-quality leads and turning individuals leads into customers.
Sure, your first micromarketing campaign is certainly unlikely to reach the same amount of people as a Super Bowl Advertisement. But you’ll certainly spend much less than the required $5. 6M for a 30-second spot.
And, just as importantly, you don’t need to reach every Super Bowl viewer, when you can create targeted ads that inspire and delight an inferior pool of very interested consumers.
With micromarketing, your efforts are aimed at crafting personalized messages, and talking straight to the individuals most likely to reply to your pitch. The benefits have been in your ROI.
Mass Marketing vs . Micromarketing: Benefits and Drawbacks
See chart here.
As you can see, micromarketing requires a better investment to target each individual, but a greater return on investment since every individual is much more likely to respond favorably to your call-to-action.
Think of this this way: you might see your COST-PER-CLICK (cost-per-click) rise with an on the web micromarketing strategy. But , when executed well, you’re furthermore going to see an motivating decline in your cost-per-conversion — a much more important KPI.
Considering and making a micromarketing strategy is an opportunity to step back, consider alignment between your sales and marketing initiatives, and make sure you’re first-and-foremost solving for your customers’ achievement.
Are you selling complex organization software or massive industrial machinery? There may just be a small number of potential customers in your region or industry. In this case, micromarketing is likely the most effective technique for your needs –– you need to discover your potential customers, and only your potential customers. Anything else is really a waste of time and sources.
Here are some questions you should ask yourself when considering a potential micromarketing strategy for your business:
- Who buys your own product?
- Whoms the decision maker who purchases it for their company?
- Who does your product help the most –– plus why is it so ideal for them?
- What are your customers’ needs, fears, hopes, and dreams? What are their interests and passions, and what makes them happy?
- Who do your customers stick to online?
- Who does your ideal customer aspire to be?
- Who does your ideal customer the majority of admire?
These questions, along with an ongoing grasp of your purchaser personas, should lead a person towards the answer to the two important questions that drive micromarketing decisions and campaigns:
1 ) Who is most likely to respond to your messages?
2 . How can you best talk to them — and no one else?
For instance, once you learn your product requires CMO buy-in, you can use strategic micromarketing to appeal to CMOs with a targeted marketing campaign on LinkedIn.
Ultimately, micromarketing helps you get your product directly in front of the eye that matter most.
To see micromarketing in-action, let’s check out a few examples next.
1 . Coke produces a “Share a Coke” marketing campaign.
Coke’s “Share a Coke” campaign started in Australia, but offers since expanded to over 70 countries. If you haven’t currently seen a name on a Coke bottle, here’s the particular gist: the marketing team in Australia chose 150 from the country’s most popular names, plus printed those names on Coke bottles with the command word to “share the Coke” with friends and family.
The marketing campaign is a fantastic example of micromarketing. The particular campaign enables Coke for connecting locally with people in specific regions by identifying several names most popular in that region. And the results were astounding: summer time it first launched in Australia, Coke sold more than 250 million named bottles in a nation with roughly 23 million people.
2 . L’Oreal Malaysia leverages local, user-generated content.
L’Oreal uses micro-influencers and user-generated content to assist break down geographical barriers meant for products, opening markets in an authentic, engaging – and personal – way.
For instance, L’Oreal Malaysia worked with local micro-influencers to create video tutorials of items for L’Oreal, Maybelline, plus Garnier. The videos were shared directly to the influencers’ own audiences. As a result of the particular campaign, L’Oreal Malaysia noticed a 12. 9% increase in engagement rates, and one 9 million trend thoughts.
Instead of agonizing over individualizing content internally and navigating cultural differences, L’Oreal leveraged local influencers to increase passions in its products for each nearby market.
3. La Croix uses branded hashtags to get micro-influencers’ content and reach new audiences.
La Croix leverages micro-influencers by searching for Instagram users who’ve used branded hashtags such as #LiveLaCroix — and then asking those micro-influencers for permission to use the user-generated content in La Croix’s marketing materials.
This particular greatly cuts costs given that La Croix doesn’t have to produce the materials, and in addition it enables La Croix to focus on each of the micro-influencers’ audiences to get more personalized, effective content.
4. Sperry reposts influencers’ content on its own account.
Sperry identifies influencers around sharing Sperry items on various social channels, and reposts those pictures to the official Sperry accounts.
This enables Sperry to power on-brand content with a pre-built segmented audience, while foregoing a more official influencer strategy that would require more spending budget and resources. Instead, these micro-influencers are satisfied with recognition and exposure as a type of compensation.