At SmartCapitalMind, we're committed to delivering accurate, trustworthy information. Our expert-authored content is rigorously fact-checked and sourced from credible authorities. Discover how we uphold the highest standards in providing you with reliable knowledge.
What is Micromarketing?
Malcolm Tatum
Malcolm Tatum
Micromarketing is a type of marketing strategy that has to do with targeting specific customers within a niche market. The approach will often use many of the strategies that are employed in target marketing in general, in that the marketer will take into account specific attributes that set the targeted customer apart from other types of clients. One of the key differences is that target or niche marketing seeks to focus on reaching a particular group of consumers within that market, while micromarketing requires personalizing marketing methods to reach a specific client.
With micromarketing, the approach calls for getting to know the client’s needs, likes, and dislikes very well. This makes it easier to match that consumer with the goods or services that are being offered. The approach is often successful because the client receives a sense of being important to the marketer and sees the efforts to connect as being on a more personal level rather than a general one.
Small businesses often use micromarketing as a means of establishing and growing a client base with a defined geographical area. For example, a small grocery store chain with outlets in three different cities could go with the more common approach of carrying the same produce in each store. With a micromarketing approach, each store would carry a core group of fresh produce, but would augment it with other produce that is of particular interest to consumers who frequent those individual stores.
Another example of micromarketing is found within the real estate industry. A local realtor who develops a reputation for working with properties within a specific price range typically also understand the needs and wants of potential buyers who can afford homes within that price range. From there, the realtor will look at the individual needs and wants of a specific client within that larger demographic and seek to help that client find a home that fulfills the needs and as many of the wants as possible, while still focusing on homes that the client can afford.
Of all marketing approaches, micromarketing is possibly the most personal of all approaches. Moving beyond the tighter focus of niche marketing, this strategy goes all the way to the individual consumer within that niche market, and establishes a working relationship that is likely to work when other less personal approaches fall short. While small businesses have used this basic technique long before the term was ever coined, many larger companies now also try to utilize this approach to build stronger connections with their clients that ultimately benefit everyone concerned.
Malcolm Tatum
After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including SmartCapitalMind, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.
Learn more...
Malcolm Tatum
After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including SmartCapitalMind, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.
Learn more...AS FEATURED ON:
AS FEATURED ON:
-
![A local realtor who develops a reputation for working with properties within a specific price range will understand the needs of potential buyers who can afford homes within that price range.]()
By: highwaystarzA local realtor who develops a reputation for working with properties within a specific price range will understand the needs of potential buyers who can afford homes within that price range.
Discussion Comments
Micro marketing is good; you can easily target you consumer.
We have a favorite local pizza restaurant that we usually eat at once a week. One way the owner gets to know what his customers like is by serving different kinds of pizza that are not on the menu at the lunch buffet.
This gives him a good indication of which types of pizza most of his customers prefer. If there is one pizza that he has a hard time making fast enough, he knows that many other people will like it too.
If there is one pizza that is always left over, that is probably not a good one to continue making. He also always makes sure to be out front during the lunch buffet and interacting with his customers.
This is a very personal way of doing some micromarketing that doesn't cost him extra money, but goes a long ways toward establishing a personal relationship with his customers.
I am a small business owner and much of my business relies on the repeat business of customers. While I need this repeat business, I also need new customers all of the time to keep a steady profit coming in.
I like to get to know my customers and provide them with what the majority of them are looking for. While I know I cannot meet the specific needs of 100% of them, I can try to provide products and services that will meet the needs of the majority of them.
I have always spent money on marketing, but have found recently that they way I have gone about the marketing is changing. Gone are the days of sending out a direct piece of mail and expecting a good response. I have to take advantage of social media and the internet, but word of mouth is still the best advertisement there is.
If you initially provide good customer service, most people will let you know what they prefer, and I have found it is to my best interest if I really listen.
I try to give as little personal information as possible when I work with certain companies. When they ask me to fill out a survey with areas that are of the most interest to me, I usually skip giving them this information.
I feel like we are overwhelmed with marketing campaigns that are looking for our business. If given the chance to opt out of receiving newsletters and updates from a company, I always do.
I know this is a form of micromarketing to get my future business, but I don't like the continual flow of ads and updates. If I have excellent customer service and a good value for my money, I will be a loyal customer regardless of the micromarketing they use.
I can understand why companies spend advertising dollars on micromarketing. If they can get to know the needs and preferences of their clients, it would make it much easier to get a sale.
I know I like to work with people who I can trust, and feel like they have my best interest in mind. As the relationship grows, they know what I am interested in and I don't have to keep explaining to someone what I am looking for.
When we were looking to buy a new house, we used the same real estate agent we had used previously. We had continued to receive updates from this agent, and when we were ready to start looking for another house, didn't have to get to know a different agent again.
I can see how effective micromarketing would lead to repeat business. Over time, as you gained more customers and clients, your business would keep growing and be more profitable for everyone involved.
Post your comments