As sales evolves, new strategies and trends come and go sometimes as quickly as night and day. That said, there is one recent trend that has withstood the test of time (so far) and become a best practice … micromarketing.
An advertising strategy in which a specific demographic is targeted, this strategy allows businesses with obscure or niche products to focus their marketing efforts directly on the type of people they wish to reach.
If you have considered adding micromarketing to your box of selling tools, read on. This article is for you!
How Does Micromarketing Work?
Micromarketing is based on advertising and selling directly to what is often a small group of people or niche audience. While many fail to see the point of not trying to reach as many people as possible, these small markets can be extremely valuable, and they are now easier to identify and reach than ever before.
The types of markets you would use micromarketing on are often either highly dedicated, highly competitive, and/or highly profitable. This can be something as mundane as decorative tea cups that only a few people would have the money and desire to get. On a larger scale, it could be special chemicals or materials needed for a powerplant to function. These markets are niche because they are something that not everyone would want or need, but they are marketed to because they are incredibly profitable due to their niche needs.
There are multiple ways that micromarketing manifests, as there are multiple reasons a business would want to target a certain group. On a broader level, companies can directly target their gender or their age, and is likely the most common form of micromarketing. It can also be based on hobbies and customer loyalty, targeting those who have an obscure or expensive interest in what you have to offer and catering to your patrons. It can even be directed towards certain businesses and job positions, especially if you’re giving an invaluable service to them. Even if it seems like a small market, what you can provide them with and what they are willing to give back to you cannot be overstated.
Why Would You Want to Work with Micromarketing?
There are many reasons why you would want to enter the micromarketing field or would want to collaborate with a company with a more niche focus. Typically, micromarketing is a far more cost-effective alternative, only requiring the money needed to advertise to a certain group as opposed to spreading it across a wider group. While it still costs a decent amount of money for advertising, it will be more likely that you will get more bang for your buck. Those who need your service would be more likely to support you in a greater way.
Another reason micromarketing is so effective is because of its specified targeting. You know exactly what your clients want from you, thus you have a better edge in convincing them to invest in your service. Knowing your audience is a critical aspect for sales and marketing, and micromarketing helps you understand the needs of your audience. Being able to be this specific and focused allows you to invest more of your time in selling and marketing, while spending less time on research and analytics. You also get a better sense of customer loyalty and feedback, as you develop a stronger bond with the people that you’re selling to, thus they will want to support you and help you improve.
It can also give you another avenue to bring in new customers through your perceived authority. Focusing on a specific niche and growing a loyal clientele will draw the attention of those who are just getting into your niche. When they look at you and see how much you cater to your audience, they will see you as an authority on your chosen niche. This, however, does depend on the trust you build with your current clientele. This means treating them fairly and properly, and not trying to swindle them with a poor product and confusing customer service.
It should be noted however that this form of marketing and the style of selling micromarketing requires a lot more dedication to your craft. It requires you to know the field that you are entering with extreme detail and that you stay up to date with current trends in that field. Additionally, if a larger company focusing on multiple products is trying to get into micromarketing, it can become extremely difficult to keep track of every niche you’re trying to sell to. It is also possible that you completely miss your target audience as well.
But even if you aren’t into micromarketing, these ideas can still be of great use in your sales career. Micromarketing is about focusing on who you want to sell to and having that level of dedication to your clients can give them a reason to come back. It shows that you care about their needs, and they can trust that you’ll be able to cater to them in the same way. Even if you don’t get into micromarketing directly, it may be a good thing to study further to become a better overall salesperson.