Is Micromarketing Right For Your Business?

August 26, 2011 by  Filed under: Marketing 

In today’s economy, you and your business may need a micromarketing focus in order to bring in new customers, expand revenue, and/or increase profits. Are you seeing all the customers you want? Do you “close” enough of the customers you talk to. Are the customers you see the right ones for your business? Or do you, like many of your competitors, see far too many “tire-kickers.”

If you offer professional services where your customers traditionally come to you, are the methods you’re using to draw them into your business effective? What’s your ROI? If you are selling products and advertising in traditional ways in a “broad-spectrum, cast-a-wide-net” manner, how’s that working for you? Again, is it effective? What is the value of the individual customer who enters your store?

Now these may seem like the issues you’ve been dealing with all along-after all, you are in business to make money. And of course, you want to bring the best product or service possible to your customers. But altruism aside, if yours is like many businesses today, you’re seeing an increase in costs while your customers are, if not staying away entirely, at least cutting back on their normal spending. And in many cases, you just aren’t getting to the customers you want, with the frequency you want.

Enter a new (or in some cases a refocused) strategy. Micromarketing is something you should be looking at.

Investopedia defines Micromarketing as:

“a marketing strategy in which advertising efforts are focused on a small group of highly-targeted consumers. Micromarketing requires a company to narrowly define a particular audience by a particular characteristic, such as ZIP code or job title, and tailor campaigns for that particular segment. It can be a more expensive technique due to customization and lack of an economy of scale.”(1)

According to Answers.com in an entry from Wikipedia, micromarketing has become and remains “the most effective technique for small business users to sustain, build and grow their own brand.”

Since first “coinage” in 1988, the term and practice of micromarketing has grown to the point that it is far more effective and efficient than traditional forms of advertising and marketing for the average local business. Where typical marketing methods are now far too expensive and far less responsive to small businesses and their branding efforts, micromarketing offers a specialized and exceptionally detailed market response for the business owner looking to track, optimize and capitalize on his individual customer needs.

And while the “cheaper by the dozen” mentality of years gone by seems to be logical enough and covers the “economy of scale” school of thought very well, academically, it is not really relevant to your current dilemma. The opposite focus is actually the point: if the customers coming through your door are actually looking for the product or service you offer, your conversion rate will be exaggeratedly higher. They, in fact will be looking to buy when they show up rather than needing to be “sold.” They are also more likely to return rather than “shop elsewhere.” Psychologically, they made the decision to be there in the first place.

In short, especially in the current economy, if you are a small business owner looking to build your brand, customer base and revenue, you need micromarketing in order to survive. If your present marketing processes are not showing you specifically who and where your customers are, specifically what they want and/or need, and specifically how much value each contributes to your bottom line, then your marketing techniques need a boost, if not a complete overhaul. The days of throwing your marketing dollars at nebulous, non-responsive, traditional advertising are numbered. The only question is: how many of them will you buy?

(1) Ivestopedia: http://www.investopedia.com/terms/m/micromarketing.asp#ixzz1Vloh5cF8

Les Leslie is the Creative Marketing Director at Micro-Marketing Solutions.com, a marketing firm serving Asheville, NC and the surrounding area. Showing local businesses how optimize their marketing processes and maximize their customer and branding reach is their specialty. For more information on micromarketing and the business solutions it offers you, contact Les Leslie at: Les.Leslie@Micro-MarketingSolutions.com

Article Source:
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