Good news: on the Internet, your business can connect with hundreds of millions of potential customers. Bad news: your competitors have the same access and are already throwing money at the problem. It’s not that great either – your powerful and avid team has to figure out how to connect with, well, hundreds of millions of potential customers. Or you To grow your business, it sometimes helps to think small, especially when it comes to your marketing strategy. We are talking about micromarketing, aimed at a small group of your customer base, which can be a transformative strategy for your business. Let’s analyze what micromarketing is and why it is important. Plus, we’ll explore examples to inspire your first micromarketing campaign.
What is micromarketing?
For your business, micromarketing means digging beyond the level of niche marketing (targeting a specific segment within the larger market) to targeting specific individuals or micro (“extremely small”) groups. By targeting smaller, more specific audiences, you can personalize your reach and use audience information to tailor your message for more personalized and effective marketing. Yes, this takes a different kind of time and effort than more traditional mass marketing, and it’s worth it.
Why invest time and resources in micromarketing?
Micromarketing requires more resources, if you measure your efforts by potential customers reached. However, targeting specific, targeted audiences is often more effective in the long run in acquiring high-quality leads and converting those leads into customers. Sure, your first micromarketing campaign is unlikely to reach the same number of people as a Super Bowl ad. But you will certainly spend much less than required $ 5.6 million for a 30-second ad.
And just as importantly, you don’t want to reach every Super Bowl viewer, when you can create targeted ads that inspire and delight a smaller group of highly interested consumers. With micromarketing, your efforts are aimed at creating personalized messages and speaking directly to the people most likely to respond to your proposal. The benefits are in your ROI.
Mass marketing versus micromarketing: benefits and drawbacks
See the table here.
As you can see, micromarketing requires a higher investment to target each individual, but a higher return on investment, as each individual is much more likely to respond positively to your call to action. Think of it this way – you can see your CPC (cost per click) go up with an online micromarketing strategy. But, when executed well, you’ll also see an encouraging decrease in your cost per conversion – a much more important KPI.
Considering and creating a micromarketing strategy is an opportunity to take a step back, consider the alignment between your sales and marketing efforts, and make sure that you are solving your customers’ success first. Do you sell complex business software or massive industrial machinery? There may only be a small number of leads in your region or industry. In this case, micromarketing is probably the most effective strategy for your needs – you need to find your potential customers and only your potential customers. Anything else is a waste of time and resources. Here are some questions to ask yourself when considering a possible micromarketing strategy for your business: Who buys your product? Who makes the decisions that buys it for your company? Who does your product help the most, and why is it so perfect for them? What are the needs, fears, hopes and dreams of your clients? What are their interests and passions, and what makes them happy? Who do your customers follow online? Who do you aspire to be your ideal client? Who does your ideal client most admire? These questions, along with a consistent understanding of your buyer’s personas, should lead you to answer the two key questions that drive micromarketing decisions and campaigns: 1. Who is most likely to respond to your messages? 2. What is the best way to talk to them and no one else? For example, if you know that your product requires the involvement of a CMO, you can use strategic micromarketing to attract CMOs through a targeted marketing campaign on LinkedIn. Ultimately, micromarketing helps you present your product directly in front of the eyes that matter most to you. To see micromarketing in action, let’s take a look at some examples below.
Examples of micromarketing
1. Coca-Cola creates a “Share a Coca-Cola” campaign.
Coke “Share a Coca-Cola“The campaign started in Australia, but has since expanded to over 70 countries. If you haven’t seen a name on a Coca-Cola bottle yet, here’s the gist: The marketing team in Australia chose 150 of the names. most popular brands in the country and printed their names on Coca-Cola bottles with the command to “share the Coca-Cola” with friends and family. The campaign is a fantastic example of micromarketing. The campaign allows Coca-Cola to connect locally with people in specific regions by identifying a group of names more popular in that area. And the results were staggering: The summer it first launched in Australia, Coke sold more than 250 million named bottles in a country with approximately 23 million inhabitants.
2. L’Oreal Malaysia takes advantage of local user-generated content.
L’Oreal uses micro influencers and user-generated content to help break down geographic barriers for products, market opening in an authentic, engaging and personal way. For example, L’Oreal Malaysia worked with local micro-influencers to create product tutorial videos for L’Oreal, Maybelline, and Garnier. The videos were shared directly with the influencers’ own audiences. As a result of the campaign, L’Oreal Malaysia experienced a 12.9% increase in engagement rates and 1.9 million trend impressions. Rather than agonizing over individualizing content internally and navigating cultural differences, L’Oreal tapped into local influencers to increase interest in its products for each local market.
3. La Croix uses branded hashtags to find content from micro-influencers and reach new audiences.
La Croix takes advantage of micro-influencers by searching for Instagram users who have used branded hashtags like #LiveLaCroix, and then asking those micro-influencers for permission to use user-generated content in La Croix marketing materials. This greatly reduces costs as La Croix does not need to produce the materials, and also allows La Croix to target each of the micro-influencers’ audiences for more personalized and effective content.
4. Sperry republishes the influencers’ content to his own account.
Sperry identifies influencers who share Sperry products on various social channels and reposts those images on the official Sperry account. This allows Sperry to leverage brand content with a predefined, targeted audience, while forgoing a more official influencer strategy that would require more budget and resources. Instead, these micro-influencers are satisfied with recognition and exposure as a form of compensation.