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Tag: Marketing in Business

  • What is Micro Marketing? | Examples | How To Build Micromarketing Strategy?

    Strategic marketing is crucial to recruiting possibilities and turning them into consumers for entrepreneurs. The process of presenting a company’s or brand’s products or services to a particular audience is known as marketing. Marketing is concerned with assessing target client markets and devising tactics to get a company’s products in front of the proper people. As a result, marketing is a vital instrument for establishing relationships between brands and their customers. Clients who identify with a company’s promotional materials are more inclined to respond to its promotion tools.

    However, marketing can be done in a variety of methods. Diverse business owners acquire different techniques to fit their particular brand. Marketing emphasises the connection between your product, brand, and customers. So, choosing the correct marketing plan for your business is critical, or it will be difficult to promote your brand among the audience, especially in these days when technology has made it so easy for many people, resulting in market saturation.

    There are a lot of marketing strategies that can be used to grow and advertise your brand. One of them is Micro Marketing. In this article we will be discussing Micro Marketing and how it can be beneficial.

    What is Micro Marketing?
    Why do Businesses choose Micro Marketing?
    Micro Marketing – Advantages
    Micro Marketing – Disadvantages
    How to build a Micro Marketing strategy?
    Successful Micro Marketing- Examples

    What is Micro Marketing?

    The most important rule of marketing is to understand your target market. This is the only method to expand a business if you understand your clients’ needs. Micro marketing is exactly that but on a smaller scale. The target audience for this sort of marketing is quite small and has comparable characteristics such as location, income, age, shopping habits, and so on.

    For example, a brand that creates women’s apparel finds out that college-aged women are their buyers as well. So they create a micro marketing plan to simply target their women’s apparel to college-aged women. This means the business can create a marketing strategy especially targeted towards college-aged women so as to appeal to that particular group as well.

    What is Micro marketing? | Micro marketing Vs Macro Marketing

    Why do Businesses choose Micro Marketing?

    Micro marketing is an extremely useful tool for both the small and large businesses. It’s a fantastic opportunity for a huge company to test a new product with a small audience on a small scale. If the product works well within a tiny audience. The company can make it available to a larger audience. Micro marketing can be helpful for small businesses in developing a name among the local community and build a loyal customer base.

    Micro marketing is mostly used by companies to target a very precise market section of the population to whom they may offer their product or service. If a corporation can match the correct goods or services to the proper audience, it can make a higher ROI than if they cast a broad net.

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    Micro Marketing – Advantages

    The main advantage of micro marketing is that it is incredibly cost effective. Because the target audience is smaller than normal, the cost of advertising is likewise lower. This is the type of plan that any type of business can use because it doesn’t take a lot of money and can be quite profitable.

    Another benefit is that, because of the highly targeted advertising to a small audience, the business can obtain all of the information about the consumers’ demands and the feedback can be quickly reviewed. This results in an overall better understanding of the consumers and the product.

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    Micro Marketing – Disadvantages

    One of the most significant disadvantages is that it is a lengthy procedure. To know every detail about the purchasers’ wants and the type of product that might function among the smaller audience, extensive market research is required.

    Due to the smaller target base, the campaign’s scope may be limited, which may be detrimental to the company. It carries a high level of risk and can result in a small audience and no growth overtime.

    How to build a Micro Marketing strategy?

    How to build a micromarketing strategy?
    How to build a micromarketing strategy?

    Following are some important steps that can be considered to generate a successful micro marketing strategy :

    1. Create the Buyer Personas

    The most crucial part of any micro marketing strategy is to figure out the buyer personas. If the company knows about the buyers they are targeting, then the marketing campaign can be created according to their needs and buying behavior. The business can use the help of analytics and create a buyer profile by looking at the data provided by Google Analytics, Instagram Insights, Facebook Insights, and YouTube. These platforms can provide information on demographics, such as age, gender, region, and preferences.

    Surveys and interviews can also be used to gain a better understanding of the consumers’ wants and how they would like to use the product. These two strategies can assist a company in developing an overall buyer persona and a higher likelihood of successfully marketing its product.

    2. Select and create ways to reach the audience

    Businesses can simply select platforms for customers based on their shopping behavior and other characteristics such as age, geography, gender, and so on if they know who they are targeting. You can easily pick the platform to advertise your product or service if you have a strong understanding of the buyer personas. The methods can be both offline and online, such as online advertisements, social media posts, and so on.

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    Successful Micro Marketing- Examples

    There are numerous excellent instances of organisations that have developed successful micro marketing strategies, each in their own unique way. Following are some successful examples :

    Coca Cola

    The Coca-Cola camp’s 2014 “Share a Coke” campaign, in which they replaced the Coca-Cola label on their 20-ounce bottles with first names, is an example of a successful micro marketing tactic. They devised a micro marketing technique to determine which names will sell the most to their target audience. Coca-Cola recorded its largest-ever year-over-year gain for the 20-ounce bottle at 19 percent as a result of the personalised touch.

    Uber

    Because of the city’s taxi issues, Uber used to be an app-based black vehicle limo service that solely served San Francisco. The news of this new service swiftly travelled across San Francisco, and other states soon followed suit. Uber built targeted micro marketing campaigns that tailored to particular markets as they moved from state to state. This was focused on identifying unique transportation difficulties in different cities and states utilising social media data. To persuade users in various markets to use the app, Uber launched localised internet ads with varied promos and referral benefits.

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    Conclusion

    Micro marketing is all about targeting individual members of your audience as much as possible. The more you engage with your target audience and tailor your campaigns to their requirements, the more successful your product will be. It’s an excellent strategy for all kinds of businesses, and it’s a great way to try out new items. It can be a time-consuming procedure, but if done well, it can be quite rewarding.

    FAQs

    What is micro and macro marketing?

    Micro describes something with a small scale or scope, whereas macro describes something with a big scale or scope. In contrast to micro marketing, which focuses on a limited group of buyers, macro marketing refers to a plan aimed at a bigger audience.

    What is the importance of Micro marketing?

    Micro marketing aids in the understanding of the general target population and can be cost effective because it targets a smaller client base than traditional marketing.

    What are the types of Micro marketing?

    Different types of Micro marketing are:

    • Location-based Micro Marketing
    • Relationship-based Micro Marketing Campaigns
    • Industry-based Micro Marketing Campaigns
    • Customer Needs-based Micro Marketing Campaigns
    • Brand Loyalty based Micro Marketing Campaigns
    • Micro Marketing for Customer Recovery

    Why are micromarketing strategies used?

    Micromarketing strategies are used by the companies to target audience in a cost effective manner.

    What are the successful micromarketing strategies implemented?

    Examples of some companies that made its success using Micromarketing strategies are:

    • Uber
    • Coca Cola
    • Procter & Gamble
    • Red Bull

  • What Is Personalized Marketing and How to Do It the Right Way?

    Personalized marketing means customizing your marketing strategy as per the need and convenience of your customer. This is also known as one-to-one marketing. The information about the customers is collected from different sources. This is used to make their user experience better.

    Imagine you went to visit a relative and they exactly remember your likes and dislikes. They serve your favourite food and only talk about the topics of your interest. Wouldn’t you feel close to them? You might even want to visit them more often.

    This is the basic formula for personalized marketing. So, if you were thinking that personalized marketing is just adding the first name of the customer to the subject line of your email, think again. Here is everything you need to know about personalized marketing

    Benefits of Personalized Marketing
    Challenges of Personalized Marketing
    How to Create a Successful Personalized Marketing Strategy?
    Examples of Personalized Marketing

    Benefits of Personalized Marketing

    An online survey was conducted by Epsilon, in 2017, on a group of 1000 people. As per this survey, 90% of customers find personalization appealing. Further, 80% of the customers claim that they are more likely to buy products from companies that offer a personalized experience.

    Today, more and more companies are shifting to personalized marketing. The reason for this is the immense benefits for both customers and businesses. Some of the benefits of personalized marketing are:

    Better Customer Experience

    No customer wants to know the details of all your products. If someone is looking for watches, there is no point in displaying sunglasses. If a customer feels you are only trying to sell your products there is a high probability they will leave for good.

    Personalized marketing helps improve the customer experience by predicting and providing them with the options of their choice. It creates suggestions based on the earlier searches of the customer.

    This makes the customer believe that you understand their needs and not just advertise your products. Hence, it builds a trusted relationship between the brand and the customer.

    Enhanced Customer Loyalty

    According to Customer Retention Statistics, the probability of a company selling its products to existing customers is 60-70%. This makes customer loyalty quite important.

    When a customer provides information, in return they expect the company to treat them with attention. So, if you send them a personalized list of products based on their unique preferences, you might have a customer for life.

    Increased Return on Investment

    Personalized marketing can be a very cost-effective strategy. There are multiple channels available to reach the customer viz. emails, calls, text messages, etc. By using the right kind of automation technique a company can identify the preferred channel of communication for every customer. This way the customers engage better with the brand. The customer can then be followed on other channels using the omnichannel approach.

    Challenges of Personalized Marketing

    According to a survey conducted in 2019, almost two-thirds of the marketing influencers identified personalized marketing as the most difficult strategy to execute.

    Some of the challenges associated with this form of marketing strategy are described below:

    Striking the Right Balance:

    Personalized marketing is an amazing approach until used excessively. The customer should not feel stalked. It is important to provide the right suggestions, at the right time.

    In a global poll conducted by Marketo, nearly 63% of the customers said they were annoyed with excessive, irrelevant, and repeatable advertisements from the companies. Therefore, the balance has to be maintained between providing valuable personalized content to your customer and forced advertisement.

    Gathering Customer Data:

    Providing an experience tailored to the need of particular customers requires knowledge of their interests. This would help you to predict the options of their choice. There are two main channels to gather this information.

    The first is analytics. This relies on tracking the customer’s activities while they are on the site. However, this is seen to make some customers uncomfortable. It might appear creepy for some people to see the advertisement for their recently viewed products.

    The other channel is surveying. Here, the customers can themselves provide the information about what are they seeking. However, whether the customers will actually participate in these surveys usually depends on their length and objectivity.

    The multiple questions surveys requiring long answers are usually skipped by the customers. Hence, the information has to be drawn cautiously without freaking out the customers. Equilibrium between transparency and convenience has to be maintained.

    Finding the Right Resources:

    An effective personalized marketing strategy requires advanced technology and efficient teamwork. Automation and data collection are the key ingredients of personalized marketing. This poses the need for advanced software and technology.

    Similarly, a dedicated team ready to devote time and efforts to make a personalized marketing plan work is equally important. The software collects data while the team decides the use of that data. This cannot be achieved using mere algorithms. A team plans and tracks the use of resources.

    Consistency Across Channels:

    Brands interact with their customers using multiple channels. To match the app experience with the in-store experience, it is important to maintain consistency between these channels.

    The customer’s needs and demands can be well identified by tracing common threads across all these channels. This information can be compiled to form a unique customer profile.

    Although most marketers find it difficult to create a link between data and customer profiles, once done it becomes an extremely important resource. This helps generate the content of interest for the customer and increases the possibility of response. Moreover, it also helps anticipate the future needs of that customer.

    Areas to Use Personalization to Improve Customer Experience
    Areas to Use Personalization to Improve Customer Experience

    How to Create a Successful Personalized Marketing Strategy?

    Creating a successful personalized marketing strategy can be tricky. However, there are simple things that you can do to make your plan work.

    Content Personalization Engine:

    If you are not using this yet, it is better to get one. It can help you in more ways than you can imagine. Also, if you are already using it, try comparing it with other available options to keep your business growing.

    Capturing Data:

    It is important to have information about the browsing history of your customer if you really wish to reach them personally. Adding a few lines of code to your website will solve the purpose. You can track the purchase history, time spent on site, number of clicks, etc. This will help you to correctly predict the response of a customer towards certain products.

    However, it is equally important to respect the privacy of your customers and not appear creepy. To build a strong relationship with your customers, they must see you as a responsible brand that cares for their needs and respects their privacy.

    Do provide a disclaimer about how you are using the customer data. Further, providing the customers with an option to opt-out at any stage makes them trust you more.

    Segment Your Audience:

    Having the data is the first step. Post that, this data has to be analyzed to segment your audience. This can be done based on spending levels, buying patterns, products of interest, etc. Thereafter, you can choose the most relevant segments for your brand. This will help you build an adaptable website beneficial for your brand as well as customers.

    Choose Your Platform:

    After segmenting your customers based on different criteria, you will have to choose the platform best suitable to reach them. There are a number of platforms such as emails, remarketing ads, etc.

    Your data becomes valuable if you can use it to create a personalized solution by providing relevant content to your customers. However, your content is only valuable if the customer actually notices it. Therefore, it is important that you reach your customers through the channel of their choice with the information of their interest.

    Examples of Personalized Marketing

    Some brands have taken personalized marketing to a whole new level. In this section, we will discuss the strategies of five such brands.

    Shutterfly

    It is an app and a website that assists you in creating customized photo books, calendars, etc. You can create items with your photos laminated on them. The company had already been sending personalized emails and notifications to its customers. However, recently they added another feature to their phone app.

    Once you allow the app to access your photo gallery, it automatically identifies your face in the photographs. It then pastes these photos on the items of your choice available on the app. Later, it sends recommendations for you to buy those items.

    Amazon

    The product curation and recommendation algorithm used by Amazon has been appreciated since the beginning. It does not just remember the product of your choice but also your size, colour preferences, etc. This makes shopping with Amazon a great experience for users.

    amazon Personalized Recommendations
    Amazon Personalized Recommendations

    Amazon has mastered a super-innovative technology that is proactive and provides data-driven recommendations. No wonder customers connect to this brand so well.

    Spotify

    Almost all the music apps provide you with automated music recommendations. However, Spotify’s Discover Weekly service has taken this to another level. The quality of the picks is consistently good. The app seems to know its users way too well.

    Spotify Personalized Recommendation's
    Spotify Personalized Recommendations

    The technology behind the app is from Echo Nest which was acquired in 2015. Using the algorithm, the app determines the musical taste of the user based on their listening behaviour. For example, if a user fast-forwards the song in less than 30 seconds, it is a thumbs-down. The app would then avoid notifications for that particular song or artist.

    Iberia Airlines

    The Company launched a campaign in 2016 where it sent emails to the customers asking certain questions. The questions included asking about your dream holiday destination and who would you like to go with. To answer these questions, customers had to fill in the details of the person they wanted to travel with like their name and email address.

    The website would then send a holiday greeting card to that person telling them about your dream vacation. The website used cookies with the permission of users. So, the other person would see similar suggestions across the web.

    Twiddy

    As mentioned in the previous section, just having the data is not enough. You should be able to utilize it to its potential. Twiddy is a vacation rental company. It collected and analyzed the data looking for the week-to-week shift in rental volume and demand.

    Based on this information, it sent recommendations to the homeowners regarding pricing. The information was both helpful and actionable. This helped the customers to set more realistic prices based on the demand. The final result included increased bookings and delighted customers.

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    Conclusion

    Devising a great personalized marketing strategy is easier said than done. Especially today when the market is full of competitors and customer demands are at their peak. However, we sincerely hope that the information and suggestions given in this blog will help you through the process.

    FAQs

    Why is personalized marketing important?

    Personalized marketing has become an important criterion for customer satisfaction. The customers provide their personal details to the brand and in return, expect to be treated uniquely. It has now become the need of the hour for marketers to treat their customers with the attention they desire.

    How to measure your personalized marketing strategies?

    There are a number of ways you can use to gauge the effectiveness of your personalized marketing strategies. Tracking the customer response and creating intuitive reporting dashboards can be of great help. This information will help you identify both the strengths and weaknesses of your strategy.

    How do you use marketing personalization?

    Segment your customers, use targeted messaging, track the behaviour of customers on your website, retarget customers and send personalized emails are some of the ways you can use personalized marketing.