Micro-marketing is satisfying the needs and wants of each customer segment by adapting and varying marketing elements and/or product performance. The strength of any company or an organization strongly depends on its ability to identify consumer groups to carry out an effective marketing campaign. Micromarketing is a great resource that targets owners of small and medium enterprises with less than a specified number of employees.
Sales or revenue of a firm grows by the introduction of the internet or digital marketing as a micro-marketing technique. Micro-marketing strategies increase gross profits anywhere from 3.9 percent to 10 percent over a uniform chain pricing strategy, depending upon the form of the micro-marketing strategy. Micromarketing is cost-effective by increasing the return of investment more than a mass marketing campaign especially when the organization is targeting fewer people. People are more inclined to share, like, or comment on a post when they recognize it as advertising. The factors affecting overall revenue are mostly consumer involvement, the more the consumer is digitally involved, the more revenue generated.
Role of Big Data
As customer relationship databases face a paradigmatic change as data becomes more dynamic, micromarketing using Big Data is sourced from e-commerce websites. Micro markets should be the right scale to maximize sales effectiveness and ability to implement programs. Customer buying drivers in each micro-market will indicate which of these sales hotspots will abound.
Using Data for Social media marketing
You can also view data on your tweets, participation, mentions, and other critical indicators using analytics such as Facebook Audience Insights, LinkedIn Analytics, and Company Website Insights. You might need a third-party app like Buffer or SocialReport.com if you want to dive deeper.
Micro Marketing and E-commerce
Offering customized services after identifying customer groups based on their interests increases the business value of a firm.
In an increasingly competitive and unpredictable world, the ability to create and keep satisfied customers is the only route to long-term prosperity which means the role of personal selling must evolve from being sales-driven to customer-driven. Two characteristics of e-commerce, the ability to micro-market and the ability to offer item availability information, considerably increases the potential to improve a firm’s performance.