Tailor your message to a target audience and see your small business benefit from nano-marketing.
If yours is a small business looking for innovative ways to cut through competition and to get noticed by your target market, then you are not alone. Small businesses are leaving no stone unturned to get their message across. One of the ways by which you can find a foothold in the market is through nano-marketing. Nano-marketing happens when an enterprise identifies its target market and then applies razor sharp marketing aimed at that group to achieve its objective.
The trick is to aim at a small group and get the maximum profit from that niche market. Your marketing campaign should be tailored to individuals or select groups, with the aim to gain momentum beyond the small, focussed audience, enabled by different communication technologies and social media.
For example if you are planning to set up a small café in your neighbourhood and would like to spread the word around, you need to market it with the right target group. For that purpose, it would be best to reach out to people who frequent such cafes, those who wish to step out for a quick bite but do not know where to go. It might require you to catch your target group outside other cafes, share pamphlets about your new initiative with them and make them aware about all the new offerings you could provide.
A niche market can comprise of a demographic group, a psychographic group, and those with particular needs. These are examples of niche audiences. Get to know your audience, their likes, dislikes, needs, and preferences. By getting to know them better, you can target them more effectively and position your products more strategically. It is also important to get hold of a profitable niche audience. A profitable niche audience will actively look for solutions to their problems, are willing to spend money to solve their problems, have a strong emotional need for solutions and are online in large numbers too.
Three steps to make the most of nano-marketing for your small business are:
Identify the right audience
Spend time identifying the right target group for your products. You could do this by conducting an online poll, perception audits, taking customer feedback etc. Research is of utmost importance. Before starting your small enterprise like a small boutique, you need to know whether the area you have chosen for setting it up has any requirement at all for it. You would also need to know what people require the most and then work on fulfilling that demand. You may just realize that the neighbourhood does not require a boutique as most people like ready-to-wear apparel and do not have the time to get clothes stitched. The amount of time and money you spend on identifying your target group is an investment that will only yield results later. Think small, to rake in big profits.
Use social media networking
Even if your product is designed to be sold to a wide audience, starting with a niche target market helps. It will be more work for the marketing team but will be worth the effort. Starting a group on Facebook would help identify the target group. Direct mailers could be sent to the same group of interested people. The small business could start a blog about it and use keywords to get better visibility. It could search for professional bloggers who write on the subject to review the business. This would also help take the message to the target group. Divide the market into segments and categories. You could then start a blog or a microsite for each and keep tabs on the visitors to that site. Get to know niche groups that are interested in particular product/service features. This group will serve as a great source of insight for you.
Nano marketing in the real world
Apart from online promotions, you could identify the niche market around you and create the buzz for your products and services. Word-of-mouth publicity is the age-old method to market your wares and it always works especially if you spread your message among the target group. If you are all set to launch a crèche facility, it would be advisable to reach out to mothers in the locality and let them know about the facilities. It would also be helpful to spread the word in offices near your place to target women workers who have small children.
Inventory is nothing but the ‘stock’ of a business – the product that the business is holding for sale. It includes the raw materials, semi-finished goods and finished goods.