Question

Topic: MProfs PRO Seminar Q&A

Micromarketing With Greg Verdino

Posted by Anne Burkauskas, MProfs on 8/5/2010 at 5:43 PM ET 1000 Points
Welcome seminar attendees! Continue the conversation started during the August 12 MarketingProfs Pro seminar. This is the place to post your questions or comments for presenter Greg Verdino and for each other.

To all other KHErs: You're welcome to participate in this discussion too! Seminar attendance is not required.

SEMINAR INFORMATION:
microMARKETING: Get Big Results by Thinking and Acting Small--on August 12 at 12pm ET
https://www.marketingprofs.com/marketing/online-seminars/300
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RESPONSES

  • Posted by SteveByrneMarketing on 8/11/2010 at 2:39 AM Member
    Anne, I see nobody has posted on this question. What is the reason?

    I personally don't really understand the relationship between these ongoing seminar promotions and our forum. Perhaps it would be helpful if you or others could post an overview of what the relationship is and how it is planned to work.

    Steve
  • Posted by Ryan Rutan on 8/11/2010 at 8:06 AM Member
    I agree with Steve. I can tell you that I was enticed by a 1000 point question...but then found no question at all. I guess the question for the moment is...what is the question?
  • Posted by SteveByrneMarketing on 8/11/2010 at 7:27 PM Member
    Thanks Anne, that does add some insight.

    re: "we’d like to have the unanswered questions and all the great peer discussions from each seminar continue here in the forum"

    Why not have/encourage an individual seminar participant to post a specific question rather than post these types of general non-question posts. It seems that both questioners and answerers would get more out of it.

    Steve
  • Posted by SteveByrneMarketing on 8/11/2010 at 11:12 PM Member
    I understand ... you can lead a horse to water, but ...

    And at least you're bringing awareness of the seminars themselves. Best of luck with this ongoing process.

    Steve

  • Posted by Levon on 8/12/2010 at 12:01 PM Accepted
    I have read in-depth about Macro-Marketing which teaches the impacts that marketing has on political, economical, environmental, socio-psychological forces. It preaches taking the ethical high road by using marketing for the good. What is Micro-Marketing then?
  • Posted by SteveByrneMarketing on 8/12/2010 at 1:37 PM Accepted
    There are at least two versions (1) extreme niche as in "nano niche" marketing - to market to targets that number in the 100s or more, often via the web and independent of geographic location. (2) local marketing re: local pricing strategies or just target marketing locally e.g. real estate agent farms.

    Nano Niche
    "Micromarketing was a term coined in 1988, by Ross Nelson Kay, as a marketing technique used to describe a form of "Target" marketing that was more precise and focused than typical "Niche" Marketing techniques."

    Local Marketing
    "With increased availability of electronic scanner data there has been a greater focus on research of micromarketing and pricing problems that retailer's encounter. Research in 1995 by Stephen J. Hoch et al. provided empirical evidence for the micromarketing concept. In 1997, Alan Montgomery used Hierarchical Bayes models to improve the estimation procedures of price elasticities, showing that micromarketing strategies can increase gross profits."

    https://en.wikipedia.org/wiki/Micromarketing

    Steve
  • Posted on 8/12/2010 at 2:31 PM Accepted
    In the book, I propose a third definition actually, building upon Nelson's but updating it for the social media era. In a nutshell, I look at what three related trends mean for brands:

    1) the splintering of mass culture into millions of micro-cultures (in other words, nano niche markets organized around highly specialized interests, lifestyles or passion points)

    2) the hyper-fragmentation of the media landscape with the emergence of millions of micromedia outlets - social media content creators, etc.

    3) the shrinking of the basic unit of content - think about all the content (information, entertainment, etc) you get in the form of 2-minute YouTube videos, short blog posts, tweets, social network status updates, etc.

    So building on that, my take on micromarketing is marketing that taps directly into these trends and uses these tools to connect better with people and deliver business results.

    Hope this helps.
  • Posted by SteveByrneMarketing on 8/14/2010 at 7:17 PM Member
    Interesting Greg. Regarding “the splintering of mass culture into millions of micro-cultures ..”

    It seems the concept of “micro-cultures” has the potential creep into the concept of “personal-culture” marketing or as it’s currently known “1-to-1 marketing.”

    So perhaps, your definition of micro-marketing is strategically positioned between two well known types of marketing , niche marketing and 1-to-1 marketing. And social media plays a role with all types.

    Steve
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