Micromarkets are sales hot spots with tremendous potential. Adopting a more granular strategy, micromarketing for sales has taken on new relevance in the age of Big Data. Combining, combing through, and sorting data is the key to an effective strategy for sales. It’s not just about sifting through transactional and purchasing data in the B2C space. B2B players are now mining data for a sound micromarketing strategy and personalizing sales pitches for customers in real time.
Big Opportunities for Big Data
In the B2B space, Big Data is sourced from e-commerce sites, social networks or even call records. CRM databases are undergoing a paradigmatic shift, as data increases in complexity and mining software becomes critical for managing massive data sets and vast repositories of information. Big Data represents a whole new world of opportunities for B2B sales. Discovering new growth areas/micromarkets and equipping sales forces to capitalize on these is a powerful way to reach sales targets. Micromarketing strategies are ultimately focused on mapping and tapping opportunities for sales growth.
Sizing Up Your Micromarket For Sales
Micromarkets should be of an optimal size, so the sales force is effectively utilized and able to execute plans effectively. Drivers of customer purchases in each micromarket can point to which of these sales hot spots will actually thrive. Clarity on demographics, cost of capital and input and other factors driving customer purchases is imperative for identifying the drivers for success. Big Data analytics and sales data can then be used to gauge the potential for market share and growth. Understanding the variations in micromarket share that ensue and the reasons for these can impact the efficiency of sales strategies. Sales reps need to embrace sales strategies that actually work well, and for this reason, micromarketing is invaluable.
Growth In Your Pocket?
Market share analyses can also point the way for which growth pockets to focus on. Prioritizing micromarkets requires an approach that refines and builds on data. Mapping future opportunities is easier with a micromarket map in place. Insights revealed by sales analysis can help in the effective deployment of resources. Salespeople need to understand how to implement micromarketing and align sales strategies with opportunities for creating the right plays. Only then can a brand power profits and reach record sales volumes.
Powering Sales Play
For powering your sales play, your sales managers need to focus on micromarkets that share commonalities. Micromarket peer groups must be identified to target the right audience. For selling into micromarkets, salespersons need to aim for high-growth markets and devise the best sales play in approaching the customer segments. Sales managers work hand-in-hand with field salespersons to understand the rationale for peer groups. They also need to devise micromarketing strategies and plays for groups.
For micromarketing to succeed, sales should ideally focus on experiential elements. Hot and cool micromarkets have to be identified and tested against hard data. Experimenting with sales plays is not a onetime effort. Data needs to remain at the heart of sales forever. Your sales department should, therefore, be data-driven to realize the potential for B2B growth.
Essentially, micromarketing involves expanding sales strategies on the strength of data analytics. Data handoffs and feedback loops between marketing and sales further serve to bridge the gaps. The most effective sales organization is clearly the one that puts data analytics at the center of sales strategies.
Know Thy Customer
Consumer purchase history, service experience, satisfaction levels, product usage, and consumption patterns are just some data points that serve to inform the micromarketing sales strategy. Bridging the gap between data and sales, micromarketing is the key to understanding the customer and building a powerful brand. Moving past sales scripts that don’t work to sales pitches that do, micromarketing strategies are a leap forward for a salesperson as the Fourth Industrial Revolution powers growth and helps businesses to thrive.
Micromarkets are sales hot spots that serve as catalysts for accelerating sales growth. Utilizing local growth, a geo-targeted, niche or segment-oriented approach pays off. Bigger is not always better. With micromarketing strategies in place, less is more. To offer campaigns and marketing messages customers actually find useful, personalization is mission-critical, and this is where such strategies work like a charm.
Micromarketing helps sales managers and reps to focus on what delivers value to the customer and delight them with magical “wow” experiences. In the age of Big Data, where the customer is king, this offers incredible returns. Using content and campaigns to humanize your brand is easier than you think, with micromarkets aligning with big-ticket sales and marketing plans. Micromarketing is the strategy sales personnel clearly need to utilize if they seek big payoffs and bigger ROI for their B2B brand.