Concentrated and Micro Marketing

Concentrated marketing, or niche marketing, is used when the company goes after a smaller market segment (niche), but with a large promise for profitability. With this strategy, the marketers must know a lot about the customer so that they can fine-tunes its products, services, and prices to the needs of the segment. Smaller companies adopt this approach so that they can more efficiently deploy their limited resources and focus on customers that may have been overlooked by the larger companies who pursue larger markets.

Micro Marketing – Personalisation

Today’s developments in technology allow even the giants in an industry to compete in these narrow market segments. Amazon, for example, is competing against specialist bookshops through a business model that was traditionally reserved for smaller players. Technology also makes personalisation, or also called micro marketing and individual marketing, possible for larger and larger number of companies. The advancements in artificial intelligence and automation will give tools in the hands of marketers to know their customers better than they know themselves.