Depending on your product line and industry, targeting micro verticals may make sense.
Digital marketing is well-suited to the task of targeting prospects in a precise manner. If your product can fill a need for a specific pain point in a micro-vertical, it’s relatively easy to formulate your sales approach.
Prepare to Drill Down in a Niche
As Drew Neisser explains it to Adage, micro-vertical development involves asking many questions and digging deep to understand the answers. Interviewing many people in a niche before committing resources to your marketing efforts is crucial.
- Micro-verticals allow you to focus on delivering precise solutions (and marketing) to the right audience at the most appropriate time.
- Lower competition increases the likelihood of getting sales.
- People in micro-verticals tend to know each other, so referrals and a “viral effect” are likely.
Micro means “very small.” It’s crucial to ensure there’s enough market there to satisfy your business objectives.
Knowing your customers on a micro level is a lot of good, old-fashioned work.
Even massive companies like Infor are fans of this type of marketing. That company finds that drilling down into micro-verticals offers a cohesive marketing strategy that allows them to serve customers better.
Targeting Micro Verticals May Work for Your Model
The same approach may prove helpful in your firm. It depends on whether the micro market is tenable and if your marketing team is agile enough to find use cases that are specific and profitable. It’s easier to open a conversation about a particular pain point than to speak in generalities.
Customizing your products or services to target pain points is possible. Couple that with the ability to define and sell to marketing segments, and you have a potent formula for boosting sales. Whether it’s worth the effort is a matter for your company to decide.
Shorten Your Sales Cycle Significantly
If your average order size is large, it’s probably a winning idea. The time and resources you spend to find the ideal prospects will earn rewards through a shorter sales cycle.
An example is an “energy saving device” that cuts expenses for orchard owners who grow delicious red apples. Getting prospects in that arena may be as simple as alerting them that they can “save up to 41% of power costs.” If energy consumption costs are their number one pain point, the sales cycle would be concise.
Anytime your marketing team can target with that type of precision, the job of selling gets that much easier for the entire organization. You can always rely on outside marketing experts to help you set up the campaigns if your internal resources aren’t up to the task.
A shorter sales cycle is positive for most companies because it allows them to maximize revenue, minimize costs, and increase customer satisfaction. A shorter sales cycle will enable companies to close sales more quickly, bringing in more revenue. Additionally, a shorter sales cycle reduces the costs associated with chasing leads, managing customer relationships, and expanding the sales force. Finally, it increases customer satisfaction by providing customers with a faster sales process and more efficient response to their inquiries.
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