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MY MICROMARKET - HOW TO FORM ONE

MY MICROMARKET - HOW TO FORM ONE

This article emphasizes one of the ways of "HOW" to form a micro-market.

RECAP:

A micro-market is a curated set of target clients. 

Micromarketing is a strategy where marketing efforts focus on a narrow set of target clients; all activities are defined by and for this set.


WHO forms a part of one micro market?

Well, it is you, O entrepreneur – who decides!

This is best demonstrated with the real-life story of two entrepreneurs—the tale of Manjushaa Jewellery.

PEOPLE LIKE ME AND PEOPLE LIKE THEM

Handwork was their handiwork. I am presenting a story of two sisters, Soundarya and Ayshwarya.

The two knew what they wanted and loved creating it for themselves.

I am talking about handmade jewellery. The duo had their unique style and crafted jewellery their way.

And, of course, the ladies loved to flaunt their creations. They were modeling for their designs.

At weddings, birthday parties, family functions, the duo was the hub of attraction. Everyone was curious to see their latest earrings and pendants.

The attention brought with it a positive loop of encouragement. The license to experiment and create even more.

Friends wanted to show off as well, and they started to borrow jewellery from Ayshwarya and Soundarya. For a while, the sisters made and gifted some jewellery, but the friends wanted more. The friends had enough of obligations. Now they wanted to own a few pieces themselves. These friends wanted to gift it to their friends. And their friends, in turn, wanted to give it to their circle. And so it went on.

Manjushaa Jewellery was born with an overarching goal of bringing out Chennai as another designer hub - especially for earrings and pendants. Delhi and Mumbai were fashion hubs that folks went to for shopping. Why not Chennai?

The company aimed to cater to the immediate circle of the sisters. 

The clientele were those who liked the design aesthetic of Manjushaa. This set waited for the new designs to come out - and then wanted more.

Some of these clients wanted to be the first to adorn the jewellery. 

The only mode of marketing when they started was posting pictures on a social media channel called Orkut. If you, the reader, recognize the name Orkut, then you know when the company was started. They started the entity without a web page and, to date, without any SEO mumbo jumbo or social media marketing. The business grew purely through word of mouth.

The sisters knew who comprised their clientele, and they knew what kind of prospects would like their product. In marketing terms, this was a clear case of a product-market fit. Products were made for a specific set of customers—those who knew what they wanted, how they wanted, and what price range.

Now, of course, they have a web page and presence across key social media channels. Their clientele, however, comprises of repeat buyers and the circles around such buyers. 

Soundarya quotes: "I feel your messaging gets lost if you try to reach too many people with a generic message."

So, Manjushaa is very clear on their set of customers – and communicates directly to them, in a design and language that they understand!

People like me and people like them!

This is how Manjushaa Jewelry built their micro-market, which has served them for over a decade.

The sisters looked for people like themselves. Those who had similar wants, shared the same vibe, with similar design aesthetics. People who knew what they wanted and were happy to pay for it.

And return to check what else is available- and buy that as well. This buying happened for self, as well as for gifting.

Manjushaa churned out designs specific to the season and festivals. Navarathri and Deepavali brought about one set of designs. Same for Christmas and new year.

Perhaps they will come out with new jewellery for Valentine's day and add a bunch of males as a new target buyer segment.

The best businesses grow through word of mouth and by converting customers into evangelists and marketers. The engagement and, therefore the connection, is way better. It is a positive loop!

***

What's the moral of this story?

The story of Manjushaa highlights the very essence of micro marketing. There is a personal connection. With a smaller audience, you understand them better. Such clarity enables you to design solutions for them, co-create with them. You can ascertain their want (or need) very clearly, with a feedback loop in place. Most importantly, you are solving that pain point for yourself and looking for those with preferences similar to you.

These customers love you and are happy to talk about you - to others like you!

It's the word of mouth that spreads through.

Questions for you to answer:

  1. Who are your clients or prospects?
  2. What is that they want?
  3. How many of them can be repeat buyers?
  4. Most importantly, how many of these clients/buyers in your micro-market will become the influencers, marketers, and salespersons for your service product?

A micro-market is a curated set of target clients—a set of clients that you know. You understand. You connect, and you FEEL.

What's your micro-market?

Note: 

This the third article in "The Micro Marketer" series by Pravin Shekar, an Outlier Marketer.

The first article laid the foundation for what a micro market is.

The second article focused on how to define a micro market.

About the Author

Pravin Shekar is an outlier marketer, parallel entrepreneur and a raconteur. If you want to shake up your marketing strategy OR discuss your micro marketing plan, write to Pravin at outlier@pravinshekar.com