There will always be talk of markets. In sales, a market is generally thought of as a sales territory. A rep goes into the area and makes sales. This is a throwback to the olden days when door to door salesmen pitched everything from vacuums to encyclopedias. Salespeople had to rely on intuition and guesswork to meet their quotas. Our digital age makes going door to door obsolete and hard numbers take the guesswork out of approaches.
Combine-Sift-Sort
A micro market is a smart way to tackle a sales area. Micro markets are niches and this awareness enables the seller to customize pitches. With SEO and internet marketing, you can research the data and see which areas could have a customized approach. With data, the numbers are ready to be interpreted for your business’s benefit. You will be able to decipher what shifts in numbers mean, whether they are an encroaching competitor or evolving demands.
Next step
Once you have combined, sifted and sorted the next step will be action. You must take action once you have a clearer idea of how your micro market works. Keep in mind, however, that what you find with micro markets might not apply to macro markets. For example, South Florida includes Dade and Broward Counties. On the surface, they are similar, sun nightlife and commerce. Below the ocean waves, the two counties are vastly different. Broward is more American and subscribed to American societal norms. Dade is largely Latin and is a melting pot of societal norms that can come from Ecuador to Romania. A targeted approach for Dade County would make use of that information and adjust pitches to reflect the diversity.
New approach
Some markets have not be tapped yet and are divided into micro markets to make the task easier. Think of all the potential out there in the world and figure out what works best for that target. Take into consideration geographic locations and interests to tackle the challenge. A new market simply means new opportunities. Just because something has not been done before does not mean it cannot be done now.
Pilot markets
A television show makes one episode called a pilot. In the pilot, they try to sell the storyline and characters. It is then shopped around to different television stations in the hopes of being picked up. An entire season or half season can then be ordered based on the pilot. Tweaks can be made to the cast or settings, but it is simple a dry run.
You can test out new products in pilot markets. Think of when you visit other states or countries and find new flavors from trusted brands. In Thailand, Pringles sells spicy prawn chips. Americans may not go for the taste, but this Asian segment does. Create a dry run for two new pilot markets and test them out before fully committing to a micro or macro market.
In life it is better to be brave than certain. With hard data, you can take the calculated risk and discover new ways to market your business. There is an opportunity in every market and in every time. Invest your marketing funds where they will be the highest ROI. Set a structured budget and be flexible with fund allocation. Tap into micro markets and pilot markets with goals in mind.