The target market is the market a business, brand or organization (or all) would target to sell their products/services and promote it as well. They are the customer base and the real time buyers. Moreover, if any business, brand or organization does not know what their target market is, then they won’t be able to promote themselves.
Target market is defined by numerous demographic, social and economic factors. For example, the target market for Mercedes Benz cars is affluent, at the top of the social ladder, live in high income neighborhoods, have high incomes and can be of any age, but basically rich people buy it.
Ferrari, Pagani, Lamborghini, their target market is obviously the affluent segment of the society but with far higher incomes, living in mansions, having their own corporations, private jets, private yachts and the like.
Similarly, Dial soap is among America’s and Canada’s favorite soaps. Anyone in these two countries can buy it. Moreover, Pert Plus can also be purchased by everyone. But there are some catches: both men and women use different kinds of products because men’s products don’t work on women.
It is simple: Gillette Mach III can’t be used by women because they don’t have beards but have other razors for their sensitive areas. Similarly, Victoria’s Secret is a brand exclusively for women, not men.
Moreover, there is also a difference between a physical product and a digital product. Both have a different market with different kind of people and different requirements for the products they need (and obviously want to use).
What more to understand about the target market and audience?
The terms target market and target audience are often used interchangeably and since they only have slight differences in context, they both have the same meaning because the latter is used in digital marketing while the former is used in marketing typically.
Key steps towards identifying the target audience
Brands, businesses and organizations working to define their target audiences are carrying one of the best practices business has taught them. Why? Because this helps them identify the people that need and even want their products/services.
Defining a target audience is a really good practice for anyone needing others to give them something in exchange for value, like salary, an investment or money in exchange for a favor, donation, product, service etc.
Hence, teams leads from a social media agency based in Burnaby explain that whenever a business, brand or an organization needs something from their customers, they should read the following steps which can help define a target audience and be thus able to define their audience.
Step 1: The age of the target customer – how old are they?
Understanding the very age of the existing, potential, old and new customers is imperative. It can assist brands, businesses and organizations alike to make accurate forecasts about that demographic to identify key points of their keenest interest in them.
Step 2: The location of the target customer – where they live?
Understanding the location of customers (existing and prospective) is an insight not to be taken for granted. Each business entity should be aware of this and understand it to utilize their marketing efforts on a whole new level.
Step 3: Gender of the target customer – Are they men or women for most part?
Each business entity must always remember to target their audience’s gender based on the product or service being offered. It helps them be successful as well as aiding them achieving their goals on an effective margin.
Step 4: Promoting the product/service? How to do that?
Whether a business entity wishes to make money online or offline, here are the steps they should follow:
- Understanding how to promote a certain product/service to help them reach their audience with less time and effort.
- A lot of people need to repeatedly observe a product/service in action via photos and videos before buying.
- They should always remember using social networks. YouTube can help them demonstrate how their products/service work, how they can be repaired and how it can make lives easy.
Step 5: From where does the audience get information?
Business entities should ensure to post their products/services on the right platform using the right content to reach their audience with ease and precision.