Posted in Marketing and Strategy Terms, Total Reads: 365
Definition: Target Audience
A particular group of people, who are supposed to be the recipient of the various advertising and promotional activities. They are also referred to as the target population. Target Audience is the one, at which various products and their corresponding marketing messages are aimed. The target audience may comprise people belonging to the same gender, age, marital status or a combination of such factors.
Identifying the correct target audience is one of the most important task for a marketer. This is because ideally every marketer wants to reach each and every potential customer which is a very costly and time consuming process. So, to efficiently utilize their time and money resources, marketers need to define a group, called the target audience, the members of which are deeply interested in the product or service being offered.
Some basic steps involved in the identification of target audience are as follows:
• Consulting the business plan: Analyze the company goals and the product or service being offered. Analyze how the product or service is different from those of the competitors. Analyze whether benefits of the product or service are able to satisfy the needs of the potential customers. Also, think from the perspective of people who are looking forward to the product or service being offered and not from the perspective of just a seller.
• Research: Initially, go for secondary research data to obtain useful information about market, potential customers and competitors. If secondary research data is not available, then go for primary research.
• Developing customer profile: After the research is complete, it is mandatory to create a customer profile. This profile is a detailed description of a typical potential customer, including information regarding demography and psychography.
• Finding the location of the target audience: This includes searching for the websites and social networking sites the target audience visit. This also involves research on the types of apps, the target audience use and whether they have an email address. All this helps in the proper delivery of the promotional message.
• Monitoring: Continuous research is required, even after the target audience is identified, to monitor the industry and market trends. The evolution of customers also need monitoring along with the status-quo of the competitors.