Posted in Marketing and Strategy Terms, Total Reads: 256
Audience is the group of people that you want to reach with the message of your product or service. Audience selection is very critical to the survival of any business, it is the crux of the business. Before deciding on the audience, one must look for the target market that one wants to venture into or he/ she wants to target. This is often also known as target marketing. All this is done via a process known as Market Segmentation. It is the process of effectively segmenting your market based on various factors like demographic, social etc.
Segmenting is also one of the key areas of marketing. So once you segment the market, you get your target market & eventually your audience for whom you are developing your product. Though, target market & target audience seem to be similar, they actually also are but they have different implications for example- Your Target Market, it size etc defines your product but it is your target audience that defines your advertising.
One aspect of audience is that it is “Fluid” meaning that the audience can change depending on a lot of factors like business goals, monthly offers, purchasing power etc. In today’s times it is not just enough to think or target your audience based on the zip code, it is extremely important to reach out to that one particular shopper in Mumbai to another one in Washington. As organizations you have to be very microscopic in your approach- focusing on your big / star customers & at the same time identifying those customers who have the potential to make it to the big league. Continuous Engagement of the audience is as essential as a purchase.
All this said & understood but now it comes to actually implement it in the real world. Here comes “Audience Management” which helps us to identify the right customers at the right time for the right kind of product or customer. Audience Management help to understand the motivation of the customer & helps marketers to deliver a personalized experience to them.