A Target Audience is a group of people which is specifically intended to be the reader or audience of any advertisement, message or any similar objective. In regards to the marketing and advertising industry, target audience is a set of people in the target market, at which a sales and marketing strategy is focused.
For example, if a pharmacy sells multi vitamins to women with age greater than 30, the marketing could be aimed at women aged between 21 and 45 who have interests in Fitness, wellbeing, healthy living etc. This can then be broadened to women with interest in business, news, politics etc. Seeing as they usually lead extremely busy lives. (example only).
Targeted marketing and advertising are based on classification approach, rather than aiming for objects in a diverse pool of people.
A target audience can be defined based upon certain criteria relevant to the objectives to be met in the sales and marketing strategy. For example, age, height, demographics, income. Moreover, target audience can also be defined based upon a combination of different factors such as women aged between 30-40. Outlining a target audience is a highly focused approach so that a set of prospects whose needs are relevant to the marketing objectives can be prepared.
The target market comprises of a group of people who share some common features based upon the marketing strategy of a business. A precisely defined target market is a pre-requisite for an effective marketing plan. Four basic variables which include product, place, price and promotion are the measures the analyze the success of a product in the market.
Strategies For Targeting
Four different strategies have been coined out by marketing specialists to approach the target market, these include:
Niche marketing focuses upon defining a deep end market for a product and marketing it to the prospects who fall in that category. For example marketing shoes is a big niche but “oily black leather shoes for men” is a micro niche.
Mass Marketing is aimed at broadcasting a message to a large audience without any focus upon segmentation of the prospects. This approach aims at spreading their word to the maximum number of people possible. It can be seen as a hit and trial strategy without a concentrated approach.
Differentiated marketing focus at the segmentation of a wider market into groups of people based upon interests, lifestyle and other relevant factors.
For target marketing, it is essential for one to become familiar with the target audience. Factors such as geography, communities, population affect the markets and the products sold in them, so a knowledge of such factors is essential before marketing.
To attain this knowledge, a proper analysis of the target market needs to be carried out. The market analysis document educates the management about the environment of the target market, and other important factors such as purchase, inventory, investment, expansion, workforce, promotion and advertising and others.