You could be in serious trouble if you do not have specific answers to the questions above.
You’re in more trouble if you say, “We target everyone” or “We cater to a wide range of people.”
You’re going only to reach people if you try and target everyone. You can only please some.
Tom, I understand your thinking: “But what about Amazon?” “They target the entire world!”
In 1994, Amazon only sold books online for four years, between 1994 and 1998.
Amazon, on the other hand, had a very well-defined target market.
Good Ol’ Jeff began to expand only after four years of hard work. Amazon is now able to target anyone.
You are not Amazon today. If you want to be Amazon in the past, you must start small.
This article will teach you about the target audience. You’ll also learn how to determine the market your business should focus on to succeed.
What is a target market?
A target market is the segment of consumers that an organization intends to reach with its products and services.
Target market identification is crucial in developing products and services and marketing campaigns.
A target market will also include the final users of a service or product.
The famous consultant Peter F. Drucker once said: “The goal of marketing is knowing and understanding the customer to the point that the product or service will fit him and sell itself.”
To cut through the clutter, you need to target your products, services, and marketing campaigns at a well-defined, specific group of people.
Because if you don’t? They’ll, at best, be poor products or services which don’t meet your customers’ needs and wants.
According to Philip Kotler, a marketing expert who once said, “There’s only one winning strategy.” It’s to define your target market carefully and then direct an offering that is superior to them.
The target audience can be segmented based on geography, demographics, and psychographics.
Target Market Example
McDonald’s is the fastest food brand on the planet, and it’s an excellent example of targeted marketing.
McDonald’s targets multiple audiences and markets, creating campaigns and products for each.
One of their main target markets, for example, is young children. They provide play areas for this segment, happy meals with toys, and marketing campaigns featuring Disney characters and Ronald McDonald.
McDonald’s has maintained the largest market share for fast food in the United States through aggressive pricing and targeted marketing.
In recent years McDonald’s has seen a decline in sales. They have had to adapt to the changes in their market.
The avocado-loving generation is more concerned about healthy foods than previous generations.
McDonald’s has updated its products and services in response to the change in the target market.
McDonald’s has a healthier menu and offers more fresh coffee.
What is the target audience?
Target audience is a more specific term than the target market. It refers to a group of consumers who are targeted by marketing messages.
Advertising expert Tom Duncan explains that a target audience is a “group with significant potential to respond positively to a brand’s message.”
You can market to your target audience, even if they are not end users.
You need to know your audience to communicate effectively.
Robert G. Allen said, “Nothing matters more than the fact that you’re in the business of education, no matter what product you have.” Robert G. Allen said, “No matter what your product is, you are ultimately in the education business.”
Remember what marketing expert Orvel Wilson said: “Customers purchase for their reasons, not because of yours.”
Let’s return to the McDonald’s case we discussed above.
Examples of Target Audiences
McDonald’s has a key focus on children. But there’s one big problem: They need to possess purchasing power.
It’s not children that buy McDonald’s, but the adults who surround them.
McDonald’s created the Happy Meal to cater to their target audience of children. They create ads promoting Happy Meals for their target audience: parents.
The video below clearly shows this.
The advertisement highlights items parents find essential but kids don’t care about: “no artificial flavors, colors or preservatives” and charitable donations.
What are the most important things to children?
Of course, the toy! This is only mentioned briefly near the end.
McDonald’s may target children with Happy Meals, but that’s not what they’re after.
Target market and target audience: What are the differences?
The terms target market and audience overlap. There are some key differences, mainly in terms of the practical impact each one has on your business.
The target market influences all of a small business’s decisions.
The target market’s needs and wants are considered when developing products or services. The packaging and price decisions will be adapted to the target audience. Sales processes are based on the shopping preferences of target markets.
A target audience will only influence decisions relating to specific marketing messages.
Target markets usually consist of the final user of a service or product, while target audiences are not always.
Both target markets and audiences can be the same
The target audience of a marketing message can often be the same as the group identified as the market target.
A yoga leggings company may target women between the ages of 24 and 34 who are single, frequent gyms and are interested in yoga.
This example will have the same target audience as the target market.
Marketers can narrow down their target audience. Marketers may choose to utilize Instagram advertising to reach their targeted market.
The target audience can now be Instagram users who have recently purchased online, follow accounts like Yoga Girl or Yoga Inspiration, live in Portland, Oregon, and value fair-trade products.
Now let’s discuss why targeting can be so crucial to your success.
