Target Audience VS Target Market: Which Does A Digital Marketer Need Most?
When planning marketing strategies for your company, you want to make sure you’re reaching the people most likely to buy and use your products and services.
You need to consider the target audience vs target market so that you can create a marketing plan that will have more sales conversions.
Keep reading to learn the importance of knowing your target audience VS target market and how focusing on the right one will help you have greater success.
What’s the Difference Between Target Audience VS Target Market?
While many people think that the two terms are interchangeable, there is a difference between your target market and your target audience.
Your target market includes all who would use your product or services. Your business plan probably discussed who your target market is and why they will need your product.
Your target audience are the people you’re attempting to reach with your advertising campaign. Marketing will convince a specific target audience that they need your product now.
Your target audience is a more focussed and smaller group.
Why Not Just Market to Everyone?
You may think that the more people you reach, the better you’ll do. This sounds good in theory. But if you’re advertising to people who never use your product, you’re wasting energy and resources that never convert into sales.
You can miss out on sales with consumers who would use your product. All because your marketing strategy is aimed at the masses rather than a focussed group.
You have to teach the consumer why your products are perfect for them specifically. If you don’t market to a target audience, you’re losing consumers because you haven’t talked them into buying from you.
Pressure sales tactics aren’t necessary when you use your advertising to persuade a group of potential customers that your product or services are worth giving a try.
Types of Target Audience
There are different ways that you can figure out who your target audience is. You’ll likely have various target audiences for different campaigns.
No campaign should exclude or isolate one audience while targeting another, but there are ways to make your advertising and marketing efforts more effective.
You wouldn’t talk to a teenage girl spending her babysitting money at the mall the same way you’d discuss something with a father of three trying to make ends meet.
They may both have great uses for your products and services, but their motivation for buying is different. The positive selling points for one may not mean anything to the other potential customer.
Demographics are the statistical data that defines or relates to the population or specific groups and sectors within the general population.
Breaking your target market down by demographics into smaller, more specific target audiences, allows you to create a sales pitch that explains why the audience you’re talking to is important to you, how you plan to meet their needs, and what it is that makes you perfect for them.
Coca Cola has used many advertisement campaigns over the years. Even though they are a household name and everyone knows they exist, Coke creates ads that will be more relevant to one target audience than another.
They have gone the nostalgic route and tugged at the heartstrings of the older generation or they’ve had campaigns that were created to be fresh and fun so that youth will take notice.
Learning to Focus
In order to come up with a successful marketing strategy, you need to know your audience and what they want.
It’s not effective marketing to focus your ad campaign selling car insurance to college students who don’t have a car. Selling them dorm insurance would be a better match for this particular audience.
Your car insurance ad may have better results if you focus that marketing strategy on people in their fifties who are tired of paying high premiums with other companies.
You have to do your research though so you can know what audience needs what message for your marketing to be successful.
When you can determine some actionable insights, it will not only give you helpful information but allow you to create a plan to use that information for your success.
Knowledge Is Power
The more you know about your market and the audience you want to reach, the better you’ll do at selling to them. Learning who is buying what and why they are buying it is essential to being able to reach and sell to other consumers and gain a loyal customer for life.
Customers want to feel like a priority to the businesses they use. Not every consumer values the same things. One may be looking for a company that offers rewards programs for loyalty while another is most concerned about customer service during non-business hours.
Learning information about target audiences will help you cater to their needs and exceed their expectations. It also allows you to deliver the information a specific consumer needs. They can then make an informed decision about your product or services.
You’ve Got to Know
If you want to meet the needs of your target market then you need to know more about how and why consumers buy what you have to offer.
Find out who is buying from you and look at your competition’s sales to gain even greater insight.
What target audience are they succeeding with that you could improve on?
Do they have more successful marketing within a certain audience?
How is the competition’s voice different than yours?
Where can you improve with that specific audience?
It’s essential to your success that you take time to get to know who your target market is. Then you can figure out who your audience should be. It’s vital that you listen to consumers and take note of what their priorities are so you can target your marketing to meet their needs.
Perform for the Audience, Create for the Market
Your business exists because you saw a need in the market for what you have to offer. Now that you’ve filled that need you just have to let the right people know that your company can solve their problem.
When you concentrate your marketing campaigns on a target audience VS target market you can not only get your product out there but let each individual know why they need to buy it.
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