If you’ve ever talked business with a marketer, you’ve probably noticed how much we like our marketing terms and phrases. Sometimes, we forget that not everyone is as crazy about marketing as we are; so today’s blog is dedicated to explaining one of our favorite terms, target market.
First, what is a target market? In simple terms, it is the audience you are trying to address. Another way to look at it is that your target market is your ideal customer. When thinking about target markets, start with demographics. There is a whole list of things to consider, below are just a few.
• How old is the customer?
• What is their gender?
• Where do they live?
• How much disposable income do they have?
The advisors at Magnus are all disciplined in and studied marketing theory and execution with a combined 55 years of marketing, strategy and communications experience. Besides demographics, we break down a target market to create your new audiences through all 4 pieces of segmentation:
• Demographics (as described above)
• Psychographics
• Geographics
• Behavioral
Why should you know who your target market is? So you can speak directly to them with a tailored and customized marketing message and positioning that is a perfect fit for that audience. Figuring out who makes up your target market is the first step in any successful marketing or advertising campaign. After all, how can you select the message, visuals, or advertising mediums if you aren’t sure who you’re trying to reach?
A last note on target markets, a business can have more than one, so don’t write the concept off because you have a variety of customer “types.” Just know which ones you are trying to address with which campaigns.
If you’re still not sure why you need to know who your target market is, or how you can figure it out, you can always contact Magnus for help.
