Let’s first talk about the difference between target audience and target market. A target market is a set of consumers that a company plans to sell or reach with marketing activities where a target audience is the group or segment within that target market that is being served ads (Marketing Evolution). In this article we will focus on the target market and how your brand can identify yours. Target market is important for businesses in order to be more efficient on targeting specific groups instead of mass marketing to those who may have no interest. It also builds interest in the brand, loyalty and create a higher potential growth of sales. Here are some tips to start finding your brand’s target market.
The Importance of Marketing Research
Research shows that businesses are 60% more profitable when they are customer-centric according to an article written by Lucid. Market research is one of the best ways to do this by getting to know your customer base. This is done through gathering data to learn more about demographics and marketing trends as well as other important aspects of business goals. First, there are many subcategories of marketing research and I will only touch on a few in this article.
