The Most Important Piece of a Marketing Plan: Target Market/Audience
A target market refers to a group of individuals a company wants to serve. Generally, this group shares similar needs or characteristics, including demographics, income, buying power, and geography.
What is the importance of target market?
Identifying the target market is crucial when developing a marketing plan. However, not knowing who the target market is can cost your company time and money (1).
Knowing your audience will help you:
- Have a better understanding of the market need: The only way for a company to remain competitive is by meeting and exceeding their customers’ expectations. To do this, the company needs to understand its market’s needs by defining its target market (2).
- Better Products and services offerings: Defining the target market and its most important unmet needs are essential to a company’s ability to bring successful products to market (2).
- Design the right strategies: Knowing the target market’s needs and wants will companies develop marketing plans with cost-effective strategies and processes. It also allows the company to focus its strategies on customers with the highest profit potential that attract and convert high-quality leads.
- Craft specific messages and campaigns that reach the right audience: Marketing messages resonate well with audiences when they can relate directly to the information
- Build customer loyalty: The ability to stand out from competitors by creating a marketing plan that reaches your customers builds long-lasting relationships.
Understanding your market is essential to building successful businesses. Finding out what the customer wants surely helps you improve your product and service offerings. Consequently, any well-designed marketing plan starts with a clear understanding of customer needs.
Check the following reference articles to learn more about the most important piece of a marketing plan:
- Kenton, W. (n.d.). Target Markets: What Everyone Should Know. Investopedia. URL
- Quill, M. (2020, April 14). Top 5 Reasons Why You Should Use Target Marketing. Affinity Strategic Marketing. URL
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