What is a target market?
A target market is a specific group of consumers within an available market that you want to reach with your marketing campaigns. This group of people is highly-interested in your products or services and is more likely to make a purchase than an average consumer.Members of your target market will have characteristics in common, such as their age, where they live, what they’re interested in, and more.
Why it’s important to accurately define your target market?
Knowing how to define your target market is one of the most important components to the success of your business. If you don’t know who your ideal customers are, you can’t be sure your products or services are meeting their needs.Furthermore, running efficient marketing campaigns will be next to impossible if you don’t have a clear idea of who your efforts should be focused on.If you target people who are in no way interested in what you’re selling you’ll be wasting your resources to yield little results. This will lead to low conversion rates and higher cost per conversions.By clearly defining your target audience, your marketing budget will be much more cost-effective as your efforts will be directly focused on the people more likely to purchase from your business.Your campaigns will be laser-targeted to meet the needs and desires of a specific group resulting in targeted website traffic, more conversions, and overall better results.Knowing your target audience will allow you to further improve your products or services as you understand the pain points of your customers and what they are looking to solve.