A Target Market is the segment of customers who are more likely to buy a particular product or service. It is important to identify so that marketing can be tailored to address it. It can be defined based on the following characteristics:
- “Geography,” meaning where people live.
- “Demographics,” meaning age, gender, relationship status, income, education, etc.
- “Psychographics,” meaning opinions, behaviors, attitudes.
- “Behavior,” meaning buying patterns like brand loyalty, how often they buy, and how much money they typically spend.
Target markets are defined by conducting online research, examining analytics, and organizing focus groups. When a target market is identified, it can be broken down into even smaller segments based on factors like relationship status, interests, buying behavior, technology use, income, education, profession, etc.
