The term ‘target audience’ is often used by people, and chances are that you might have come across the term too and wondered what it means. Especially, often used in relation to topics such as marketing, branding, or any of the IMC tools, this term is very relevant when it comes to these topics. So what does it exactly mean? And why is it so relevant to brands? Let’s find out.
What do we mean by ‘Target Audience’?
Firstly, let’s discuss what we mean by this particular term, and who is the target audience? The target audience, in simple terms, can be defined as a specific group of people who are more likely, than others to purchase what your brand is selling. The target audience for any brand or product is identified after doing proper research. Often focus groups, surveys, interviews are taken to come up with better interventions for the customers, which benefit both the brand and the buyers.
Why identifying the right target audience is important?
One of the most important reasons why identifying the right target audience is important to brands, is that it is actually cost effective in the long run. When you identify a particular set of audience that you want to cater to, it is easier to attend to their demands and make new interventions accordingly; rather than not have a well defined group to cater to. By doing so the brand also reduces their chances of making any wrong interventions, and are more likely to save money in the long run.
Increase brand loyalty
In today’s world, brand loyalty has been something that has decreased over time, because of the large availability of options available in the marketplace, the highly identical products available and increased sales promotion. Often, what makes a brand stand out is its image in the market and the service they offer to their customers, and not just the products. Identifying the right target audience and focusing on them is a great way to increase brand loyalty among its customers. If the brand is focused on the identified group, knows exactly what they want and provides those things, customers are more likely to go with them, even amongst an array of similar products available in the market.
Better content creation
Nowadays, content creation is not just limited to making TV ads or designing a print ad for the newspaper. With the digital age, social media and digital platforms have also become a very important outlet for content creation. These new methods have also been seen as quite effective and have worked for many big brands. Identifying the right target audience, can help the brand to understand what kind of content the customers are into and create better content accordingly, for all mediums being used. Being the best PR agency in Delhi, we understand the importance of content creation and the impact it can have on the audience, and try to put out content that resonates with the audience.
One of the primary goals of a brand is to come up with new solutions for certain problems that the customers might be facing. Having a certain indentified group of people to focus on can hence, help the brand to understand their issues better and can make things easier for them, when it comes to thinking of new solutions for the audiences. The problems faced by the customers, for instance could be anything, like more sustainable and eco-friendly products or a new range of products. And knowing the right audience will help the brand to come up with better solutions for them.
Better return on investment
Lastly, if a brand focuses on a well defined group of individuals who already have an interest in the brand or what the brand offers, there is a larger chance of the brand making any profit. Rather than catering to every customer in the market, it is much more easier, cheaper and smart to focus on a group of people who are more likely to buy what the brand is selling.
Hence, identifying the right target audience in today’s world is not only a smart move, but a necessity. Brands need to spend ample amount of time doing their research and getting this part right, so that their future endeavors perform even better.