The world of digital marketing is both an innovative and challenging industry. On the one hand, it is a very fulfilling job that enables creative people to help a lot of companies gain more customers, on the other hand, it opens them up to new obstacles that may sometimes leave them worried or not knowing what to do.
Regardless of the current marketing landscape, it’s important to keep in mind the key differences between target market and target audience to avoid confusion with the process of your tasks.
If it happens to be your first time dealing with a digital marketing agency and you would like to familiarize yourself with the differences between the two as well, look no further than our examples below.
1. Target Market Is a Broad Term
The key difference between target market vs. target audience is the fact that the former is a broader term. While a market can still be defined as a specific subset of people, the term is larger than an audience. There are several ways to identify the target market of any business. The first one is by looking into the business’ demographic profile and reviewing the information about its customers’ behavior, needs and preferences. Another effective way to identify the target market is by looking at the different activities that the business’ customers are undertaking and then try to figure out what kind of needs those activities are fulfilling.
2. Target Audience Only Refers to a Specific Group
While a target market can be defined as a subset of people, a target audience is a specific group of people. In order to be able to define a wide target audience, you should figure out what kind of people will be the ones most interested in your product and would most likely buy it. You can do that by conducting surveys or asking people directly to get as many answers as possible.
3. They Are Mainly Identified by Their Purchasing Power
Most commonly, a target market and a target audience are primarily identified by their purchasing power. People interested in your products and services and who would like to buy something from you are your target audience. However, it is essential to remember that the two terms are different and that there are exceptions. For example, the target audience of the fashion industry is much broader than just those that have money to spend. At the same time, the target market of a business that produces software is made up of people willing to pay for that software and have a certain degree of experience with computers.
4. They Are Defined by Their Geographic Location
Another way to identify the target market from the target audience is by looking at their specific location. This is a trendy way of defining the target market because people tend to be more loyal to a business or product that is coming from their own city or country.
5. They Can Be Identified by Demographics
While age, gender, and location can help you define a target market and a target audience, it is by no means the most accurate way to do it. Age, gender, and other demographics are the factors that affect the audience’s behavior and attitude towards the product or service.
Conclusion
Understanding what your target audience is and what your target market should be in order to achieve a great marketing campaign is extremely important. If you choose to get the help of an agency specializing in digital marketing, you’ll have people with a lot of experience in the field working alongside you. They may also help write content and create great links that will lead your potential customers to your website or social media pages.
With all of that being said, if you are looking for a digital marketing agency in Phoenix, AZ that lives and breathes marketing and creativity, look no further than our expertise here at Elly and Nora Creative. We are a boutique branding, content, and publicity agency, and we help purpose-driven companies, entrepreneurs, and experts grow their income and impact. Call us today and let us help you boost your brand to the top!
