Targeting is the key to success with marketing your small business. Distinguishing your Target Market and your Target Audience is important to really hone in on ROI for your efforts. Do you know the difference? Check out this illustrative example from John Spacey to make sure.
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A target audience is a target for communications, media, entertainment, information or advertising. A target market is a target customer for products and services.
The Difference: A target audience pertains to media, information, entertainment and messages such as advertisements. It may be focused on the content of a message such as a story that will appeal to a particular demographic. A target market is an identified group of customers for a product or service. This may be used to define the strategy and design of products, services and brands.
The Similarities: Marketing teams may use different but overlapping target markets and target audiences. The target market defines product development, distribution, pricing and branding. The target audience defines promotion and advertising.
Example: An insurance company has a target market of all drivers with a reasonable risk rating in the 12 states in which it operates. The company breaks this target market into four target audiences with different advertising for new drivers, families, corporate customers and drivers over 55.
Source: John Spacey, Simplicable