7 Essential Characteristics of a Successful Brand. #1 TARGET MARKET
1. Audience Knowledge | TARGET MARKET
A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element of a marketing strategy.
The best brands have a thorough understanding of the demographics of their target market, what their interests are, how they communicate, and their needs. Unless it’s a mega chain like Wal-Mart, most businesses have a specific target audience they’re pursuing. Understanding the target market is critical because it provides direction for the tone and reach of a marketing campaign, along with the overall identity of a brand, while helping to create an organic, human connection between a business and its audience.
Trying to appeal to everyone (ie, ignoring the concept of a target market) can be counterproductive, causing a company’s brand to become diluted. Finding the right branding approach requires first understanding the target market.
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