The Target Audience is the subset of the Target Market
First, we need to understand the difference between the target audience and the target market. A target market is the set of consumers that a company plans to sell to or reach with marketing activities. A target audience is a group or segment within that target market that is being served advertisements.
The target audience can often be used interchangeably with the target market, as it is a specific subset of the largest market group. However, the target market does not always mean the target audience.
How do we get the right target audience?
- Conduct market research
- Find industry trends
- Analyze your customer base (Client interviews, surveys, etc)
- Analyze Competitors
- Create Personas
- Define Who is not your Target Audience
- Revise all the above steps again and again
- Always collect your users/client analytics (For Web mobile apps, use google analytics)
In my personal point of view, yes it is a great tool. But, marketer/product designers should check other demographics and don't narrow their focus.