A target market is a clearly defined group of people most likely to patronize your business. Target markets have specific age ranges, genders, educational backgrounds, professions and geographic locations. If you run a coffee shop in an area with a robust co-working scene such as downtown Toronto, for example, your target market might be millennials who work for startups and earn a specific amount of income. Businesses that identify their target markets have a better chance of creating marketing messages that resonate with them. Understanding specific details about your potential customers also allows you to offer products and services they’re anxious to buy, so you can build client relationships.
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