Target Audience

 Target Audience - a group of people defined by certain demographics and behaviour

Socio-economic (NRS)

It is a way of describing people based on their education, income, and type of job. Socioeconomic status is usually described as low, medium, and high. People with a lower socioeconomic status usually have less access to financial, educational, social, and health resources than those with a higher socioeconomic status.

The term "socioeconomic target audience" describes a particular set of people who a company or organisation wants to connect with and benefit from their socioeconomic level. This can include things like earnings, education, employment, and location. For instance, while a bargain retailer may target a lower-income clientele, a luxury vehicle manufacturer may do so.

Understanding the socioeconomic makeup of the target market is crucial when creating a marketing strategy. With the aid of this data, a company may design goods, services, and marketing initiatives specifically suited to the wants and needs of the target market. For instance, a business aiming to reach low-income consumers would provide inexpensive goods and discounts, whereas one aiming to reach high-income consumers might emphasise exclusivity and luxury. Understanding the socioeconomic makeup of the intended market can also help a company spot potential problems like a lack of disposable cash or restricted access to particular goods or services.

Mainstream vs Niche

Mainstream vs Niche refers to whether a media product is aimed at a large audience or a small audience.  Typically, mainstream products are things like big-budget films or triple A video games, while niche products are things like indie games and magazines on hobbies that a relatively small percentage of the population have (such as fishing or model trains). 

When advertising a media product, it is important to consider whether the product is mainstream or niche because it allows you to broaden or focus your advertising, respectively.  There is no point advertising a big-budget film about superheroes just to an audience of comic book collectors because these films have surpassed their source material.  Conversely, there’s no point advertising a fishing magazine to anyone who hasn’t shown an interest in fishing as they’re unlikely to buy your product.

Mainstream audiences are easy to target in advertising – you simply try to reach as many people as possible who would have even the vaguest interest in the product.  So, for a superhero film, you’d target the comic-book collectors, the action movie fans, the fans of the established superhero movie franchises, people who watch superhero cartoons, people who consider themselves fans of the brand (Marvel, for example) and so on.  When it comes to niche, you can focus on target just people who have shown interest in the product area or similar.  So for a fishing magazine, it’s about targeting people who already have shown an interesting in fishing.  All of this is easy to do when you take into account the amount of data available on people’s interests thanks to services like social media.