This is one of the most subtle, and difficult, parts of the marketing process.
A key to success is not only knowing your audience but also knowing if that piece of audience you selected is willing to pay for your stuff.
Case in point, a theatre company I know really wanted to attract their fellow artists (performing, visual, etc.) to their work. They figured that the art would be elevated by having an audience full of smart, engaged artists.
Good thought, in theory.
The problem was that a lot of the artists they wanted don't like to pay (or pay much) for theatre tickets. This was a group used to getting in via various complimentary offers.
They love art, but they aren't really willing to pay for it. Thus the idea was dead on arrival.
Another example. You're a painter and you want to make a good wage from your paintings. Say they cost $1,000. To be successful you need to find an audience that has shown some willingness to pay that much. The best indicator is whether they have paid that amount for other art in the past.
Now remember, I'm not talking about ability to pay, I'm talking about the willingness to pay. If you approach an audience that isn't willing to pay for art at your particular price point you either need to change the audience or change the price point.
Reminder: Speaking of ability to pay, we know that arts organizations are willing to pay for marketing workshops. That's helpful because I working with the good people at 2amTheatre to do a workshop on April 20. Details here. Early Bird Deadline expires soon.