To create a new Audience, start by navigating to your Audiences menu.
From here:

• Click the Create Audience button.
• Click the Select New Filter dropdown:
  • From the options, select a Field, Preference, Custom Field or Tags to filter your contacts, e.g: Tags.
    
• Set your Condition, e.g: Include.
• Enter the Value you want to filter to, e.g: First Home Buyer
• If you would like to add more filters to further filter your list, click the plus button.
  • e.g: Preference: Max Price - Condition: Is less than or equal to - Value: 800,000.
• Click the Apply Filters button to display the contacts in your database that match your filter set.
  In this example we would see all contacts in the database tagged as first home buyers, looking for a property under $800,000.

• You can restrict or expand any filtered list by choosing to match to All or Any of the chosen filters, using the option buttons above the filter set.
• Type in a relevant name for your new audience.
  
• Click the Save Audience button.