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Let me tell you a story. Early in my tenure at Yahoo we tried to get into the site dev process in the early stages in order to work SEO into the Product Recommendations Documents (PRD) before wireframing began. But as a fairly new horizontal group not reporting into any of the products, this was often difficult. Nay, damn near impossible. So usually we made friends with the product teams and got in where we could.
I completely agree that defintion of a target audience isa great first step, but would ask if adding in competitors to the analysis (mentioned here as a later step) helps draw out who your target audience would be via comparisons, i.e. showing who you are an who you are not - would be very interested to hear opinions on how this tactic can be used within the overall step in coordination with targeted keyword discovery.
Hey Ted, thanks for the great questions! The peak times refer to your particular time zone, if you are targeting an audience that resides in the same zone as you. You can also use tools to find out when most of your audience is online. For example, Facebook has this built into their Page Insights. For Twitter, you can use https://followerwonk.com/. Many social posting tools also offer this functionality.