How to rebrand your business by changing your target audience
Defining a target audience can be a tricky task as it is for any new business, imagine re-defining it. It may or may not work. But, with the evolution of the market as well as the business, sometimes re-focusing can be very useful. To be a successful business, you have to cater to the ever-changing needs and demands of the customer. Your target audience can be very dynamic and you have to see every aspect and make sure that you do not miss any opportunity. For instance, if you have a product that’s catering specifically to men, men may not be your only target audience. There may be women who want to gift your product to their spouse, friend, etc. This may not occur to new business but after being in the market for a while, you will realize your target audience is much bigger than you initially thought. Therefore, as a business, you need to evolve your business strategy according to your market in order to maintain growth.
When to consider changing your target audience
It may sound odd for a business to change its target audience, but business owners tend to make assumptions and generalizations while selecting their target audience before starting the business. But over the years those assumptions might not be relevant. For example, things that were demographically true 10 years ago, might not be true now. Here are some common reasons as to why business owners may have to change their target audience :
- The target audience is too small – Your target audience has to be big enough to generate profits
- The target audience is too big – When you’re trying to offer something to the entire general public, chances are that you will end up reaching no one. You will have to narrow it down to the relevant customer.
- No buying power – Your target audience needs to have a buying power to be able to generate revenue.
- Expansion – Sometimes you just need to expand with new products and services and engage a whole new target audience.
Redefining your target audience
Once you have realized its time to change or redefine your target audience, the next step is how to do so. You will have to re-brand your product by making your website, packaging, advertisement, logo, fonts, etc relevant to your new audience. If you want to add new groups to your target market, you will have to market your product according to them in a way that’s appealing to your new target audience.
How can you redefine your target audience
- Logo -Logo is the first thing that communicates with a potential customer. Changing your logo completely may not be a good idea, but you can stylize your logo to make it more appealing. Color and design can convey a subconscious message to potential buyers. You can re-design your logo to make it suitable for your new target audience.
- brand communication- You can modify your website as and when required. You can communicate a change by changing the colors, typography, graphics, and tone of voice through your website.
- Advertisement– The way you advertise your product and where you advertise it plays an important role. If you’re targeting a younger audience, you can choose new social media platforms to advertise your products and use marketing that depicts a younger customer. Whereas using new social media platforms may not be such a good idea if you are targeting an older audience, as they might not be very active on social media.
Examples of some brands that changed their target audience.
Nasty gal is an American fashion brand, that started off as a vintage store on eBay for second-hand fashion items. The brand has now rebranded itself and carries clothes, shoes, accessories under its own label. This brand made a huge shift in its target audience and did it successfully.
Calvin Klein is another brand that re-branded itself into a fashion-forward, luxurious, youthful, and edgy brand. They changed their upper case logo for a more youthful and bold look. The brand is working on meeting consumer demands by creating products that engage different communities. Also, their latest Tik-tok campaign makes it evident that they are targetting a much younger audience.
Defining your target audience is key when it comes to strategic planning. This is what determines how you will brand your product, sell it and price it. And with the evolution of the business, you might start trying to cater to a larger audience without even knowing.
Hi! Shagun here. I am an Accessory Designer from NIFT, New Delhi and working as Brand Manager at ILoveFashionRetail. I am an avid traveler and love to explore new places every now and then.