The Art of Rebranding:
In the dynamic world of business, catering to the ever-changing needs and demands of customers is key to success. As such, defining a target audience can be a tricky task, and sometimes, redefining it can be useful. But how does one rebrand their business by changing their target audience in 2023? Read what Developer Arena Shopify Experts says:
Knowing When to Change Your Target Audience
As a business owner, selecting a target audience is a crucial step in strategic planning. However, over time, assumptions and generalizations made during this process may become outdated or irrelevant. Here are some reasons why a business may need to consider changing its target audience:
- Small Target Audience: A target audience that is too small may not generate enough profits for the business.
- Large Target Audience: Offering something to the entire general public may not be effective, as it could result in not reaching anyone. It is important to narrow down to the relevant customer.
- No Buying Power: A target audience that lacks buying power may not generate revenue for the business.
- Expansion: Expanding the business with new products or services may require engaging a whole new target audience.
In summary, changing a target audience may seem odd, but it can be necessary to maintain growth and success in a business.
Redefining Your Target Audience
Once you realize it’s time to change or redefine your target audience, the next step is to rebrand your product. This can be done by making changes to your website, packaging, advertisement, logo, fonts, and other visual elements to appeal to your new target audience.
Examples of Successful Rebranding
Nasty Gal evolved from a vintage store on eBay for second-hand fashion items to a fashion brand that carries clothes, shoes, and accessories under its own label. Calvin Klein rebranded itself into a fashion-forward, luxurious, youthful, and edgy brand, with a new, more youthful and bold logo and a TikTok campaign aimed at a much younger audience.
Defining your target audience is key to strategic planning, as it determines how you will brand, sell, and price your product. And with the evolution of the business, you might start trying to cater to a larger audience without even knowing it. By following the tips outlined above, you can rebrand your business and redefine your target audience in 2023.