Changing your business brand entails many risks. It could mean you could lose profits if you completely abandon your past target market. Investors may also lose interest in supporting your business if you’re not careful. Here are a few things that could directly change once you decide on immigrating to a new target market.

1. Confidence Loss
A well-known identity implemented by a past successful brand marketing campaign could end up losing confidence from many customers. With the loss of business associations regarding trademarks and established semiotics, confidence in your products or services could revert to zero. With the reduction of brand recognition, your overall market presence also takes a step back.

2. What it Means for Consumers
If you have a good consumer base in your area and you are well-known for great product or service quality, consumers will question the integrity of your new brand along with the new products or services you could offer. People could go for your past brand market competitors.

3. Industry Business
The local industry could possibly suffer with your sudden change of target market. With your sudden brand change, a sudden demand for your competitor’s products can happen. It could work to their advantage or disadvantage. A monopoly on local industry products and services could happen once you change focus industry-wise.