I get what you are saying about having a product appeal to a particular demographic but I dont think it applies in this case. I believe most, if not all, craft breweries try to make a product that is unique and appeals to the mass group of people that prefer craft beers. You cant really convince me that a craft beer company focuses on the 21-25 year olds on this beer label and women over the age of 40 on this label. They focus on creating a unique way to market their beer through labels being original, making a statement about their product, and hopefully will be memorable. Here are examples if youd like to try and explain who they are particularly marketing
It depends on their marketing team, and how much money they are putting into their label and marketing. Some companies are clearly not focusing on that, but instead on a fantastic product, and you can't fully blame them as a lot of craft brew companies have rather limited budgets. I'd rather an amazing beer with a mediocre label than a mediocre beer with an amazing label. But I do need to pick that beer off the shelf before I find out how good it is.
Once you get into the bigger craft breweries though, I can almost guarantee their marketing is more in depth than "craft brew drinkers". No marketing company worth a damn would suggest going for such a broad approach.
That said, most craft beer drinkers probably do fit within a certain demographic... Generally I'd say white males, 35-50, with a decent income range, I'm guessing... though with the rise in popularity of craft beer, the demographic is also probably expanding.
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Back to the Toasting Toad logo. I really like it. I actually liked the darker outline colour from the original version better though, it defined the toad better, specially with his head and mouth.
That said, I like the new shell and blazer colouring, as well as the skin texture a lot.
The only element I find a bit awkward looking to me is the beer spilling out of the glass. The new glass and "beer spill" look better than the last, but I feel it just looks like a blob hanging over the side of the glass, rather than spilling over the edge. Granted, I can't imagine that's something very easy to illustrate....