Overview
If you have an audience already set up and want to modify it you can follow this how-to article.
There are restrictions on how you can modify an already created list. Please go through the restrictions here.
Instructions
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Navigate to Audiences.
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On the list you want to modify, click on the 3 dots at the right end of the list
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Select Edit Audience list from the drop-down on the right-hand side of the selected list in order to edit the details of that list.
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You can edit the name, description and columns per the restrictions.