You have the ability to create both organizational and your own personal labels to fit your business needs.
Previously, when you created a target label, everyone on your account could see that label. Now, in addition to creating organizational labels, you have the ability to create your own personal labels to fit your business needs.
To add your own personal labels:
1) Click on Edit Labels
2) Select Add New Label
3) Add label name and select your targets
4) Choose Personal