Young consumers pose an intriguing challenge to marketers. They are a target segment that has no specific demarcation; and even if one exists, it is fragmented and rapidly keeps changing. The segment is also interesting as a majority of end consumers are not the actual purchasers and the actual purchasers are seldom the end-users. Research on this segment is difficult to carry out and is costly. Moreover, it is easy to misunderstand. Ironically, marketers can neither ignore them nor can they lure this elusive segment easily. Is there a way out? Perhaps there is no straight answer.
"If you want to catch a fish, think like a fish."During late 1997, Levi's, one of the world's leading youth brands started losing sales and thereby failed to garner the needed market share. What went wrong with the brand? Research indicated that the brand Levi's was no longer popular among teens and had failed to empathize and connect with the teen's lifestyles! David Spangler, the then director of market research commented, "We all got older, and as a consequence, we lost touch with teenagers." By 2003, the company, which turned ordinary street-wear blue jeans into a fashion icon among teens and enjoyed sales of over $7 bn with over $1 bn annual profits, was found in a state of net losses! Despite the company's attempts to turn the tide, it is still under tremendous pressure in its core market-the US. It appears that `the cost of losing touch with teens' proved quiet dear to Levi's. |
