Summary
Marketing myopia is a daily reminder of your company’s risks. It is important to listen carefully to your target audience’s needs. In this way, you can ensure that you are on track to provide them with the service or product they desire.
Remember, your customers are the fuel to your company. Without them, your business will collapse.
Ultimately, the key word here is: adapting.
The most important characteristic that you should have as a business is your flexibility to attune to the world’s changes. Yes, trends are important. But it would be best if you use it as an inspiration for your long-term marketing goals.
I can say that it is all about your mindset–the perspective you have for your company. If you set your business to follow its goals and consumers strictly, then there’s a good chance you will stay on the right track.
If you want your business to stay in the competitive market, you must remember this: It’s not always about sales. You have to prioritize your customer’s needs.
Although improving sales is one of the main objectives of any company, you have to consider what your target market wants. After all, they will be the drivers that will keep your company in the limelight.
Most companies become too blinded by acquiring profits and quick results without thinking of long-term goals and strategies. When this happens, you might fall into what marketers call marketing myopia.
This phenomenon happens when business owners do not adapt to a futuristic mindset for their company. Sure, caring about the present events and trends is important to keep your company in its game.
But you might want to believe me when I say that you must also consider possible changes years or decades from now that may affect your company. Even your marketing consultant is aware of this.
All About Marketing Myopia
Marketing myopia is when businesses can’t see their target audience and the alternatives that other competitors can offer to them. To give you a clearer look into this marketing concept, take yourself back to the 90s when film cameras were still a trend and the only tool available for photography.
Film camera companies impressively peaked, but some brands did not anticipate the rise of digital cameras years after. It is a classic example of marketing myopia.
As a camera company, it would have mattered if you had explored what customers might want in the future; and aligned your products according to what they wanted.
Ultimately, no one can predict the future. But with proper research, brand recognition, and strong ears for your customers, you can save yourself from this myopia.
How It Started
The idea of marketing myopia came to life in 1960 when former Harvard Marketing Professor Theodore Levitt used the term in his article. He urged business owners to switch marketing perspectives from product to customer orientation.
Levitt emphasized that businesses do have their way of losing sight of the big picture. So it is important to always look after your customers because your company won’t work without them.
The Self-Deceiving Cycle
Professor Levitt also discussed the so-called self-deceiving cycle in his article. It talks about how businesses can fall into the myopia trap.
Generally, it discusses the following points:
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- Being too concerned and reliant on production and lowering manufacturing costs can blindside you to the real goal of listening to customers.
- Sticking with proven and tested products that have existed for years can make you forget the importance of exploring new ideas and materials.
- Even if you are a well-established business offering the most loved products of today, don’t be overconfident that other competitors can’t beat your offers.
Other Causes
Aside from the key points mentioned in the self-deceiving cycle, many other causes may push you to be stuck in the marketing myopia concept.
Pressure From CEOs and Shareholders
Are you an employee pressured by his bosses to create positive results from your marketing strategies? Possibly, there was a time when making operations, and marketing decisions was a headache for you.
The pressure from the executives could lead you to implement actions that are not thought out thoroughly with time. Sometimes it may lead you to resort to short-term and band-aid solutions.
When this happens, you are already engaging in marketing myopia. It is important to communicate effectively with the higher-ups and be transparent about your marketing plans.
Inability To Keep Up Digitally
Remember, everything is continuously changing, especially in today’s digital age. Even marketing methods have been evolving!
That’s why businesses need to keep pace with digital trends. Companies that can’t keep up with the use of technology are more likely to experience marketing myopia.
You must adjust to a mindset that foresees your business to grow using digital methods. It would also be helpful to prepare plans on how to stick with the changes it brings.
Stay in the competitive market and ensure that your company strategies are up-to-date.
Forgetting Your Company Goals
Most businesses that do not stick to their company’s core are most likely to be pinned down to marketing myopia. Your company goals and your objectives for your customers are the foundation for your long-term operations.
Generally, your company’s goals will dictate what’s going to be your long-term strategies. So you must keep them in mind and use them as your strongest point to level up your marketing approaches.
Avoiding Marketing Myopia
Whether you are a marketing beginner or not, a starting business or a large company, it is essential that you know how to avoid marketing myopia. Doing so can save your company from potential losses.
Here are some ways you can do to steer away from this marketing trap:
- Be updated with the trends and use them in curating long-term strategies
- Prioritize your customer
- Perform detailed and thorough market research
- Explore creative marketing strategies
The most important thing to do? Create a hungry mindset for innovations and customer relations. In today’s digitized world, it is fair to say that everyone relies on technology, and your customers are already considered digital natives.
Marketing Myopia Today
Although marketing myopia has been known since the 60s, it is still applicable today. There are still some industries and brands that can fall into the trap.
For instance, publishing industries are transitioning to myopia if they do not adapt to digitized methods.
It is essential that they ask themselves about what they cover as a publishing company. Is your publishing limited to papers, books, and magazines? Or do you already have a plan to jumpstart digitizing your content?
Thinking outside the box and being creative in your marketing strategies while prioritizing long-term goals can help you conquer marketing myopia.
The Future With Marketing Myopia
Marketing myopia will still exist if businesses continue to be production and sales-centered. As time passes, customer demands change as well.
So your product and manufacturing methods will not matter if it is not parallel to the needs and preferences of the customers. If you don’t have a contingency plan and the motivation to keep up with the modern world’s demands, expect to see marketing myopia on the other end in the future.
Add strategic planning of backup methods and systems to your marketing efforts. Perhaps you can power through marketing myopia and save your company from nuisances and losses.
Wrapping It Up
Now that you know that certain marketing myopia exists, maybe it’s time to rethink your marketing strategies.
Are you on the right track? Do you prioritize consumer demands more? If not, then you must start reangling your marketing efforts.
Conquering myopia can be a challenge, especially since no one knows what changes can happen in the future. Certainly, it is easier said than done. But starting in small steps by revisiting your company’s operations and approaches is a good start to lessen your chances of experiencing marketing myopia.
Of course, focusing on sales and profits is normal. But if you want to be in the industry for a longer time, you have to think beyond the money you’ll earn.
Remember, it all lies in your perspective. Always look at the bigger picture and pay attention to your customers.
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