What is marketing myopia and can it affect me?
We’re sure you’ve all probably had an AMAZING idea that you were certain would massively succeed only to find that once launched, it failed miserably.
Oh, the joys of marketing myopia.
Marketing myopia can be the cause of businesses failing, marketing campaigns nosediving and products failing to sell. Despite its potential threat, marketing myopia is not commonly discussed in the business world. We would like that to change.
Read on to learn everything you need to know about marketing myopia…
So we’ve all experienced it, but what exactly IS marketing myopia?
To put it simply, marketing myopia is a business’s short-sighted approach to marketing in which brands base their decisions on what they want, rather than what their target customer wants.
A good example of marketing myopia is Nokia. Once a huge market leader in the portable phone industry, Nokia quickly became forgotten about due to the inability to adapt to the ever-changing needs of its customers. Their target customer’s needs changed quickly towards smartphones however Nokia failed to make necessary changes and rapidly became a symbol for everything outdated and old.
When does it happen?
Marketing myopia can occur in many different instances and can happen to anyone at any time however the most common times we see it happening are:
- When businesses assume they’re in a ‘growth industry’. The truth is, no business is guaranteed to grow, even if they are the first one in a booming market. Your business will only grow if the correct decisions and opportunities are seized. Assuming growth commonly means that the actions taken put your business’s needs ahead of anybody else’s – including the customers.
- When business decision-makers falsely assume that their knowledge of the industry is more important than the customers. No matter how much experience you have in a specific niche, you should NEVER assume that you know what your customer wants without speaking to them first. Customer needs are dynamic which means you must act in a way that continually listens to your customer’s desires.
- When businesses place too much emphasis on sales, forgetting about user experience. This is particularly relevant in a digital age where websites are littered with offers and marketing materials – a short-sighted approach to business. Make sure you focus on understanding how your customer interacts with your content and products in order to successfully build a long-term relationship.
How can you avoid it?
- ALWAYS put your customer first! Make sure you are constantly doing everything around your customer: their needs, their wants, their expectations, their frustrations and their problems. Work hard to rectify any negative feedback and follow up with a new, improved version of your products or services.
- Have a clear, realistic plan and vision. Regardless of how well your company is doing today, you still need to have a clear vision for tomorrow. Try to anticipate any potential issues and opportunities, and come up with ways to handle them.
- Continue focusing on great marketing. Remember, marketing doesn’t end once you have launched a new product or service! Keep continuing to promote your brand across different channels and engage with your customers at every touchpoint.
- Keep a close eye on your competitors. We strongly encourage you to always monitor your rivals if you want to avoid marketing myopia. Particularly to know if there are any new threats or opportunities for you.
- Times will always be changing – embrace change and innovation. Be brave and invest in changes and innovations that make sense for your brand. Experimenting can also show your customers the lengths you will go in order to satisfy their ever-changing needs and wishes which in turn, boosts customer loyalty and satisfaction.
Marketing myopia can happen to the best of us, regardless of if you’re a big or small business. If you are struggling in any way with your business, even if you just have a question or two, please don’t hesitate to contact us. We are always here and happy to help!
