What is Marketing Myopia and Why It Could Destroy Your Business
Have you ever heard of the term ‘Marketing Myopia’? No, it’s not a condition where your eyesight gets blurry from staring at your marketing campaigns for too long (although that can happen too)!
It’s actually a pretty serious issue that could be the end of your business if you’re not careful. Marketing myopia is a term coined by Theodore Levitt signifying a short-sighted approach to marketing. It’s basically when you put the needs of the business first without considering what the customer actually wants.
This can lead to decisions that are as disastrous as cutting your own hair blindfolded, as well as missed opportunities to keep up with changes in the marketplace.
But don’t despair yet – we’re here to shed some light on the marketing myopia concept and give you some tips on how to avoid falling into this dangerous trap.
What Not to Do: Causes of Marketing Myopia
Here are some reasons why some businesses let marketing myopia get the better of them:
Not keeping up with changes in consumer behaviour and attitudes
First up, we have the classic culprit – not keeping up with changes in consumer behaviour and attitudes. You can’t just assume that your customers will always want the same thing – people are always changing, and their needs and desires are constantly evolving to match.
If you’re not paying attention to these changes, you might find yourself left in the dust while your competitors swoop in and steal your customers.
You don’t want that, do you?
Assuming that customers will always stay loyal to your product or service
Another mistake that can lead to marketing myopia is assuming that customers will always stay loyal to your product or service without making changes. Just because something worked in the past doesn’t mean it’s going to work forever – you need to be constantly innovating and improving to keep up with the times.
Your customers have plenty of options out there, and if you’re not giving them a reason to stick around, they’re going to bounce as if you were hosting a lame party.
Focusing on past successes without thinking of the bigger picture
Finally, we have the danger of focusing on past successes without thinking of the bigger picture. It’s easy to get complacent when things are going well – after all, if it ain’t broke, why fix it?
But the truth is, you never know when the rug might get pulled out from under you. By failing to plan for the future and think about the larger trends and shifts in your industry, you’re setting yourself up for a nasty surprise down the line.
Why Marketing Myopia is Bad For Business
Marketing myopia is bad for business because it means you’re not paying attention to your customers’ needs and preferences. You’re so busy obsessing over your own products and services that you forget that it’s the customers who ultimately decide whether or not to buy from you and keep you in business.
Let’s take a walk down memory lane and check out these businesses that fell victim to marketing myopia:
Kodak was the king of film photography, but they failed to keep up with the introduction of digital cameras. While brands like Sony and Canon took advantage of technology advancements, Kodak was stuck in a rut – unable to see beyond their myopic marketing strategy.
Remember Blockbuster? It was the go-to place for renting movies in the 2000s, and you couldn’t go far without seeing one of their bright blue and yellow shops. But by 2009, Blockbuster had filed for bankruptcy, and it was game over.
Thanks to marketing myopia, they were too focused on their current business model and didn’t adapt to the changing times. Blockbuster didn’t see the shift towards digital streaming services like Netflix and Hulu, and instead stuck to their guns with brick-and-mortar stores for DVD rentals, which quickly became as stale as old bread.
Another marketing myopia example is none other than Nokia. The brand’s reign as the ruler of mobile phones came to a screeching halt with the advent of smartphones. Despite catering to customers’ traditional communication needs, these new devices were capable of so much more – and unlike Nokia, they weren’t afraid explore!
In hindsight it seems clear that inflexibility was their downfall. Now, all we can do is look back on what could have been.
How to Avoid Marketing Myopia
Follow these tips to avoid marketing myopia at all costs:
1. Focus on the needs and wants of the customer
Let’s talk about the most important aspect of marketing: the customer. Remember, they’re the ones who are ultimately going to decide whether or not to buy your product or service. So, it’s crucial to focus on their needs and wants, rather than assume that they’re going to be unconditionally loyal to your brand.
This means doing your research, analysing customer data, and requesting and listening to customer feedback. It’s like dating – if you don’t listen to your partner’s needs and wants, you’re going to end up alone and heartbroken (and without any sales).
2. Experiment with new ideas
Innovation is key to staying ahead of the curve and keeping your customers engaged. It’s like when artists try out new styles of music – it might be a little scary at first, but once you take the plunge, you might just find that it’s a perfect fit.
Take Beyonce’s first house-inspired album, Renaissance for example. Not only did it receive huge praise from critics and fans alike, but it made waves across the media. Just check out the #CuffItChallenge on TikTok if you don’t believe us!
So whether it’s a new marketing campaign or a new product offering, don’t be afraid to experiment with new ideas. Just think; if Kodak adopted to digital when Sony and Cannon did, the company’s fate could have been very different!
Of course, make sure to track your results and stay flexible to adjust your strategy when needed.
3. Monitor your competition
Staying ahead of the competition is crucial in any business, and keeping a close eye on your competitors can help you avoid falling victim to marketing myopia. As the saying goes, “keep your friends close, and your enemies closer,” and the cut-throat world of business is no exception!
Checking in on your rivals can give you valuable insights into what works and what doesn’t in your industry. Are they offering something that you’re not? Are they successfully targeting a customer demographic that you’re missing? By answering these questions, you can identify areas where your business can improve and stay ahead of the curve.
But it’s not just about identifying threats, it’s also about recognising opportunities.
Maybe your competitors are struggling with a certain aspect of their business that you excel in. Or perhaps there’s a gap in the market that they haven’t yet filled. By keeping a close eye on your competitors, you can capitalise on these opportunities and gain a competitive advantage to avoid marketing myopia.
4. Work with a marketing agency that has the skills and resources to keep ahead of trends
Consider working with a marketing agency that has the skills and resources to keep ahead of trends. Let’s face it, marketing is constantly evolving, and it can be tough to keep up with all the latest trends and technologies.
That’s where a good agency comes in – they can provide you with fresh perspectives, new ideas, and the expertise you need to stay ahead of the competition. It’s like having a personal stylist – they can help you keep on-trend so that you always stay relevant.
Keep Your Brand Relevant With the Best Agency in the Game
If you want to keep your brand on top, then you want to work with the best agency in the game. Luckily, you don’t have to search far and wide – because we’re right here!
With over a decade of experience in marketing, First Page has witnessed the successes and downfalls of various brands over the years. And we’re here to make sure that yours continues to thrive amidst all the changes in the market.
Our team will always keep our eyes peeled for all the latest trends because we’re passionate about what we do and want to see our clients succeed. And we don’t just rely on our gut instincts – we use first-class tools and research for each and every marketing strategy we create.
We’ll help you dodge the pitfalls of marketing myopia and help you reach for the stars! Contact us today to get started.