What is Marketing Myopia?

What is meant by Marketing Myopia?

Theodor Levitt first proposed the phrase "market myopia" in a marketing report. In 1960, he made the claim that businesses may do more than merely selling their wares in an article that appeared in the Harvard Business Review. His key argument was that the marketer should put more emphasis on the requirements and satisfaction of the client than on making sales and filling consumers with their goods. He believed that people were living in the "selling idea," where the goal was to use a push model rather than a pull model to compel them to buy whatever you were offering.

Short-term profits were viewed as a barometer of success for the organizations. Therefore, organizations were deceiving themselves and failing to understand the bigger picture. This style of marketing can bring them profits in the short term, but as time passed, it resulted in consumer dissatisfaction, brand switching, declining sales, and finally closure.

Examples of Marketing Myopia

Here are some companies that are suffering from or have suffered from marketing myopia.

• When sales of digital cameras skyrocketed despite Kodak's lack of preparation, Sony cameras gained a significant market share. When Kodak cameras were at the height of their popularity, they continued to make the same models throughout time. Sony's digital cameras were a tremendous hit when they were first released on the market. The market for Kodak cameras was closed down.

• From early 2000 through 2006, Nokia dominated the industry and had a 100 percent market share with their button-pad phones. Nokia didn't alter its product to reflect the advancement of technology. Exact 10 years later, in 2016, Nokia's phones were completely absent from the market. The market share that formerly belonged to Nokia has been completely taken up by Samsung and iPhones.

• In 2006, Blackberry phones held a 20% global market share and a 50% market share in the US. Blackberry's market began to decline when smartphones first entered the market. Blackberry now owns 0% of the market for smartphones.

What Causes Marketing Myopia?

Business focus

A corporation risks myopia or short-term growth if it just focuses on product sales.

For instance, a corporation that specializes in producing a specific sort of computer may overlook emerging technological advancements. Longer, more efficient growth can result when a business prioritizes long-term growth tactics, such raising customer happiness.

Research techniques

A great marketing effort must include research as a key component. If a corporation just does a small amount of research, it may suffer from marketing myopia. To aid in this area, think about employing thorough research techniques while performing marketing research.

Production amounts

It's crucial to concentrate on long-term plans when determining how many goods to make. If a company maintains high production levels without adapting for client demand, myopia may result. It's critical to modify production to reflect changes in demand as they occur for certain products throughout time.

For instance, the demand varies based on the season when selling and manufacturing seasonal goods. To accommodate demand, a firm making these products can alter its manufacturing schedule.

Marketing campaign scope

When a company concentrates on only one kind of marketing approach, myopia can result. Incorporate a variety of methods into your marketing effort to maximize its effectiveness.

For example, you might employ postal advertising, television commercials, and social media. You might be able to reach more clients by initiating a diverse campaign.

Market changes and planning

When a company concentrates on only one kind of marketing approach, myopia can result. Incorporate a variety of methods into your marketing effort to maximize its effectiveness.

For example, you might employ postal advertising, television commercials, and social media. You might be able to reach more clients by initiating a diverse campaign.

How to Avoid Marketing Myopia?

As you plan your marketing strategies, consider following these tips to focus on the future and long-term growth −

Create long-term goals

Planning long-term objectives can assist businesses in developing winning marketing plans. It's vital to keep track of both long-term and short-term objectives as a marketing professional. For instance, you may establish objectives for fresh goods. You may use this to gauge the efficacy of various marketing strategies.

You may support your company's growth by fusing short-term and long-term objectives. You may, for instance, set a longer target relating to consumers in addition to a short-term product goal, like acquiring 100,000 new clients in the five years to come. A longer period of new sales might be produced by concentrating on acquiring new clients.

Include the customer in your strategy

When developing your strategies, consider the consumer in order to develop a successful marketing strategy. When developing goods and marketing plans, make an effort to consider the needs of the consumer. You might also request client comments. Long-term growth may be more beneficial for businesses that put their attention on strengthening client connections and increasing customer satisfaction.

Conduct extensive research

By undertaking extensive market research, you can effectively prevent marketing myopia. You may do market research to determine your target market before releasing new items. This might assist you in enhancing and improving the product before to release. Consider doing research as well after the product introduction. It's vital to perform research frequently to keep track of any changes in markets and audiences.

Continue to market your products

Long-term growth-oriented businesses continue to promote their current items. You could assist your audience develop and your business flourish if you keep marketing your items. Reminding buyers about your goods may also aid in the development of your brand name. You may examine the marketing campaign with your marketing team and make any required adjustments.

Offer variety to your customers

Offering your consumers, a range of goods and services will help you prevent myopia. For instance, if your firm sells t-shirts, you may grow it by introducing other items like trousers or shoes. In addition to encouraging your current consumers to purchase more things, this can assist you draw in new ones.

To increase your audience, you may add diversity to your marketing strategy. To reach clients who might not utilize social media, for instance, if your business predominantly uses them, you might also run a television ad. You may support the expansion of your business by bringing on new clients.

Try new techniques

Experimenting with fresh approaches is crucial to long-term success. You might need to develop new items or marketing strategies as the market shifts. Think about performing market research to evaluate new methods.

As an illustration, you may try a mini product launch with a chosen audience in order to test a fresh marketing strategy.

Review and refine

The marketing tactics and objectives of your organisation can benefit from a review and refinement. Depending on your sector and the size of your company, this might change. This can be done quarterly or yearly. You can choose a certain period of time to evaluate your goals and make new ones. Analyze your weaknesses and concentrate on your long-term progress.

Stay current on market trends

Demands from customers may alter along with market developments.

For instance, when technology develops, customers could want more services from businesses. Consider following marketing news or regularly undertaking market research to remain up to date on these trends. You may create marketing plans and goods that satisfy the wants and requirements of your consumers by knowing about trends and developments.

Conclusion

To sum up, when a business concentrates on short-term rather than long-term growth, marketing myopia can result. Learning more about powerful marketing tactics might help you advance the business, whether you're a marketing expert or a business owner. A successful marketing effort may help a business get and retain consumers, sell items, and expand over time.