Instead of focusing on evolving desires in the market or audience, myopic marketing only considers short-term business goals like sales. As a result, companies lose sight of the future and get passed by their competition. Successful businesses look far forward and consider where their customers will need them in along their future journeys.
No business is simply destined for growth— brands must constantly identify and capitalize on opportunities for success by seeking to fill a need. More specifically, business leaders find trouble because of one of the five following reasons for marketing myopia:. This kind of thinking relies on the assumption that the industry will always remain as relevant as it is today.
Leading watch repair companies will go out of business unless they adapt their services to smartwatches. The Detroit auto industry experienced explosive growth thanks to mass production capabilities, but eventually collapsed when better options became accessible.
Things go in and out of style. Technology improves. In the early s we were using AOL in my house. As long as we have the ability to make decisions and change our minds, no product will last forever. The reality is that marketing myopia can eventually cause your business to fail. First, customers become dissatisfied with an aspect of the product or service delivery. Over time, it compounds. A business that fails to evolve fails. At first, you did it with horses.
After a while, you started to do it with trains. Finally, you adopted busses. Now, your customers want planes. As far as marketing myopia is concerned, this is the universal panacea. The reason why marketing myopia affects businesses is that they lose touch with their customers. Understand the job your customer needs to get done but also think of novel ways to achieve the end goal. The jeans you wear for each occasion are different. Someone signs up for KyLeads to finish a different job. There are a few, segmenting their audience , capturing leads, and understanding their wants.
A great way to find out what people want from you is to run customer development surveys. Rather, segment them into different groups based on demographic qualities , psychographic qualities , or even behavioral markers. Marketing myopia has real implications in your business. Your email address will not be published.
There are several examples in the article that illustrate the main concept, that your product is not your business. Perhaps the most famous is the railroad lines, which Levitt argues fell into steep decline because they thought they were in the train business rather than the transportation business. Unfortunately, they let other companies seize those opportunities and steal away their passengers instead. Luckily, there is a cure for marketing myopia. Levitt suggests that leaders ask themselves: What business are we really in?
Deighton says that the best way for leaders to answer that question is by asking themselves another: What are we really doing for the customer? Successful companies focus on customer needs, not their own products and services, which can—and will—be replaced by competitive alternatives, either ones they make themselves or those produced by existing or potential competitors. Instead, he was all about provoking people to think differently.
The business environment is everchanging and so should be a business. If you ever think there is an absence of future problems, there can be a problem in your thinking. This result in spending most of the resources in the development of their product and the remaining less or no resources on conducting research and marketing. This backfires on the businesses as the stepchild always turn out to be the Cinderella of the story.
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