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Marketing is referred to as the activities which a company offers to increase the buying or selling of a product, goods, or services. Then in achieving your goals or to improve sales, you have to take into consideration the needs of your customers instead of just trying to increase sales. Your aim in marketing should be on how to solve the problems of your customers. Therefore, this article torchlights what marketing myopia entails, definition, examples and how to avoid marketing myopia.
Marketing Myopia Definition
A concise definition of marketing myopia is a situation where market technique and concentrates depends primarily on a single element (product) than the needs of the buyers
The world is growing fast with more technological advancement, Therefore It is time to recognise the age we live in by lifting a shift from the supply chain to the demand chain.
Hence, if you want to avoid marketing myopia, all you’ve got to do is to define organizational goals towards achieving the needs of your buyers.
What Is Marketing Myopia?
Marketing myopia comes in when short term marketing goals are given more significance than long term goals. It is also a situation when a company has a conventional marketing approach and it focuses mainly on only one aspect out of many possible marketing attributes. What this simply means is that the company has placed more focus on their products without taking into consideration its buyers really need.
Have it in mind that what is appealing to you might not be appealing to your customers. Therefore study your market to avoid marketing myopia.
Causes of Marketing Myopia
However, there are many causes of marketing myopia. It vary from company to company. Below are some of the common causes of the poor marketing strategy.
The major cause of failure is not considering the requirement of customers as a part of your marketing strategy. Most companies are so overconfident that they stop asking their customers what they prefer or want. This eventually leads to creating a big gap between the company and its buyer. As a result, whenever a contender enters the market with what is appealing to them, they do nothing other than leaving the marketing myopic brand immediately.
Overlooking the Market Demand
Market myopic companies focus only on their product, not the needs and requirements of customers. They are concerned with the production, overlooking the market demands. As a result, customers only patronize their product if there is no other brand.
Although some companies feel they have been in existence for decades and thus, leading the market. So, they believe that using their sale strategies, whatever they produce will sell.
This deceiving marketing myopia belief makes them lazy. They feel relaxed by not digging deep into research and development to keep growing. In the end, a competitor takes over the market with unique features and appeals.
#3. Failure to Update Products and Services
As technology evolves, products, services and lifestyles changes. Therefore, if marketers don’t keep in mind the changing lifestyle of customers then, their product becomes out-of-date. No customer will buy any product that doesn’t meet the trending demands.
Examples Of Marketing Myopia
Having learned marketing myopia. I believe you would not want to fall, victim. Here are some examples of marketing myopia.
- Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak didn’t plan for it.
- Nokia loses its marketing share to android and IOS.
- Blackberry’s phones had about 50% market share in the US and also about 20% worldwide in 2006. When Smartphones were introduced in the market, blackberry’s market started sinking. However, the smartphone industry has taken the space and blackberry holds 0% of the market in the smartphone.
- Another marketing myopia example is Yahoo losing about $150 billion in 2000 to Google and was bought by Verizon at approx. $6 billion (2016).
How to Avoid Marketing Myopia
As mentioned above, marketing myopia believes that businesses will thrive better in the long-term if they focus on meeting customers’ needs rather than trying to sell only products. Here are ways we can avoid market myopia.
- Keeping in mind customers needs and requirements
- Aligning to societal trends. Customers tend to appreciate trending market than outdated ones.
- By designing the customer-oriented strategies
- Companies should adopt new ideas and approaches that will encourage buyers.
The main idea of marketing myopia is meeting customers needs. When you focus on your products rather than your customers’ needs, you will definitely lose your prospective customers.
In business, you can agree with me that, customers influence customers. They promote your market irrespective of the strategy involved. If your products meet their demands, they automatically approve and refer your product to others. It’s important to take action by preventing it from affecting your business growth.