Marketing Myopia, Let’s split these two words. It will be easier to understand. See. Marketing is selling goods, products, or services to the market. While ‘myopia’ means a problem with far sight. When a person cannot see far away. When a seller focuses on selling goods only, rather than focusing on customer needs, this problem arises.
What is Marketing Myopia?
Marketing myopia is a lack of far sight in a business. It has less knowledge about customer’s needs. Theodore Levitt first used this term—the late Harvard Business School marketing professor in 1960.
Let’s further define. Marketing Myopia is a problem when a company focuses on short-term goals. They should look for long-term goals. Their aim is their own benefit. They shouldn’t do this. They should worry about their customer’s needs.
Examples Of Marketing Myopia:
So let’s discuss some examples. There is a number of business that suffered from marketing myopia. Here you’ll get to know about them.
Kodak Camera Industry Fall:
Kodak industry where on its boom in the 1950s. But they kept on making the same cameras. But Sony introduced digital cameras. While Sony focused on customer needs. Kodak failed to deal with the emerging trends. It lost many of its shares to Sony.
BlackBerry and Nokia:
In 2006 Blackberry phones were at their peak. It had a 50% market share in the United States and a 20% global market share. When Smartphones like androids were introduced in the market, people liked them. The markets for BlackBerry began to drop. BlackBerry currently holds 0% of the smartphone market.
The same happened with the Nokia industry. Nokia did not adapt its product to new technology. Nokia’s phones are no longer available in the market in 2016. Samsung and iPhones have taken the entire market share of Nokia.
Yahoo:
The famous yahoo. In 2002, yahoo made a mistake. He refused the offer to buy google because its management did not see the potential in the industry. Now no one is using yahoo. So, they suffered from marketing myopia
What is the Main Problem That Sellers Suffering From Marketing Myopia?
So, now we will see the main problems sellers face. Let’s identify the causes of marketing myopia.
Affects On business Of Marketing Myopia:
Some sellers face marketing myopia. But what’s the level of harm to them? The level of harm depends on the situation. Marketing Myopia can have a small impact on the customer experience. But small impacts can lead to a decrease in income. But sometimes, it can cause companies to fail. And Also. They even go bankrupt.
Lack Of Demand:
When a business does not focus on the decrease in demand. For example. If a company keeps producing facemasks that are not in demand now. Then it will face problems. For the specific usage of products. CompanyIgnore them. And they keep producing goods. Then the seller will suffer from marketing myopia.
Lack Of Understanding:
So if a businessman does not understand the needs of their customer. Let’s see. If he does not focus on comfort level and keep producing mattress of the same composition. Customers will not buy them. That business will face loss.
Lack Of Investment:
Marketing myopia causes when sellers need to invest properly. This type of problem arises when a company believes that they know everything. They need to understand the customer’s needs. In this case, the seller avoids investments.
Fail To Adjust To New Trends:
Sellers suffer from marketing myopia when they Fail to adapt to changes in the industry. Marketing myopia occurs when companies become too aware of their present goods. They need to adapt to rising trends.
What Prevents Marketing Myopia?
If you want to prevent your business from marketing myopia then you should diagnose it early and treat it immediately. For this, you should read the following instructions.
Clear Vision For Tomorrow:
You should have a clear vision of your product. One should know how it behaves in the market and how it will react in the future, so have a clear vision for tomorrow.
Solve Customers’ Problems:
You should understand your customers. try to identify what their needs are. what problems they are facing. What they expect. Try to solve them. you will ultimately become their first and foremost choice.
Non-Stop Marketing:
Do ongoing market research. You should look for what your customer’s expectations are with your product. It would help if you never stopped marketing your product. Always try to portray what problems your product can solve rather than showing features.
Be Closer To Your Rivals:
You should see what your competitors are doing. What are they doing? Have they introduced a new product or service? Are that appear to be pleasing to your customers? Are you facing any opportunities?
Keep Yourself Up-To-Date:
You should have a closer eye on the market and the latest research. You should always try something new when your business requires changes.
Do Experimentation To Avoid Marketing Myopia:
It would help if you always tried to take the risk. Some experimentation with your business might help you. It will show your customers how far you are ready to go. It will define your goals to meet your changing dreams and desires. In turn, it will encourage client loyalty and satisfaction.
Conclusion:
Every business wants to grow and succeed. Only some of them see that success. Getting a great hit requires hard work and time to get the desired result. It requires patience, commitment, and a vision, for what you want your firm to develop. So one should have a look at marketing myopia closely. You should treat it immediately. Because this problem will make trouble for you in future.
You can avoid this problem by making your vision clear and up-to-date. You should consider your customer’s needs and expectations very closely and address them. Try to fulfill their desires instantly. You should try to do some experimentation. If you don’t follow these points then you will become left behind just like Blackberry, Nokia, etc.