You might be asking yourself right now, what in the world is myopia let alone marketing myopia. The term originated at Harvard Business School by Theodore Levitt who was a professor there in the 1960’s. The term, coined by Levitt, is defined as a short-sighted and inward approach to marketing that has little imagination, foresight, intellectual insight while focusing on the needs of the business rather than on the needs of the customer. There are a few key reasons why this happens within a business. First, there is a disconnect between the brand and their customers. A business can get so caught up in what they’re doing that they forget why they are in business in the first place. What you do for your customers is what keeps you in business. Second, a brand will focus too heavily on the past instead of the future (short-sighted) and are unwilling to change when their audiences’ needs’ have changed. A good example of what “not to do” would be the locomotive industry. They thought they were in the train business and not the transportation business and fell into steep decline when their travelling customers went elsewhere for their transportation needs, such as cars. So, how does a brand stay away from the pitfalls of marketing myopia? First, they should stay away from these unreliable ideologies:
· That an increasing population means increase growth industry
· That their products cannot be threatened by competition
· Mass producing because they think the supply will lead to demand
· Lack of proper research that can cause them to misjudge the quality of the product/service
Now that we’ve discussed what ideology to steer clear of, let’s talk about some ways to avoid marketing myopia all together.
1. Prioritize customers' needs!!!!! We cannot stress this point enough no matter what industry you are in! Never forget why you are in business and what you have to offer your customers. Your customers’ needs will not always remain the same so it’s important to constantly do brand research to meet them where they are.
2. Research research research!! Review data and take the time to gain insights. This can help you come up with ways to improve and see what is also going well. Don’t get too comfortable! You can always optimize and grow. The use of first party data will come in very handy here.
3. Know your competitors. Like we stated above, if you believe that your brand is not at risk from your competitors, you are really at risk for marketing myopia. There is always someone out there who is trying to be newest and next best thing! Understanding your competitors will keep you on top of your game!
4. Innovation. To be doing something just because that’s the way it has always been done is an outdated mindset. It’s important to create innovation within your company. Don’t be afraid of failure and taking risks. If you stay open-minded as a leader, you can create an innovative team that helps lead your brand to success.
If you’re a business, chances are you want to be successful. I mean, isn’t that the point? Avoiding marketing myopia is one way to help your brand stay on top in its industry. Will it happen overnight? Probably not. Will it happen without mistakes? Most definitely not. But if you keep an open mind and strive for greatness, then your company will overcome any obstacles. In time, it will be an innovative leader!
