Marketing Myopia Cause, Effects, and Solution!
When a business or a company starts being single-minded with its particular product, the company or the industry is affected by the marketing myopia.
Still, business owners think that selling the product as much as possible is marketing. Essentially it is wrong that all marketers know.
Marketing Myopia is the term that is used in marketing and marketing paper as well, which was written by Theodore Levitt. He first published this paper in 1960 in the Harvard Business Review.
Product selling is only a part of marketing. According to Theodore Levitt, businesses will do better in the end, if they target their attention on meeting customers’ interests rather than on selling products.
Cause Of Marketing Myopia
There are a few causes of marketing myopia. Every company has a fundamental goal to generate revenue as much as possible, and it should be but not by focusing on the shortsighted nature of selling.
It narrows down a company’s marketing strategy. Companies might already invest a lot in advance, or their goal might be short term to achieve. In that case, companies are being affected by marketing myopia.
How Affects Marketing Myopia On Your Business.
When you only focus on your products rather than your customers’ needs, you will lose your future customers.
Generally, customers influence customers. They spread products by word of mouth if their purchase meets their satisfaction. That means if you don’t care about your customers, they will not care about you too.
If your business is affected by marketing myopia, that means your management is abysmal. You will need to improve your control.
A good product does marketing itself, so instead of focusing on selling, focus on your product to meet your customers’ needs.
Fixing Pitfalls Of Marketing Myopia
After and before launching a product, you should make a strategy for selling. But remember, it should be according to your customers’ points of view and it must meet your customer’s needs.
Take an example to determine that your company is affected by marketing myopia or not. If you are a drill bit manufacturer, you may manufacture a drill bit for your target customers.
My question is, what is your targeted customers’ need? Is it your customers need to purchase a 10mm x 200mm drill bit? Absolutely “NOT”!
Their needs are the 10mm holes. What they want only, creating a hole with less time as well as cost. I’m not sure, but maybe there are three types of drill bit available in the market—one for mild steel, one for stainless steel, and one for cast iron.
Let suppose you manufacture three types of drill bit separately and each drill bit sells for $1. That means if a person needs to create three holes on three types of metal, then he/she will have to purchase three drill bit for $3.
What about if someone offers 1 drill bit for $2 which is capable to create holes on three different types of metal. You will lose your customers. They are saving their time, their effort, and their money by your competitor’s products, so why they will purchase your products.
The other aspect is that the customers may need to create only one hole, so in that case, offering three different drill bits is ok.
Reduce your marketing budgets and invest in your products to upgrade. It will help you to build a relationship with your customers for long term success.