Marketing Myopia | by Theodore Levitt | Explained & Examples
What causes marketing myopia?
Marketing myopia can result from a number of factors, including:
A company may experience myopia or short-term growth if it only concentrates on product sales. For instance, a business that specializes in producing a particular type of computer may overlook emerging technological advancements. Longer, more efficient growth can result when a company prioritizes long-term growth strategies, such as raising customer satisfaction.
Research is an essential part of a successful marketing campaign. If a company only does a small amount of research, it may experience marketing myopia. To help in this area, when conducting marketing research, think about using sophisticated research tools.
It’s crucial to concentrate on long-term strategies when determining how many items to produce. If a company maintains high production levels without adjusting for customer demand, myopia may result. It’s critical to modify production in response to changes in the demand for particular products as they occur over time. For instance, demand varies according to the season when marketing and manufacturing seasonal goods. To meet demand, a manufacturer of these goods might alter its production schedule.
Marketing campaign scope
When a company focuses on just one kind of marketing strategy, myopia can result. To create an effective marketing campaign, consider including multiple strategies. You could, for instance, advertise through mailings, television commercials, and social media. By planning a diverse campaign, you may reach more customers.
Market changes and planning
Markets change over time, and prosperous businesses adjust to take these changes into account. For instance, a tech company may need to create new products as technologies advance. Consider conducting research repeatedly to ensure your business grows with the market because myopia can happen if a company keeps producing the same thing.
What is marketing myopia?
When a company only considers short-term marketing strategies, this is known as marketing myopia. This can eventually result in decreased performance, so it is typically preferable to concentrate on long-term growth strategies. Companies can adapt to customer needs and prepare for market changes by keeping an eye on the future.
How to avoid marketing myopia
Consider incorporating the following advice as you plan your marketing strategies to concentrate on long-term growth and the future:
1. Create long-term goals
Long-term goal planning can help companies create effective marketing strategies. It is beneficial for a marketer to keep track of both long-term and short-term objectives. For example, you might set goals for new products. You can use this to gauge the efficacy of different marketing strategies.
You can aid your business’s growth by fusing short-term and long-term objectives. You might, for instance, set a longer goal related to customers in addition to a short-term product goal, like acquiring 100,000 new clients over the following five years. Concentrating on attracting new clients can contribute to new sales for a longer period of time.
2. Include the customer in your strategy
When making your plans, take the customer into account to produce a great marketing campaign. When creating products and marketing plans, try to see things from the customers’ perspective. You may also ask for customer feedback. Businesses that put more of an emphasis on cultivating client relationships and enhancing customer satisfaction may experience more successful long-term growth.
3. Conduct extensive research
By conducting extensive market research, you can help prevent marketing myopia. You can conduct market research before releasing new products to determine your target market. This can assist you in enhancing and perfecting the product before release. Also, consider researching after the product launch too. Markets and audiences can change over time, so regular and frequent research is helpful to spot any changes.
4. Continue to market your products
Long-term growth-oriented businesses continue to promote their current products. You could increase your customer base and grow your business by continuing to market your products. Reminding customers about your product can also help you develop your brand. The marketing campaign can be reviewed by you and your marketing team, and changes can be made as needed.
5. Offer variety to your customers
Offering your customers a variety of goods and services can help you avoid myopia. For instance, if your business sells t-shirts, you might grow it by adding new items like jeans or shoes. This can help you draw in new clients and motivate current ones to purchase more products.
To expand your audience, you can also include variety in your marketing strategy. For instance, if your business primarily utilizes social media, you can include a television commercial to reach clients who might not do so. You can continue to expand your business by bringing on more clients.
6. Try new techniques
Experimenting with new tactics is crucial for long-term success. You might need to create new products or marketing campaigns as the market shifts. Consider experimenting with new techniques through market testing. For instance, you might conduct a modest product launch with a small number of people to test a novel marketing strategy.
7. Review and refine
Consider taking the time to review and improve the marketing objectives and strategies of your business. Depending on your industry and the size of your business, this can change. You may do this annually or each quarter. You can designate a specific period of time to review your goals and set new ones. Look for areas for development and concentrate on long-term growth.
8. Stay current on market trends
As the market changes, customers demands may change too. For instance, as technology advances, customers might demand more services from businesses. Consider following marketing news or regularly conducting market research to stay up to date with these trends. You can create marketing plans and products that satisfy the needs and demands of your customers by learning about trends and changes.
What does myopic mean in marketing?
The lack of awareness of what a company is doing for its customers is what Levitt refers to as marketing myopia. Organizations frequently lose sight of the future because they devote so much time, effort, and money to what they are doing now.
What causes marketing myopia?
Examples Of Marketing Myopia When the demand for digital cameras soared, Kodak was unprepared and lost a significant portion of its market share to Sony cameras. Nokia losing its marketing share to android and IOS. Hollywood only cared about making movies, so it didn’t even try to enter the television market.
What is myopia strategy?
Companies’ conviction that they operate in a sector that is growing or that their goods are inherently desirable is the root cause of marketing myopia. No company is merely destined for growth; brands must constantly spot and seize chances for success by trying to satisfy a need.