When a business or a company starts being single-minded with it’s a particular product, the company or the business is affected by the marketing myopia. Still business owners think that selling product as much as possible is the 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. Products 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’ interest rather than on selling products.
Cause of Marketing Myopia
There are several cause of marketing myopia. Every companies have a basic goal to generate revenue as much as possible, and it should be but not by focusing on shortsighted nature of selling. It narrow down a company’s marketing strategy. Companies may already invested a lot in advance or their goal might be short term to achieve. In that case companies are being affected by marketing myopia.
How Affect Marketing Myopia on your business.
When you only focus on your products rather than your customers’ needs, you will lose your future customers. Customers are generally influenced by another customers. They spread products by the word of mouth, if their purchase meets their satisfactions. 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 very poor. You will need to improve your managements. A good product does marketing itself, so instead of focusing on selling, focus on your product to meet your customers need.
Fixing Pitfalls of Marketing Myopia
After and before of launching a product, you should make strategy for selling but remember, it should be according to your customers’ point of views and it must meets your customers 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 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 “NO”! Their needs are the 10mm hole. What they want only, creating hole with less time as well as cost. I’m not sure but may be 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 sell for $1. That means if a person’s need to create three holes on three types of metal then he/she will has to purchase 3 drill bit for $3. What about if someone offer 1 drill bit for $2 which is capable to create hole on three different types of metal. You will definitely lose your customers. Because they are saving their time, their effort, and their money also by your competitors products so why they will purchase your products. Reduce your marketing budgets and invest on your products to upgrade. It will help you to build relationship with your customers for the long term success.