Why Marketing Myopia is Dangerous for eCommerce Brands
Marketing myopia is a term coined by Theodore Levitt and it refers to the short-sightedness that companies develop when they focus too much on their products and not enough on their customers.
What is marketing myopia?
Marketing myopia is a phenomenon that occurs when companies are so focused on their products that they lose sight of their customers' needs and wants. This can be problematic because customers are the lifeblood of any business.
Top Causes of Marketing Myopia
A Disconnect between The Business and Its Customers
One of the primary causes of marketing myopia is a disconnect between the business and its customers. When a business does not understand its customers' needs and wants, it can't develop products and services that fulfill those needs, and it could end up losing customers—and ultimately, revenue—to competitors.
An Unwillingness to Adapt
Another major cause of marketing myopia is an unwillingness to adapt. Companies that are unwilling to embrace change and iterate on their products or marketing strategies could end up falling behind their competitors who are more agile and adaptable.
A Focus on the Past, Instead of Future
Finally, a third cause of marketing myopia is being too focused on the past instead of the future. Companies that are too focused on what has worked in the past could fail to see new trends and technologies that could disrupt their industry—and ultimately could put them out of business.
How to Avoid Marketing Myopia
1. Prioritize customer needs.
To avoid marketing myopia, companies should always keep their customers' needs and wants at the forefront of their minds. This means soliciting feedback from customers, understanding the problems they are trying to solve, and developing products and services that meet those needs.
2. Foster innovation within your team.
Companies should also foster innovation within their teams by giving them the resources they need to experiment and iterate on their products and marketing strategies. This could include investing in R&D or creating a culture of experimentation and creativity.
3. Invest in competitive intelligence.
Companies should also invest in competitive intelligence to stay abreast of trends and new technologies in their industry. By understanding their competition, they can identify new opportunities or threats and adjust their strategies accordingly.
4. Optimize your marketing strategy.
Finally, companies should optimize their marketing strategies to ensure they are reaching the right audience with the right message. This means leveraging data to identify customer segments and developing targeted messaging that speaks to their specific needs and wants.
Marketing Myopia Examples
Blockbuster is a prime example of a company that fell victim to marketing myopia. They were so focused on renting DVDs in their brick-and-mortar stores that they failed to see the shift towards digital streaming. As a result, they went bankrupt in 2010.
Kodak is another example of a company that struggled with marketing myopia. They failed to see the shift towards digital photography and instead focused on their traditional film business. By the time they realized their mistake, it was too late, and they filed for bankruptcy in 2012.
3. Old Spice
Old Spice is an example of a company that avoided marketing myopia by shifting their marketing strategy. Instead of targeting their traditional audience of older men, they developed a series of ads that appealed to younger men—resulting in a huge increase in sales and brand recognition.