In the 20th century, there were many companies that made significant contributions to the development of the technological world. Despite their great efforts and achievements, many of us today do not even know their names.
Have you ever wondered why giant companies lose customers? Why do their once-popular products often fall out of favor?
You probably don't even want to imagine that your business could ever face a similar problem. In this short article, I will introduce you to the cause of the above problem and share tips that will help you avoid marketing myopia.
Have you heard of myopia? Do you know what it is and when marketing myopia occurs?
Marketing myopia, also known as marketing blindness, can also be called marketing shortsightedness, because it occurs when a company focuses too much on sales and does not think about long-term marketing and customer needs. In order to increase sales in the short term, the company switches to mass production, as a result of which long-term goals and the customer with their needs, desires, and wants are lost sight of.
The main factor determining the success of a business is identifying the needs of its customers and then taking care of their satisfaction. We should not forget that customer needs are constantly changing. They need more sophisticated products tailored to their needs every day. Accordingly, a business must be in constant contact with its customers, be aware of their current needs, and constantly research and study in detail the segment it intends to target.
To better understand what marketing myopia means, let's look at the example of two of the world's giant companies - Nokia and Apple .
Nokia is a well-known brand. For decades, it was the largest manufacturer of mobile phones. Why do you think the famous brand lost popularity? Since about 2007, its rise has taken a reverse direction. The reason for this was the growing demand for touchscreen smartphones from other manufacturers, in particular Apple and Android .
The mistake that Nokia made was that it focused on the short-term goal of high sales, launched a mass production of the product without taking into account the psychology of consumers and their constant desire for innovation, and as a result, the market leader became Apple , a company that always tries to be innovative, even in a visual sense. Apple understands the psychology of consumers well, is focused on building long-term relationships with them, and despite the high price, maintains customer loyalty worldwide.
To avoid marketing myopia:
- Study customer needs and focus on building long-term relationships with them
- Don't move to mass production without proper market research.
- Set foot in a changing world.
If you want to make the right marketing decisions and increase your company's awareness, then join us for the seminar - 5 Steps to an Effective Marketing Plan
