Marketing Myopia

The world is changing so fast that we don't know what comes next. What we do know is that marketing is changing too, and it is evolving at almost the same speed we are taking to learn about it. Gone are the days whereby businesses have the upper hand, because they have a "great product." A "great product" is probably no longer defined as a product that has the best functions and uses all the cutting-edge technology. What you have today, people can do it better tomorrow. A great product is a product that constantly has market value, that constantly stays relevant.

History have proven again and again that even amazing products, which have once wowed the world, head into the shadow of obsolescence, if there is inadequate management.

Here are past industry giants who became obsolete:

1. Kodak

Despite conducting studies that proclaim that digital photography is the future of photography, Kodak invested little in the technology. The company dismissed and underestimated its threat . Possessing the right technology, big market share and financial capabilities, Kodak was in the perfect position to launch the digital photography. It's obsession with film caused the brand to miss major opportunities and led to its eventual bankruptcy.

2. Nokia

A lack of foresight resulted in Nokia losing a significant part of its market share to Apple's iPhone. The market leader in the early 2000s failed to respond quickly to shifting consumer demands and the disruptive technology their competitors came up with. Soon, they were overtaken by their competitors.

Sometimes we do not even spot that we are heading in that direction because our vision has been so blinded by what the product we painstakingly created can do, instead of how this creation satisfies the current market needs and adapts to future trends. We commit marketing myopia when we market from the position of selling products rather than from the position of fulfilling market demands. Like what Theodore Levitt mentioned in his Marketing Myopia article, failure happens when management becomes product-oriented instead of being customer-oriented.

Here is how to avoid marketing myopia:

Listen to customers

Understanding customers and solving customers' pain points are what keeps a business in business in the long term. Being customer-oriented allows the brand to focus on shifting customers' needs and respond quickly by coming up with new technology and products.

Evolve constantly

The only constant is change. Every product goes through the product life cycle stage, and every product eventually becomes outdated. If a brand does not evolve constantly, they risk becoming outdated.

Open-mindedness

What caused the fall of many giant brands was the stubbornness to change. The lack of foresight, the unwillingness to accept changing trends and fixation on their current products contributed to the downfall of these pioneer brands.

Especially in this digital age, at a click of a finger (and sufficient Wi-Fi), we get all the information we desire at our fingertips. Consumers have information, have an unlimited variety of choices; consumers are more empowered than ever. In a world where there is ever-shifting consumer needs, information assets are more valued than ever. Digital footsteps are recorded, traced, processed and stored for future uses. For businesses, every single click adds up to big data, which can be converted into actionable steps that will gain them profits.

With an unlimited amount of information and limited time to make the most out of them, how we use them to our benefit at the right opportunity is probably one of the most crucial factors to marketing success.

Sources

https://medium.com/swlh/the-evolving-nature-of-marketing-myopia-a6315b1e2878

https://www.cleverism.com/ultimate-guide-to-marketing-myopia/

https://www.feedough.com/marketing-myopia/

https://www.forbes.com/sites/chunkamui/2012/01/18/how-kodak-failed/

https://www.wired.com/2012/04/5-reasons-why-nokia-lost-its-handset-sales-lead-and-got-downgraded-to-junk/

Hey there! I am an undergraduate marketing student, I do not claim to have any great knowledge or foresight in this area, as I still have a great deal to learn. These posts are part of an assignment I am doing, and they solely reflect my personal opinions and thoughts. If you have any take on this, please do comment below to let me know! Thank you!

#digitalmarketing #marketingmyopia