How Marketing Myopia damages company's reputation

Put customers first and you will win

While engaging in marketing activities, many high-profile businesses often neglect their customers and their needs. Most of them are unaware of the fact that customer focused approach is the most integral marketing tenet, so they do not view things from each and every aspect. Their goal is to maximize profits and increase their sales which leads to their downfall in the long run. This narrow mindedness or short sightedness of marketers is often referred to as Marketing Myopia. Now let's discuss some of its complications and how companies can avoid it.

Set long term goals to avoid failures

A company should create and design its products keeping in mind the nature of their target market and what their requirements are. For example, there are some customers who prioritize price more than quality. If you offer high quality products at a high price to them, it is more likely that they would not purchase that product and might look for other alternative products of competitors. A major mistake made by marketers is that they do not adopt a provident approach or conduct prior in-depth research before the launch and selling of the product. They end up producing it in large amounts without considering the demand for it. Thus, they should adapt to the dynamic consumer environment and focus on building strong customer relationships by giving equal importance to all strategies. 

Innovate and adapt to change

The world of business is erratic and ever changing. If a business fails to take note of its competitors, its own potential and capabilities, latest marketing trends and the needs of your customers, it means they are pushing themselves into a state of self-deception. For example, for today's consumers, sustainability is an important touch point that affects their purchase decision. Old Spice prevented itself from being the victim of marketing myopia by adapting to the changing marketing situations. Initially, its target market was men but when the company saw further growth opportunities it decided to expand its customer base by targeting females. This strategy prevented them from falling behind in competition. One company that failed to implement this stance was Kodak, which was once a leader in the realm of photography. With time, digital cameras were introduced by other companies, it did not innovate and this was where its failure began.

Forward thinking

Marketing Myopia can be avoided with a futuristic mindset and by taking risks. Companies should put their customer needs at the top of the list, innovate in a skillful manner, give way to new ideas without any limits, and also work on its competitive intelligence. This will not just help them to increase their sales and profits but will also ensure that their customers remain satisfied.