Avoiding marketing myopia

Myopia, in a medical sense, is the inability to clearly see far objects. Myopia refers to vision in general, but it's also a term that relates to marketing and business. Marketing myopia comes from an overemphasis on the short-term performance of a product, and the inability or unwillingness to see far into the future and see what's on the horizon.

Myopia can cause you to lose sight of your business goals and lead to an inaccurate assessment of the market. If you're not careful, it makes it impossible to see opportunities for growth right in front of you. Marketing myopia is one of the most common reasons companies fail: They get stuck in a rut, focusing only on what they've always done, instead of trying something new that might bring them better results.

Types of Mistaken Views That Can Lead to Marketing Myopia

Product-Centric View

In this view, the product is king. The company's success hinges on its ability to build an amazing product that people love and find useful. While it's important to have a great product, you can't get so focused on developing it that you lose sight of the market. This can happen if you're too invested in a specific feature or design choice for your product, especially if that feature takes more time than expected or goes over budget.

If this happens, someone else might beat you to market with a similar product, and they'll likely pull ahead when yours hits the shelves because they already have momentum from earlier marketing efforts. Focus on your product, but don't be so myopic that it clouds your vision of the market as a whole.  

Marketing-Centric View

A marketing-centric view sees marketing as the key component driving success. Companies tend to take this approach when they're working on new products or services, but don't have customers yet. Without knowing who their target audience is yet, these companies rely heavily on marketing strategies, instead of customer research before launching their campaigns.

This approach doesn't make sense for most startups (or even larger companies), since there isn't enough data available about which channels will work best for reaching out or what kind of messaging resonates best with prospective buyers. Yet, some companies still try anyway, because their investors are pressing them to launch quickly, rather than waiting until they've got everything figured out.

How to Avoid Marketing Myopia with Accurate Research and Targeted Marketing

The first and most important step to avoid marketing myopia is to do your research. Take the time to understand the market you are entering and determine how you will position yourself in it. Ask yourself:

• Which product or service is this?
• Is it a new feature?
• Is it a new way of doing something?
• Is it an upgraded version of something else already existing in the marketplace?
• Who is your customer?
• What do they care about most--price, quality, ease of use, etc.?
• What would they be willing to pay for this product or service and why?
• How will they use it (or not)? What problems does my offering solve?

The best way to avoid marketing myopia is to conduct accurate research and targeted marketing. This means identifying exactly who your target market is and what they need from your company before developing campaigns or strategies. If you don't know what they want, how can you expect them to buy?

Stay Up to Date with the Market

No matter what sector you're in or what product you create or market, things change. Stay up to date on new technologies, competition, and consumer trends to stay competitive.

If you're not up to date on what's happening in your industry, how can you expect to reach out to customers and prospects? The first step is to stay aware of what's happening in your niche, so you can be prepared for changes that may affect your business.

Staying informed is just as important as staying up to date on trends. You can stay informed by reading industry publications, following news sites, and subscribing to newsletters from companies or organizations relevant to your market. If there's an issue that affects your business (like new regulations), make sure you understand what it means for your business before it becomes mandatory.

One of the biggest mistakes a business owner can make is to ignore the market. As a business owner, you need to stay up to date with what's happening in your industry and in the world around you.

Don't Overinvest Emotionally in Your Product

If you don't keep your emotions in check, you can fall into the trap of marketing myopia. Some marketers are so invested in their product that they only see its positive aspects. This leads to blind spots, which make it difficult for them to see all possible options for marketing their product/service, leading them down a path that causes them to miss out on new opportunities. When someone is emotionally over-invested in something they created, their own love blinds them regarding what they have created and makes it hard to see anything else. Don't fall into that trap.

The market is constantly changing, and staying relevant means keeping an eye on what's new and adapting to these changes. If you have a great concept but it's no longer relevant in the marketplace, then it might be time for something new.

Similarly, don't get too attached to an idea or strategy that isn't working -- even if it's your own! It takes courage to admit that something isn't panning out, but this kind of honesty can help your business succeed in the long term by not wasting money on an unsuccessful product or concept.

Conclusion

Whether you're a small business owner or a marketing guru, don't fall victim to the dangerous effects of marketing myopia. Keep your eye on the ball and maintain an objective view of what your product is, where it fits in the market, and how that market is likely to change over time. Ensure your business stays relevant in its industry--and doesn't fall into a shortsighted trap because you get too comfortable for success or can't let go of an idea that isn't working.