MARKETING
What Marketing Myopia Is & Why Every Brand Should Avoid It [+Examples]
Most businesses want to grow and be successful, but what they often don’t realize is that success doesn’t happen overnight. It takes hard work, dedication, and a clear vision of what you want your business to become.
One of the biggest dangers that can prevent a business from achieving its goals is marketing myopia.
In this article, we will discuss what marketing myopia is, what causes it, how to avoid it, and some examples of businesses that have suffered from it.
What is marketing myopia?
Marketing myopia is a short-sighted and inward approach to marketing that focuses on the needs of the business rather than on the needs of the customer.
It often leads to businesses making decisions that are not in the best interests of their customers or that fail to take into account changes in the marketplace.
Top Causes of Marketing Myopia
A Disconnect between The Business and Its Customers
The most common cause is a lack of understanding of what customers really want. This can happen when businesses focus too much on their own products and services and not enough on what customers are actually looking for.
Marketing myopia can also be caused by a lack of investment in marketing research. This can happen when businesses believe they already know everything they need to know about their customers and the marketplace.
An Unwillingness to Adapt
Another common cause is a failure to keep up with changes in the marketplace.
This can happen when businesses become too comfortable with their current products and services and fail to adapt to new trends or technologies.
A Focus on the Past, Instead of Future
Many businesses become myopic because they are too focused on the past.
They may be reluctant to change their products or services, even when it is clear that customer needs have changed.
How to Avoid Marketing Myopia
1. Prioritize customer needs.
A few years ago, my favorite color was red, I ate takeout on a regular basis, and the only plants I took care of were artificial ones. Today, I cook 90% of my meals, I’m a new (and successful) plant mom, and orange is more my vibe now.
As individuals, we know our wants and needs change as we grow. But it’s often difficult for brands to expect the same of their customers.
It would be easier if consumers stayed the same – you’d only have to do market research once, identify the strategies that worked and stick with them. Unfortunately, the truth is more complicated than that.
A couple of months can make a world of difference in consumer behavior.
Take 2020 for instance – when the pandemic started in March, brands were forced to pivot their marketing strategies, and in some cases, their entire business models
Those who failed to realize this shift was necessary and relied solely on prior success likely experienced great financial loss.
However, not every shift is this drastic. Some happen over time.
Take the topic of social responsibility. Ten years ago, this wasn’t a major concern for everyday consumers.
However, today, sustainability is a major selling point for consumers and impacts their purchasing decisions.
You can also look at the online landscape and how users are consuming content. Where blogging was 10 years ago podcasting is now.
This is all to say that keeping your finger on the pulse is key to avoiding a myopic business.
2. Foster innovation within your team.
Just because something has always been done a certain way doesn’t mean it’s the best way. That mentality is what leads to marketing myopia.
To break out of that, it’s important to create an environment in which your teams feel inspired to innovate.
What does this look like? It’s a combination of big and small actions like:
- Inviting new ideas.
- Experimenting with various strategies.
- Allowing failure and risk-taking.
- Hiring diverse perspectives.
By staying open-minded and flexible, you’ll be in a better position to avoid marketing myopia.
3. Invest in competitive intelligence.
One way to stay on top of your game is by keeping up with others in your industry.
Competitive intelligence is the practice of monitoring and gathering data on your competitors through legal and ethical means. This can look like social media monitoring, setting up Google alerts for specific brands, and downloading offers to review content strategy.
Sites like Crayon, SEMrush, and Kompyte are great tools to help you leverage this intelligence into actionable insights to propel your company forward.
4. Optimize your marketing strategy.
When you get too comfortable in your approach, that’s when you risk marketing myopia.
Even if your marketing strategy is working well, it doesn’t mean you shouldn’t work on optimization. After all, companies like BlockBuster saw immense success – until they didn’t.
The past doesn’t dictate the future. However, it can help inform it.
With this in mind, review your data, take the time to gain insights, and then come up with ways to improve your performance.
Marketing Myopia Examples
1. BlockBuster
In the early 2000s, Blockbuster was the undisputed king of the video rental industry.
But by 2009, the company had filed for bankruptcy. What went wrong?
Many experts believe that Blockbuster’s downfall was due to marketing myopia. The company was so focused on its existing business model that it failed to adapt to the changing marketplace.
As streaming services like Netflix and Hulu became more popular, Blockbuster refused to embrace them. Instead, they clung to their brick-and-mortar stores and DVD rentals, which eventually became obsolete.
2. Kodak
Kodak is another example of a company that fell victim to marketing myopia.
For years, Kodak was the leading name in photography. But as digital cameras became more popular, Kodak failed to adapt.
The company focused on film and prints, even as its customer base shifted to digital. As a result, they lost market share and eventually filed for bankruptcy in 2012.
3. Old Spice
Old Spice is a good example of a company that was able to avoid marketing myopia.
When the company was first founded, it marketed its products exclusively to men. But as the marketplace changed, Old Spice recognized that there was an opportunity to reach a wider audience.
They began to produce new products specifically for women and shift their marketing strategy. As a result, Old Spice was able to avoid the decline that many other companies have experienced.
By staying focused on its customers and being willing to adapt to change, Old Spice was able to avoid marketing myopia.
MARKETING
Trends in Content Localization – Moz
Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.
Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.
Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.
MARKETING
How AI Is Redefining Startup GTM Strategy
MARKETING
More promotions and more layoffs
For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.
The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.
Dig deeper: How to overcome marketing budget cuts and hiring freezes
Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643.
Here are the median salaries by role:
- Senior management $199,653
- Director $157,776
- Manager $99,510
- Staff $89,126
Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.
One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%).
Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.
Dig deeper: Skills-based hiring for modern marketing teams
Employee turnover
In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”
Men and Women
This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.
In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.
Methodology
The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents.
Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.
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