Marketing Myopia takes a limited marketing view that focuses on the need of the business rather than those of the prospects. Also known as the shortsighted approach to marketing, the focus is to sell products and therefore for profit-driven. The theme surrounding the marketing myopia concept is that most companies have a narrow vision of their business.
If your business suffers from Marketing Myopia, you are missing opportunities to grow and scale. However, once you address these issues, it becomes easier to fill in the gaps to deliver a customer-centric service that will appeal to the need of prospects.
Some examples of Marketing Myopia:
is where a company that sells hiking boots define its marketing regarding sales of hiking boots instead of outdoor exploration and adventure.
The railroad industry that assumes they are in railroad business rather than the transportation business.
As entrepreneurs and small business owners, our businesses tend to suffer from marketing myopia usually based on our limited time and resources. One way to overcome this challenge is to invest your time to understand the Buyer persona in more details.
Your water-tight buyer persona should be created from reliable information rather than mere guesswork. Here are some of the areas you should explore when you create a buyer persona for your prospect:
- Explore their background from a personal and business angle: You need to know what or whom they are responsible and whether they are accountable to another person.
- What are your prospects biggest challenge? These are usually the things that prevent them from moving forward such as time, money or reliable information.
- What are their shopping preferences? This is particularly important in this day and age when people need their stuff at their convenience.
It’s best practice to think about the benefits of your service or product rather than the feature. The reality is that no one cares about you unless you can meet their most pressing need. You, therefore, owe it to your business or cause to spend some time to craft a persona moving forward.
Do your business suffer from marketing myopia? What are you doing to overcome this? It would be great to hear your views.