By mbretous@hubspot.com (Martina Bretous)

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.

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 …read more

Source:: HubSpot Blog

Author: Aaron