Avoid That Marketing Myopia

Most business focus on growing the business and as you will appreciate, this does not happen overnight.

Yet there is something that can prevent a business from achieving its growth plans: marketing myopia.

Therefore, in this article we will discuss:

What is marketing myopia

What causes it How to avoid it

What is marketing myopia?

Th term Marketing myopia was devised by Professor Theodore Levitt and whilst it is an old term, it is still relevant today.

Marketing myopia is where there is a short-sighted and inward approach to marketing.

This myopic approach focuses on the needs of the business and its products, rather than on the needs of the customer (whether that customer is a broker, a borrower, a lender, an estate agent, legal firm and so on).

As a result of this approach, a business makes decisions that are not in the best interests of their customers or that fail to take into account changes in the market.

Examples

There are plenty of examples of this over history. Near where I live is a tall building full of fancy apartments which was once the HQ of Kodak. And who remembers popping to Blockbusters to get a film for a quiet night in?

I even worked for a lender that got blindsided by the meteoric sales growth it was achieving, as funding ceased when the Financial Crisis hit.

What 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.

It is the difference between talking about product features and product benefits – the benefits of your offering versus the rest.

Lack Of Insight

Companies can be mistaken in thinking that they know everything there is to know about their target audience.

But as you have heard people say, “We don’t know what we don’t know”.

Marketing myopia can be caused by a lack of investment in marketing research and data, resulting in a lack of insights. This can happen when businesses believe they already know everything they need to know about their customers and the marketplace. Marketing myopia is the result. Not Realising The True Competitive Landscape Many companies in the mortgage industry often have a narrow idea of who their competitors are. For example, a Buy to Let company can be competing against a Bridging lender, who offers a different solution but the same outcome – property finance.

Not Changing, Or Not Changing Quickly Enough

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; think what AI can do for the industry!!

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. This is particularly true when a company does not see its competitors moving. To avoid myopia, brands need to make things happen.

How to Avoid Marketing Myopia

1. Put Your Target Audience First I know it is a cliché, but marketing starts and ends with your customers – the people you are marketing to. You must put their needs first and not your products. Your marketing message is all about solving their problems and being human and helpful.
   

2. Keep Your Finger On The Pulse Your target audience does not stay the same, despite what people might tell you. The mortgage market has changed dramatically since Lockdown and all the events that have followed. How your audience consumes your content is changing, as is the type of content they want. They have less time. The market is awash with noise. How does your audience notice your messages? Do they see your ads and read your press releases? What webinars do they attend? And so on. To avoid marketing myopia needs constant understanding of your audience. Or you will be left behind.
   

3. Get Creative “Because we have always done it that way” is the expression you hear once marketing myopia is rooted in. Take time to think differently. Use your data, market analysis and research to spark fresh ideas on what to do and how to do it. This should be a regular thing you do with other stakeholders too. Because open minds avoid marketing myopia. And after all, creativity is the engine room of marketing!
   

4. Keep On Moving Forward Even if your marketing is successful and winning awards, you can’t stand still. Things change, as mentioned. The beauty of marketing is that the market never changes and therefore what you do today may not be what you do tomorrow. Always look to improve, no matter how good you are.

Growing your business will not happen overnight. However, with marketing myopia it will not grow at all. So get those eyes tested and look at things differently.