Marketing myopia. It’s a term that definitely seems ominous. But what does it mean exactly? It was coined by a Harvard Marketing Professor in the 1960’s to describe a company’s short-term focus on their own products over their customer’s wants & needs.
Is this something that you find your company, and yourself, falling prey to?
Today, it’s become clear how important it is for your business to be customer-focused. It’s now more profitable to spend more time and effort to better understand what your customers want and need, instead of focusing solely on your own products and services. Your product, while important, is not your business. Your customers are your business. Focus on bringing value to your customers, and how your products can best benefit your stakeholders.
If your company is not customer-focused, how will your current customers remain brand loyal? Answer – they won’t. And you surely don’t want them to be replaced by existing competitors.
Short and sweet, take care of your customers. It’s easier to keep existing customers than to go out and find new ones. Look at the big picture, beyond the scope of your products, and see how improving your customer experience will bring your company more long-term success.