Image Source: BBC
What do Yahoo, Nokia and Kodak have in common with a pigeon? You would be surprised.
The pigeon was once known for its fast flying speeds, as a trusted message carrier and a highly prized possession. History has it, that one such bird was even known as a war hero.
But today, the prized bird is titled as “a rat with wings”. Just like the pigeon, Yahoo, Nokia and Kodak soared to great heights but in one swoop, it fell and lost flight.
Even the biggest and most powerful companies fail when they have a narrow marketing approach and focus on marketing as a way of selling products instead of satisfying customer needs. This is known as marketing myopia by Theodore Levitt.
Some ways to avoid the deadly marketing myopia;
- Record your results – Take note of what your consumers like and dislike and use it to improve. Have systems set in place to track, collect and analyse. The goal is to widen your customer base while knowing what they like and understanding the consumer buying behaviour. (e.g. Microsoft Access, etc.).
Image Source: Microsoft Access
- Don’t run from evolution – Sometimes old ways aren’t the best ways. In our ever-changing world, we should try new things, consult industry experts and be on the lookout for new trends. It’s about connecting with our consumers and building a brand relationship.
Image Source: Business 2 community
- Listen to your consumers – They are the definition of the marketplace, to collect data isn’t enough, one has to pay attention to their feedback and respond back. Observe the consumer buying habits and what kind of research is performed before and after a purchase. Are we present on these platforms?
Image Source: Contently
In our current era, it is a must to stay on top and be aware of our environment. Knowing what our consumers want and need will make a difference and set us apart from the competition. Better yet, to stay relevant!
BryanIsaacKeong 