5 Marketing Myopia Principles
Marketing is a word that conjures up images of high street stores and multitudes of screaming children trying to get their hands on the latest Invisalign treatment. Whilst this is the most popular form of marketing, it’s far from the only way businesses promote themselves. Marketing is described as the act by which a firm or organisation seeks to gain recognition, improve public understanding, or make available a product or service to be used by consumers. Marketing is generally used to attract new customers to a business, as well as to maintain customer loyalty and to expand market share. Marketing is not the same as advertising, but many people believe the two terms are used interchangeably.
Market research helps to establish what sells, what doesn’t and why. It helps to tailor selling techniques to draw in the right customers and to make them aware of new offers and promotions. A marketing research team will conduct market research to discover the best selling products or services. The focus of the research should be to discover what makes a product stand out from competitors.
‘Purpose’ is one of the most important marketing concepts to understand. Many businesses choose to focus on a specific niche, such as cosmetic dentistry, and attempt to define their product or service to suit potential customers. Although this is a good approach, marketing research can help to discover other important selling points that can be used to develop the branding image of the company. The concept of marketing itself is all about getting the message out to consumers so they are aware of the existence and credibility of a firm or product.
The internet has become a hugely popular method of marketing, particularly for small firms and home-based businesses. Internet marketing strategies are constantly evolving to provide consumers with a greater choice of websites to use. As well as website design, marketers must employ other online marketing tactics to reach potential consumers. Email marketing campaigns and online promotional campaigns can reach a great number of consumers, but only if they are properly established and tailored to the particular market being targeted. An effective internet marketing campaign includes a wide range of marketing concepts and strategies.
Satisfying customers and providing excellent customer service is another important marketing concept. Researching market trends and using current information to establish which products are currently popular will give marketers a unique advantage when it comes to satisfying potential customers. This helps to ensure the satisfaction of current customers as well as future consumers. This type of marketing management is an essential element in ensuring long-term profitability.
Marketing myopia refers to marketers focusing only on a single product concept, which ultimately leads to ineffective marketing strategies. Marketers should be prepared to work across many different verticals and genres to gain an advantage. However, all marketing strategies require a clear focus on a single product concept at the start. This will ensure that marketers are not focused on selling something that doesn’t represent a strong enough offering to the consumer.