Learn Marketing Myopia
The world of internet marketing is fast becoming one of the most lucrative industries in the world today. Internet marketing refers to the promotional process that online organization undertakes to engaging its targeted audience, develop strong relations with customers to generate in return and gain monetarily. Internet marketing is a constantly growing industry and is not just restricted to e-commerce. Apart from this it also encompasses traditional marketing processes such as print, television, radio, out of home marketing, etc.
For any business to grow it must understand their customers needs and be able to provide something extra or something unique to satisfy them. If a company is able to do this, it will have a considerable competitive advantage as they will be able to serve their customers’ needs better than their competitors. By meeting these requirements the product or service will be able to gain brand recognition, increased sales, more traffic, lead generation, and much more. These are all directly related to the concepts of coordinated marketing.
A very important concept associated with Marketing is market research. Market research is the process of understanding the buying behavior of the customers and then organizing the marketing efforts according to these buying behaviors to gain a competitive advantage. It is also known as purchasing attitudes and is a very crucial concept in the field of Marketing. Purchasing attitudes can change rapidly based on changing consumer preferences therefore market research is an integral part of all Marketing strategies.
Another concept of Marketing is product development. Product development involves the analysis, identification, evaluation and the creation of new products or services. The product development process incorporates the creative aspects of marketing research such as the development of new ideas and campaigns, research into the consumer’s buying behavior, and the identification of specific needs and enabling the implementation of solutions that satisfy those needs. This is the major step towards creating a profitable market niche for your online business.
Marketing concept is not limited to e-business or product development. Marketing myopia can creep into other areas of your business as well. Marketing myopia is when a business tends to think in terms of a “one size fits all” mentality that does not consider individual needs and wants. For example: Your marketing strategy may be geared towards maximizing the conversion of leads into closed sales. Your marketing strategy may not take into consideration the fact that some consumers are slow to buy and even repel from buying a product because of its slow delivery. As a result, the customer may not convert, thus you lose a potential sale that you could have gained had your customers been faster to purchase.
Marketing myopia is the result of an incomplete research of the market niche or target segment that you are attempting to serve. Instead, it’s an overall failure to recognize the actual needs and demands of the people who will be buying your product or service. As we said earlier, this failure to identify the actual needs of the consumers and to meet them resulted in an unprofitable business. Social media is a great marketing management tool, but it should not be the only selling tool of your company. The reason for this is that, although it is a powerful selling tool, it still requires you to do your due diligence when selling any product or service to your target consumer base. Just like the definition of insanity, social media and the entire online world is growing a little crazy.