Don't Baby Your Brand~ Key to avoid Marketing Myopia

Coming up with a fabulous product idea and bringing it to birth in real life. Sounds so exciting and something to be proud of too! Naturally, we tend to nurture and treat the brand as a baby. But remember, to be a success in long run, be your brand's own critic and escape the trap of Marketing Myopia.

Marketing Myopia is all about the short-sightedness adopted by the owners with respect to their product. Without conducting proper market research and continuously directing all efforts without paying heed to customers changing needs is when the brand starts following in this trap. It is basically when you shut your eyes and keep looking inside the business and tend to overlook the developments taking place outside of the world. No industry is risk-free. The thought that what you have planned and set up is to grow and flourish at all times is a myth.

Nokia, once a king in the mobile phones industry lost it to the android and iOS.

Kodak the brand which started its journey as the photography partner of every average Indian family, was soon to be replaced by the digital Sony cameras. But why did Kotak fail? Because it kept watering the thought that it was associated in the film business and should continue to stick to it.

The result?

It lost its market share to Sony and Canon who saw the opportunity and were able to turn tables to its advantage.

Speaking of social media, you know Orkut was popular than Facebook?

It too got over shadowed because it failed to understand the needs of its customers and thought what it did was the best. Orkut didn't offer the privacy regarding viewing of profiles, didn't offer a customized feed and didn't even provided scope for Business Pages. And Facebook did it all!!!!

LESSONS

* Be your own critic.

* Be futuristic in your approach as the business environment is dynamic.

* Provide Value. If not you, then somebody else will.

* Have a broad vision and don't be short sighted for immediate profits.