For many marketers, marketing refers to the act of taking an action that increases the sale of a product, service, or idea. In recent years, the New York Times referred to it as “the science of telling engaging stories so compelling that people forget all about their bank accounts”. Today, the term marketing is used so much more loosely than this.
Marketing, in the broadest sense, occurs when advertisers or marketers create and disseminate information that interacts with consumers. Some marketing strategies focus on emotions, such as fear. Other marketing strategies focus on making products or services easy to use, clear, and accessible. Still others focus on making products or services more profitable. While some marketers combine several of these strategies, others remain focused on one or a few.
A core component of any marketing concept is the concept of satisfied consumers. Satisfied consumers, in other words, have specific expectations of how they should be served. When marketing efforts to satisfy these expectations, marketers are said to be meeting their customer’s needs. This form of coordinated marketing is known as fulfilling marketing concept.
According to the New York Times, a major component of a fulfilling marketing concept is the implementation of market research. Market research can provide objective facts about the way a product or service functions or why it doesn’t function as well as it should. These data can then be analyzed to provide insight into how consumers react to a product or service. For example, market researchers may discover that mothers are more satisfied with mobile applications than with other features of a cell phone. The researchers might also discover that a certain demographic of consumers has a very high level of satisfaction with voice-to-voice messaging marketing research.
Another important component of a successful marketing concept is consistency. Consistency is essential when managing and marketing multiple products and services in multiple markets. This allows marketers to better position themselves for success. For example, a particular company may generate three times the revenue of its nearest competitor based on a particular geography. If the company’s marketing efforts take into account the way people feel about the products and services offered by rival companies, it may be able to position itself as a leader within the industry. However, if those same competitors manage to position themselves as leaders, it may be difficult for the new company to maintain its lead status.
Marketers need to remain open and flexible when it comes to their product concept. Although it is best to stick to a single concept for the majority of your marketing efforts, it is possible to make changes as needed. It is important not to use the same tactic to position yourself against competitors and then move on once you have established a lead. This will cause you to become predictable, which can result in consumers watching out for another product concept that will offer them something better. In addition, remaining flexible can help you develop new tactics and strategies in order to position yourself as a leader in your market category. For example, if your company sells baby diapers, but offers a unique and highly competitive advantage in the area of prescription medication, you should consider creating a position that positions you as a leader in a sub-category while still offering some prescription medication of which the consumer is aware.
Marketers can also avoid marketing myopia by paying attention to what consumers are actually looking for and what they need. This is especially important when marketing a service or product concept. Marketing myopia often occurs when marketers attempt to sell a broad range of products or services to consumers. Instead, focus on providing specific benefits for the consumer in order to build trust and establish a positive reputation.
Marketing myopia does not necessarily spell disaster for marketers and advertising agencies. In fact, it can be used as a tool to help position a company as a leader within its industry category. When properly applied, marketing myopia can help create the perception that a company or product is superior to similar competitors while creating a unique niche for itself in the consumer’s mind. By taking marketing to the people’s level, marketers can position their companies and products as leaders in their respective industry categories instead of just following the lead of the consumer’s advertisers.