myopic marketing

The prevalence of myopia or nearsightedness in the worldwide population ranges from a low of 20% in the U.S. to as high as 90% in parts of Asia. Marketing myopia, on the other hand, doesn’t confine itself to geography and companies anywhere can lose sight of their goal by becoming self-confident and comfortable by relying on what some would refer to as tunnel vision.

“If It Ain’t Broke, Don’t Fix It”

This may have been wise advice in 1997 but business and technology are a lot more accelerated today than they were then. Businesses slow to adapt to these rapid changes are shuttering their doors or cutting their workforces. Small and medium-sized businesses are even more susceptible because they are less likely to survive and recover from a big hit.

As stressed in previous articles, staying in tune with your customers remains paramount ever more so today in anticipating and adapting to changes in the marketplace. Be particularly alert to customer changes in keyword preferences and shopping habits. Be sure to monitor changes in search engine and social media site algorithms as well. Simple changes can dramatically affect how high or low your company shows up in search results. Be alert to new search engine launches and social media platforms as well. Take advantage of every opportunity available. One never knows just how popular these new kids on the block will be.

And while you’re monitoring all of the above, also be sure to subscribe to relevant marketing blogs and journals. They’ll help keep you apprised of some of these changes.

But What About Our New Line?

Marketing myopia would cause you to market the same way you did five or ten years ago. Don’t lose sight of the goal. If you’re about to roll out a new product or line and the above data doesn’t convince you, consider this. Of some 30,000 new consumer products launched each year, 95% fail. Grocers do slightly better with a fail rate between 70% and 80%. Harvard Business Review suggested that one of the major reasons why new products fail is that manufacturers are too focused on design and don’t appropriate as much time on a marketing strategy. This is where your seat at the table is so critical and why you must persist on not only putting together a marketing plan, but also a reasonable budget to implement it.

Satisfy or Attract?

In formulating your strategy, one key question to ask is whether your new product fills a demand or if opens a new doorway and customers need to be educated and attracted to it. If it meets a demand, your marketing must aim to show why your product is improved. If it’s revolutionary or novel, there’s a challenge. Remember those battery-operated lights that you could clip onto just about anything? When marketers showed how it could be used to light areas inaccessible to electricity or awkward to get to, sales went up.         

Unlike your favorite television weather forecaster, you don’t have the luxury of being right 50 or 60% of the time.

Ronn Torossian is the CEO and Founder of 5WPR

5wpr ceo ronn torossian

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Ronn Torossian is the Founder, President and CEO of New York-based 5W Public Relations. He has overseen the company's rapid growth and expansion to the Inc. 500 list, as well as provided counsel to hundreds of companies, including members of the Fortune 500, Inc. 500 and Forbes 400. His work spans global interests, corporate entities, high-profile individuals, regional business entities, government agencies and academic institutions - both on routine public relations matters and extremely sensitive issues. One of the foremost public relations experts in the U.S., Torossian is known for his aggressive, results-focused orientation, as well as his close working relationships with members of the media, influencers, decision makers, politicians and celebrities. At 5W Public Relations, Torossian's client experience has included programs for Coca-Cola, Microsoft, Anheuser-Busch, Barnes & Noble, Cantor Fitzgerald, IHOP, McDonald's, Evian, EDS, VeriSign, XM Radio, Seagram's, The Loews Regency, Bad Boy Worldwide Entertainment, Marriott Hotels, Vail Resorts, Pamela Anderson, Snoop Dogg, the Government of Israel, and others. Referred to by The New York Post as a "publicity guru," by Fox News as a "high-powered PR CEO," by Tyra Banks as a "crisis management guru," and by CNN as "a leading PR expert," Torossian is regularly featured in and quoted by the media, including by CNN, Fox News Channel, MSNBC, NBC, The New York Times, and others. CBS National News said "Ronn Torossian knows spin," and a New York Times feature story on Torossian referred to him as "The consummate hard-driving, scrappy NY publicist." Earlier in his career, Torossian was a Vice President/Group Director for one of The InterPublic Group's (IPG) largest PR agencies, where he was responsible for significant client growth and successful client programs, including work for Clinique, Fox News Channel, DHL, Hard Rock Café and others. A resident of Manhattan’s Upper West Side, Torossian was named to the Advertising Age "40 Under 40" list, PR Week's "40 Under 40" List, is a regular lecturer at universities and conferences, a member of Young Presidents Organization (YPO) and a board member of numerous non-profit organizations.