Day in and day out, you’re busy marketing your services. This leaves you at risk of marketing nearsightedness or marketing myopia.
According to the American economist Theodore Levitt, marketing myopia happens when you’re so focused on selling services, that you forget what clients actually want.
“You’re not in the business of selling services,” says Levitt, “You’re in the business of satisfying clients.”
According to Tom Fishburne (a.k.a. Marketoonist) there are 3 common types of marketing myopia:
- Technology myopia
- Client myopia
- Silo myopia
Here’s how to avoid falling into these 3 traps:
- Technology myopia is caused by focusing too much on bright and shiny tech objects.
GenAI is all the hype. And really cool. It truly offers a lot of possibilities and benefits for marketers. However, you shouldn’t jump on this band wagon, if your basics are not in order.
You first need to understand what it is you’re marketing. What is your value proposition? What value is promised to clients using your services?
You also need to have a clear strategy: shared objectives, an ideal client profile, and distinct, desired position in the market. - Client myopia happens when you constantly push potential clients into the pull of purchase.
When somebody expresses an interest in your white paper today, it doesn’t mean they wish to become a client tomorrow.
According to Ehrenberg-Bass professor John Dawes only 5% of your potential clients are actually in market at any given time.
So, don’t focus your marketing efforts solely on sales activation.
Invest resources into establishing your reputation, cultivating trust, and strengthening relationships. - Silo myopia occurs when marketing is left to the marketing department.
According to HP co-founder David Packard marketing is too important for that. And he’s right. Especially when professional service marketing is concerned.
As in professional service firms, marketing is a shared responsibility. Between the MBD team and subject matter experts, who are responsible for many marketing and business development tasks.
Client success, spotting new business opportunities, creating awareness, generating demand, cultivating relationships and trust, and selling services. A lot of it is done in large by your experts.
Prevent silo myopia. Build bridges between your MBD team and your subject matter experts.
Hope this helps!
This Spark was published as MBD Boost #021 on October 22, 2024.
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