Myopia, the medical term, means nearsightedness – the inability to see objects at a distance. It was a matter of time before marketers started using it as a metaphor for sustainability. Marketing myopia, in the strict sense of the term, refers to focusing too much on the product than the problem it is solving. Hence, a lack of upgrades and an inevitable replacement. Some of the most common examples include Netflix taking over Blockbuster because the latter ignored that the need for watching content can now be fulfilled even without DVD renting. That being said, marketing myopia is not limited to being eclipsed by new technology, especially considering that it is often unpredictable. In a broader sense, it is the refusal to adapt. Such refusal mostly comes from a place of vanity of market leaders, who focus less on the customers’ changing preferences and more on the sales target. Time and again, Bangladeshi companies too fell prey to their nearsightedness.
Cosco: This translucent soap was to Bengali households what Lux is now. It is commonly echoed that if a product works well, it will perform well anyway. But in the case of Cosco, marketing, or lack thereof, did make an impact. Throughout its tenure, Cosco broadcast only one TVC and was never on digital media while competitors continuously pushed new fragrances. Yet, a range cannot necessarily tackle a single solid product. This is where perception came in. This glycerin soap lasted longer. So restaurants started using it for handwashing. This way, the perception of Cosco being a skincare beauty product got tainted and was seen as a coarse, cheap cleaning product even if glycerin soap is actually good for the skin.
Mimi Chocolate: The story of Mimi Chocolate is now a fable, with people sporadically demanding it be brought back. As expensive foreign brands started pouring in, they got aggressive with the promotion. And Mimi, much like Cosco, stuck with one TVC, eventually losing the younger generation. Despite being affordable and tasty, it was available mostly in cities, letting even expensive foreign brands take over with distribution channels throughout the country.
Pipilika: It set out to solve the very real problem of unorganised Bangla search results of Google or other engines. But the myopia was in not attempting to make it a habit. Google makes an ecosystem of its services, making Chrome the default search engine. Pipilika could tap into the growing made-in-Bangladesh smartphone market, making the search engine a default. But lack of promotion and awareness limited it to being a pet project used only by tech enthusiasts.
So, when developing a pitch for a new business, one must repeatedly ask what industry they are in, and if different products serve the same purpose. Pitchers commonly get startled when told that another product or emerging trend can essentially render theirs useless. So they must prepare answers in line with shaping perceptions and habits through marketing as part of a long-term goal.