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Marketing Myopia

 
Myopia is ‘near-sightedness’ or the lack of ability to see things clearly unless they are very close.

Many local businesses suffer from marketing myopia, particularly if they carry an exclusive product line or are the only business in the market that sells what they sell.

Marketing myopia is when you are too short-sighted to clearly see how many competitors you have for your customers’ dollars.

A local jeweler, for example, who has the only jewelry store in town, often fails to recognize the long list of competitors their store has for consumer dollars. On Valentine's Day, for example, the jeweler competes with flower shops, restaurants, candy stores and more.

That same jewelry store also competes with consumer inaction or “doing nothing” all year long. Consumers can decide to save their money versus buying expensive jewelry. The internet, of course, has also given consumers the option of ordering online…they’re no longer bound to buy local.

And, local businesses have always competed with the perception that the selection and prices in the nearest major market are better.

Every business category has non-category competitors. The local exclusive Ford dealer, for example, competes with the travel agent who persuades people to take a luxury vacation and keep their car a little longer.