Businesses fall into a marketing myopia when they start to focus only on short-term goals and ignore long-term goals. A lot of times, these businesses are focused on immediate profit and growth and forget to think about building long-term relationships with current customers.
Because of this, they can lose their current customers while not being guaranteed new ones will come. The business world is always changing and growth is not a given thing. When a company refuses to focus on the quality of their product and what else it can give to the consumers, they begin to focus on the wrong things, which can be detrimental.
One notable example of this is Blockbuster. When consumers stopped renting videos, Blockbuster refused to change their business strategy. Instead of adapting to become a streaming service or moving toward wherever their customers were going, they buckled under the pressure and went out of business.
This is why it’s important for a company to follow along with new trends and keep up with what their competitors are doing. By doing this, they can anticipate their customers’ needs and start building quality products for them.