Is myopia a common problem for Professional Marketers?

The echo chambers

I've often walked into a meeting with a new client and listened to a room of people echoing outdated and outdated beliefs of what works (or doesn't work) in marketing for their sector and business. Industries and organisations habitually feed off each other's approaches and views, which become less and less connected with reality over time. It often takes someone with a broader marketing background to come in and disrupt those entrenched beliefs and demonstrate what can (and should) be done differently.

'Nobody knows my business better than me!'

Actually, that statement is rarely true. 'Yes', you know the operational side better than anyone else. You probably also know your most loyal customers better than anyone; however, you spend most of your day looking out of your business, not in. Your most loyal customers may also be enablers of these self-reinforcing beliefs. Someone with a different perspective allows you to see your business with new eyes.

An example of this was a client I had who was in a price war with three competitors. In just a few months, they had driven each other's prices down to such a level they were now unprofitable. In response to this, I was called in to fix the problem. My response was to replace their 10-year warranty with a lifetime warranty. The client exploded, saying, 'they couldn't afford such an offer. When I explained that the average homeownership was seven years, and the new warranty was 'non-transferable', they understood the value of the proposition. I advised them to return to the make with their original pricing model and the new warrant. It blew their opposition out of the water, increased revenue and profitability overnight and became a central pillar of their sales process. This one new observation transformed this entire organisation. That's the power of a new perspective.

Specialised techniques

Over specialisation is not only limited to knowledge; it also applies to techniques. I regularly attend seminars on marketing techniques, even in fields I'm widely considered an expert. My most common observation of these seminars is that 'this is the only way to get results', then they say 'this works for all businesses and all sectors'. Neither of those statements is true, but as an evangelist for a technique, technology, or channel, you often need more understanding of all other options. Marketers should understand where they want to go and a plan for how to get there, but be flexible enough to adapt at any time. There is no off-the-shelf for a company. Each company should be understood for what it is; then, a marketing strategy should be developed to help it realise its full potential. Specialist biased is myopic and can be dangerously inaccurate.

Why 'near enough' is better than 'perfect'

In a recent presentation by an expert on the impacts of AI, a professor discussed how humans use small amounts of information and 'near enough' decisions. In comparison, AI searches all available information and aims for 'perfect' decision-making. While the human mode may be floored, AI reinforces information bias, often reinforcing entrenched (and often) inaccurate and outdated beliefs. There is a rise in the use of AI for marketing. However, it can only repeat what's happened in the past. Marketing is always about progression and coming up with new, emotionally compelling ways to attract and hold attention.

Just as AI reinforces information biases and (ironically) historical modes of solving problems, those with too little diversity in marketing experience across sectors can fall short of generating innovative new ways to look at and solve marketing challenges.

The value of diversity

There is a vast amount of information in circulation on the value of diversity in the make-up of companies. New ideas, new perspectives, and varying values are critical to dynamic companies. The same is true of diversity in marketing. Fresh blood, new ideas, and a new perspective can revitalise marketing and ultimately transform how you and your people see your business.