"Marketing myopia kills brands" - Shark Tank’s Lori Greiner urges businesses to prioritize customer experience

Shark Tank investor Lori Greiner, in a recent post on her social media, spoke about the perils of 'marketing myopia.' She tries to make businesses aware of the importance of prioritizing the customer experience rather than just focusing on the product.

This term was coined by a Harvard Business School professor named Theodore Levitt in 1960. It refers to a business that has an excessive focus on the product rather than the evolving needs of its customers.

When these companies fail to adapt to the newer demands, they risk shutting down no matter how great their product or service might be. Talking about the same and explaining her views on the topic, Shark Tank's Lori Greiner said:

“Marketing myopia kills brands. It's when you focus too much on your product and forget what your customers actually need. And it happens all the time.”

---

Shark Tank investor Lori Greiner discusses the dangers of overlooking customer experience

Lori says that businesses often think that they are in the business of selling a product. However, this is wrong because they are placed to fulfill a broader customer need. Giving an example, the Shark Tank investor says that the distinction between the two is important.

She says that a restaurant might make the best pizza in town, but if customers need convenience or customizations, and your shop fails to adapt, then they will lose the customers to competitors who are addressing their needs in a better way. Lori says:

"Let me explain. Say you own a pizza place and you're obsessed with creating a perfect recipe. You think you're in the pizza business, right? Wrong! You're actually in the business of satisfying hunger and giving people a great experience. Here's the thing."

She added:

"Your pizza might be amazing, but if customers want faster delivery, gluten-free crusts, or vegan cheese, and you don't offer it, they'll go somewhere else."

Lori stresses the fact that businesses should always prioritize their customers over their products. This could mean constantly listening to feedback and improving the services. Successful brands are the ones that have evolved based on what their customers want and not what they initially set out to sell. She says:

"Put your customers first. Focus on more than just the product. Think about the experience, the convenience, and what they truly need. That's how you create a brand that people love."

The marketing myopia that Lori talked about in her video can be avoided by entrepreneurs by shifting their focus from the product to the overall customer experience.

The most successful brands do not just sell products or services but solve a problem, create convenience, and then build loyalty. By understanding and adapting to what customers need, businesses can stay relevant and thrive in a market that offers a lot of competition.

According to Lori, a business should never define itself by the product it sells but by the problem it solves and the experience it creates.

---

Watch the latest season of Shark Tank every Friday on ABC at 8 PM Eastern Time. They are later available to watch on Hulu.