Focus on things that don’t change
Entrepreneurs incur losses as they only react to the changes. Marketing myopia takes place when businesses concentrate on products rather than customers’ needs.
Jeff Bezos’s secret to success is focusing on things that never change such as low prices, more choices and faster shipping. Businesses focusing on competitors have to change their strategy many times. Firms focusing on ‘vocal about local’ won’t help in the long term. Focusing on entertainment has made cinema halls/ multiplexes failure proof.
Bezos said in an interview , “It’s interesting, I do get asked quite frequently what’s going to change in the next ten years. One thing I rarely get asked is probably even more important- and I encourage you to think about this- is the question ’What’s not going to change in the next 10 years.”
Covid–19 crisis is forcing businesses to think new ways to attract customers. Instead, they should identify things about their business, which would never change.