Marketing myopia was a term coined by Theodore Levitt in the 1960s to describe how companies go bust by focusing on the product, and not the customer need. His original Harvard Business Review paper neatly summarised the idea with railways:
‘The railroads did not stop growing because the need for passenger and freight transportation declined. That grew. The railroads are in trouble today not because the need was filled by others (cars, trucks, airplanes, even telephones) but because it was not filled by the railroads themselves.’
It’s refreshing to see Ford tackling this risk head on. The company is investing in electric bikes. Rather than being blinded by the mantra of “we make cars”, the company is thinking laterally: “we help people move”. More businesses could spur innovation by going beyond “what do we make?” to ask “what need do we serve?” A good answer to that question can be helpful for business longevity and sustainability.