Too much digital innovation giving digital marketers FOMO?

FOMO (Fear of Missing Out) has become synonymous with normalcy in the current times and combined with the constant sense of putting your life on display with the deep penetration of Digital Footprint, it has become inevitable. We are a generation of 'instant gratification' – everything is a click away, groceries, clothes, electronics, even validation. The FOMO phenomenon feeds on our insatiable quest for the ever-elusive "high" that we get from our devices and Smartphones.

Given its huge impact, FOMO on deploying Emerging Digital innovations is driving organisations to take pertinent decisions, often hasty that end up destroying value for their stakeholders. And when it comes to digital technologies, many businesses experience FOMO (Fear of Missing Out) Yet, a rush to implement digital transformations is leading to projects failing to make the desired impact.

The biggest FOMO generator? Technology. Whether it's VR, AR, IoT or AI, there is a constant fear of missing out on the next paradigm-changing technology. This also makes sense because those who challenged the advent of the mobile revolution and the sharing economy may be out of words right now. While it can be intimidating, digital marketers also have the ball in their court to flip it around. So, how can marketers leverage FOMO?

Urge the people to influence their friends/family: There is umpteenth research that shows that recommendations coming from inner circle/peers are way more effective than a salesperson. Having a group of people sharing it over social media with a trending hashtag, a fun activity, check-ins etc resonates far & wide

Talk to the visitors: Add targeted messaging to product pages with a call to action. Create a sense of urgency & importance. Having potential consumers see how many other people are viewing the same product as them, creates a sense of urgency to make that purchase lest it goes away!

Be a tease: Many sites offer a sneak peek of the content before it expires after a certain amount of time or recommend you upgrade to a premium subscription for the whole picture. What better than to earn that subscription? Additionally, flash sales, bonanza offers, one time/limited offers are not going out of fashion anytime soon!

Pictures worth a thousand words: Don't understand the impact of good images. Food, nature, and attractive products dominate social media, which is why content creators & sponsored content is already the big thing today. Understand your industry & leverage the mediums that work for your brand. The more your brand is showcased in good posts, the more FOMO it will incite in the target audience

Holistically approaching your digital transformation project, be it focused on internal or external value creation, can drastically increase its chances of success. Consider these while planning your organization's digital transformation strategy:

• Test your product through sound market validation exercises and don't be disappointed if your customers aren't receptive.
• Start with your customer's 'Why?' Evaluate why your customer would want a data-driven solution in the first place? What is the problem to be solved? Are they ready to operationalize your solution?
• Ask yourself honestly if your company can adapt operations to meet the demands of the new digital offering
• Constantly test your assumptions. Ideally, the project teams should be cross-functionally aligned, using agile procedures with customer feedback as a fundamental tenant.
• Make sure you don't overwhelm or confuse your audience
• Make sure the technology will resonate with the brand's DNA

While a small amount of FOMO is healthy, marketers should also cultivate a fear of overcommitting. An article by Anderee Berengian, Co-Founder & CEO, Cie Digital Labs rightly stated, 'There are penalties for being too early to technologies, too. The price you pay by being distracted is a waste of resources that should go elsewhere.' Read that again!

Nutshell

In terms of marketing, FOMO can be a terrific approach to persuade a customer to purchase your service or good. You can encourage an immediate response from your audience by using messaging that says, "this won't be around forever." A marketer's ability to react quickly and carry out initiatives more effectively might occasionally be aided by FOMO (because no one wants to be the last to do something). This response has also been sparked by Covid-19, which has many firms exploring new methods to connect with their clients. The fear of missing out is real; the question is how to best use it.

Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com