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  • FOMO is being embraced, are you watching?

    FOMO is being embraced, are you watching?

    Luck is what happens when preparation meets opportunity. To some it may look like a coincidence that one uneventful night, Chris Martin turned up at a Delhi bar and happened to play a few of Coldplay hits. Not to mention that Freida Pinto, Vishal Dadlani & Raghu Dixit also happened to be there. And it got us thinking!

    When we first read about the impromptu Chris Martin gig, most of us sitting at work were upset, jealous and sad, especially when we saw videos and pictures pouring on our timelines. But when we got to the bottom of it, we realised that the(suspected) strategic intent of Only Much Louder (organizers of NH7) was to create an exclusive spur-of-the-moment event for people present at the bar, who were instrumental in the dissemination of this once-in-a-lifetime experience and subsequently generate an outburst from the fan-following (read the rest of the world), ranting on every platform they could which added to the lust of the experience. The rumour mill about Coldplay performing at NH7 is on. We are speculating but in all, if you ask us, it played out just how it was supposed to.

    If we snooze, we lose!

    FOMO or Fear Of Missing Out is defined as the ‘anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.’

     

    fomo6

    According to the TATA Communications’ September 2014 survey, eight out of ten Indian Internet users admit to FOMO when not connected and 56% of the total Internet users surveyed in India can’t survive more than five hours without the Internet. As social networks are evolving, nothing haunts us more than the ‘gossip’ we missed out on. In a global survey conducted by MyLife.com in 2013, 51% of social media users log on much more frequently than they used to two years ago. 56% are afraid of missing out key events, highlights and not being a part of it. Have you ever jumped on to the bandwagon because you were afraid of missing out? Here are some classic examples:

    Is it a bird or an airplane?
    The debate on the blue vs. gold dress that broke the Internet is a classic example. Everyone wanted to have an opinion on the dress, was anxious to know what others thought about the colour and most importantly, wanted to be right. In a world, where marketing experts are trying anything and everything to break the Internet, the dress debate went viral.

    Exclusivity embraces fear
    Brands are increasingly attempting to take advantage of FOMO. OnePlus, a mobile technology company took the world by storm by selling over a million phones since their launch in spring last year. In order to control 100% of their inventory, OnePlus launched an invite-based contest via Rafflecopter, which created a reaction on social media. What started as a giveaway of invitations to purchase the phone turned into one of the most successful lead-gen stories of 2014; not to mention a new level of brand awareness generated. The tipping point was that the conversation wasn’t about people unable to purchase the phone due to low inventory or a website overload but about people who were hoping to be blessed with an invite.

    FOMO – As old as Gold
    Playing with fear has been one of the oldest marketing schemes of all times. We all remember the marketing story behind the creation of the phenomenon called toothpastes. Pepsodent, then played on the fear of having mucin plaques on teeth, which Hopkins called ‘the film’ and sold toothpastes!

    Having said that, FOMO is most known to exist amongst Millennials in the present day, which is perhaps why they are known to be the most optimistic according to a report released by Bank of America in 2014. However, this fear and anxiety controlling their constant demand for information, which when combined with the use of social media can impact beyond control and leveraged by marketers. Technology giants like Apple have successfully integrated emotions and life experiences created by using their products on social media. Brands thus, must understand the need to adopt FOMO marketing and experiment.

    Do share your thoughts with us!

    Disclaimer: Views of authors are personal and do not represent the views of Blogworks, or any of its clients.

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