FOMO: The Fear Of Missing Out (March 2012 Update)
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FOMO: The Fear Of Missing Out (March 2012 Update) Presentation Transcript

  • 1. WHAT WE‟LL COVERMethodologyFear Of Missing Out (FOMO) •Drivers •Who‟s Afraid of Missing Out? •Manifestations •What It MeansAppendix •More About Our Experts/Influencers Cover image credit: Kurt Komoda
  • 2. METHODOLOGYSONAR™This report serves as an update to our May 2011 trend report titled Fear ofMissing Out.Specifically for this report, we conducted a quantitative study in the U.S.and the U.K. using SONAR™, JWT‟s proprietary online tool, from Jan. 19-24.We surveyed 768 Americans and 502 Britons aged 18-plus (data areweighted by age and gender); we also polled 110 teens aged 13-17 residingin the homes of adults surveyed.* (For year-over-year data, we usedcontent from a survey we conducted in the U.S. and U.K. from March 4-15,2011, in which we polled 1,024 adults and 87 teens.) *Throughout this presentation, “adult Millennials” refers to respondents aged 18-34. “Teen Millennials” refers to those aged 13-17.
  • 3. METHODOLOGY(cont‟d.)Influencers and expertsIn addition, we interviewed influencers and experts in technology andacademia.
  • 4. THE FEAR OF MISSING OUTFear Of Missing Out (FOMO) is the uneasy and sometimes all-consumingfeeling that you‟re missing out—that your peers are doing, in the know aboutor in possession of more or something better than you. FOMO may be a socialangst that‟s always existed, but it‟s going into overdrive thanks to real-timedigital updates and to our constant companion, the smartphone. Image credits: 85mm.ch
  • 5. THE FEAR OF MISSING OUT (cont‟d.)Once social media makes people aware of things to which theyotherwise might never have been privy, it can spark a sense ofvicarious participation or motivate real-world behavior. Conversely, itcan be a curse, fostering anxiety and feelings of inadequacy.
  • 6. THE FEAR OF MISSING OUT (cont‟d.)The acronym is infiltrating vocabularies as more than just an amusing expression.FOMO encapsulates an increasingly pronounced phenomenon in the age of socialmedia—an ageless concept that‟s reached a tipping point. Today‟s unprecedentedawareness of how others are living their lives is predisposing more and morepeople to FOMO.While the fear of missing out has always been essential for marketers tounderstand, it‟s grown more significant for brands, since today‟s intensifiedFOMO drives behaviors on social media sites and, subsequently, real-worldconsumer actions and self-perceptions. FOMO is the sometimes energizing, sometimes terrifying anxiety that you are missing out on something absolutely terrific. It could be a TV show, it could be a party, gadget, it could be that really good burrito from the food cart. The important thing to keep in mind with FOMO is that it‟s not just a state of mind; it is also a physical reaction. So as a FOMO sufferer, I can report sweating, itching, pacing and compulsiverefreshing of my Twitter feed.” —BIANCA BOSKER, senior technology editor, The Huffington Post
  • 7. DRIVERS Image credit: lanier67
  • 8. DRIVERSRadical Transparency meets Life inReal TimeDigital nativesSocial one-upmanshipHashtag-friendly eventsSocial media feeding into relativedeprivationLife in overdrive: too much to do,read, buy, watch, etc.
  • 9. DRIVERS (cont‟d.)Radical Transparency meets Life inReal Time Those who used to dine behind thick stone walls and had caviar now do so, Tweet about it and can be seen byDigital natives those sitting down to dinner at Chipotle.” —MARC A. SMITH,Social one-upmanship sociologist and chief social scientist, Connected Action Consulting GroupHashtag-friendly eventsSocial media feeding into relativedeprivationLife in overdrive: too much to do,read, buy, watch, etc.
  • 10. DRIVERS (cont‟d.)Radical Transparency meets Life inReal TimeDigital nativesSocial one-upmanshipHashtag-friendly eventsSocial media feeding into relativedeprivationLife in overdrive: too much to do,read, buy, watch, etc.
  • 11. WHO‟S AFRAID OF MISSING OUT? Image credit: @MSG
  • 12. WHO‟S AFRAID OF MISSING OUT? FOMO is a shared experience, and we‟re all suffering from it. And it‟s kind of an embarrassing thing to suffer from, right? No one wants to admit that they suffer from FOMO. And yet to live particularly in society, at this time, this country, it‟s almost impossible not to suffer from FOMO unless you‟re wearing blinders.” — PRIYA PARKER, researcher and founder, Thrive Labs, an organization that helps build Millennial leaders
  • 13. WHO‟S AFRAID OF MISSING OUT?(cont‟d.)THE YOUNG AND THE FEARFULAs many as 70% of adultMillennials said they cancompletely or somewhat relateto FOMONearly 4 in 10 young people saythey experience FOMO often orsometimes.Some Gen Xers can also relate toFOMO (51%), with 25% sayingthey experience it at leastsometimes.
  • 14. WHO‟S AFRAID OF MISSING OUT?(cont‟d.)THE YOUNG AND THE FEARFUL
  • 15. WHO‟S AFRAID OF MISSING OUT?(cont‟d.)THE YOUNG AND THE FEARFUL
  • 16. WHO‟S AFRAID OF MISSING OUT?(cont‟d.)DRIVERSTHE YOUNG AND THE FEARFUL Younger people are more engaged in identity formation than older people. They may be more open to the experience of FOMO because they are engaged in relative deprivation. Younger people have fewer resources to consume identity-forming products and experiences while simultaneously having the most time and desire for them.” —MARC A. SMITH, sociologist and chief social scientist, Connected Action Consulting Group
  • 17. WHO‟S AFRAID OF MISSING OUT?(cont‟d.)DRIVERSMAN‟S BEST FRENEMY?Overall, American men appear tobe more prone than women tofeelings of missing out via socialmedia: 38% said they feelsomewhat or very left out whenthey see via social media thattheir peers are doing somethingthey‟re not, compared with 26%of women. American men arealso more likely to feel they‟remissing out when seeing viasocial media that friends orpeers are buying somethingthey‟re not or finding outinformation before they do.
  • 18. MANIFESTATIONS Image credit: allaboutgeorge
  • 19. MANIFESTATIONSGROWINGDRIVERS MEDIA BUZZ Image credit: Cosmopolitan in Australia
  • 20. MANIFESTATIONS (cont‟d.)DRIVERS LEVERAGING FOMOBRANDSMarketers have always warned consumers not to miss out on products and deals;now we‟re seeing more brands tapping into anxiety over missing out onexperiences and the inability to do everything and be everywhere. Marketingcampaigns are both inducing consumer fears of missing out and positioningproducts as tools for preventing FOMO and keeping up with the fast pace of life.
  • 21. MANIFESTATIONS (cont‟d.)BRANDS LEVERAGING FOMO: Smirnoff, „Be There‟ If you weren‟t at one of Smirnoff‟s ravishing Nightlife Exchange Project parties, then where the bloody hell were you?” —MICHELLE WILDING, “Smirnoff Nightlight Exchange Party, Bangalore,” Lost at E Minor Blog, Dec. 8, 2010 Image credits: JWT
  • 22. MANIFESTATIONS (cont‟d.)BRANDSDRIVERS LEVERAGING FOMO: Heineken, „Sunrise‟ Image credits: Heineken; heinekensunrise
  • 23. MANIFESTATIONS (cont‟d.)DRIVERS LEVERAGING FOMO: Apple, Face TimeBRANDS Image credits: srca2009
  • 24. MANIFESTATIONS (cont‟d.)DRIVERS LEVERAGING FOMO: Duracell Powermat, „Stay in Charge‟BRANDS Image credits: PowermatTV; powermat.com; @endfomo
  • 25. MANIFESTATIONS (cont‟d.)DRIVERS LEVERAGING FOMO: AT&T, „Don‟t be left behind‟BRANDS Image credits: ShareATT [1]. [2]
  • 26. MANIFESTATIONS (cont‟d.)BRANDS COUNTERING FOMOSome marketing campaigns are tapping into the countertrend to the FOMO-fueledrace to keep up: a growing desire to slow down, focus on one task and savor themoment. Instead of helping consumers stay ahead of FOMO, these efforts focus onconsidering what‟s really important in life.
  • 27. MANIFESTATIONS (cont‟d.)BRANDS COUNTERING FOMO: Road Safety Council ofWestern Australia, „Enjoy the Ride‟ Image credits: EnjoyTheRideWA
  • 28. MANIFESTATIONS (cont‟d.)DRIVERS COUNTERING FOMO: Nescafé, „Wake up to life‟BRANDS Image credits: MKT360MEX
  • 29. MANIFESTATIONS (cont‟d.)DRIVERS COUNTERING FOMO: Nestea, „Welcome to this moment‟BRANDS3 GENERATION GO Image credits: lascancionesdelatele
  • 30. MANIFESTATIONS (cont‟d.)FOMO-COMBATTING APPS TimeRazor is an upcoming service that explicitly promises to relieve FOMO with the tag “Never miss out.” By using predictive technology to help users discover interesting things they want to do while juggling what they need to do, TimeRazor looks to bring “a sense of serendipity back to a highly scheduled world.” BarSpace.tv is an app that provides live feeds from participating bars in the U.S., allowing viewers to see how many people are at a particular spot andThe much-hyped 2011 startup has relaunched as an app that allows what they’re up to in real time and zero in on the most promising scene.mobile users to share live 30-second broadcasts of their lives toFacebook and friends’ phones. Those who can’t be there in real lifecan share in brief, intimate moments of friends’ lives. Image credits: Color.com; timeRazor; barspace.tv
  • 31. MANIFESTATIONS (cont‟d.)DIGITAL RUDENESS When people are out and they‟re among other people they need to just put everything down,” he said. “It‟s fine when you‟re at home or at work when you‟re distracted by things, but we need to give that respect to each other back.” —ANTHONY DE ROSA, a product manager and programmer at Reuters as quoted in The New York Times Image credits: uncommongoodsvideo; My Phone Is Off For You
  • 32. MANIFESTATIONS (cont‟d.)FOMO IN ENTERTAINMENT: How I Met Your Mother, „The Curse ofthe Blitz‟ Image credit: skjb39
  • 33. MANIFESTATIONS (cont‟d.)FOMO IN ENTERTAINMENT: Portlandia, „Did You Read?‟ Image credit: ifc
  • 34. MANIFESTATIONS (cont‟d.)HIGHER TV RATINGSSocial TV—real-time tweets and status updates about major live events, such asthe Super Bowl or Grammy Awards—appears to be stimulating viewership. Forinstance, Super Bowl ratings have been steadily mounting over the past few years(spiking to 111 million in 2011 and slightly beating that record this year), apronounced uptick that coincides with more widespread social media use. In fact,social TV analytics company Bluefin Labs reported 12.2 million mentions of thegame, up from 1.8 million in 2011. FOMO may be a key to the phenomenon; thosewho had minimal interest in watching these events before are now more likely tofeel out of the loop if they don‟t tune in and stay abreast of the hot conversationtopics.
  • 35. WHAT IT MEANS Image credit: moriza
  • 36. WHAT IT MEANSAs adoption of social media, location-based tools and mobile devices continues tosurge, so too will FOMO, as well as FOMO-awareness. For brands, this haspowerful potential. FOMO has the potential to drive spending, since it heightensparticipation on social media platforms and motivates consumers to do more.On social media, FOMO helps fuel a craving to not only become part of theconversation online and not miss a moment of it but to do things that will induceFOMO in others and, of course, spread the word about it all. This in turn drivesconsumer awareness and inclination to buy in. FOMO about a concert? “I‟ll buythat overpriced ticket on StubHub.” FOMO about the latest designer jacketpopping up in everyone‟s photos? “I can‟t afford it, but I‟ll search out a goodknockoff.”
  • 37. WHAT IT MEANS (cont‟d.)Conversely, FOMO can be quite paralyzing—people can become caught up in theirfears, unable to decide just what theyshould be doing at any given moment. AndFOMO sufferers are often so distractedfrom the here and now that they fail tofully experience the moment andappreciate whatever it offers. The fear of missing out might become a self-fulfilling prophecy. The futile attempt to exhaust all available options can lead us to not realizing any option at all and to missing all options altogether.” —DAN HERMAN, CEO of international strategy consulting firm Competitive Advantages
  • 38. WHAT IT MEANS (cont‟d.)Teens and young adults are most susceptible to and cognizant of FOMO, butthey‟re not necessarily trying to mitigate it. They will be particularly receptive tomessaging and strategies that tap into FOMO and will welcome solutions, evenwhen they didn‟t know they needed them.Brands have many opportunities to fine-tune messaging, offers, contests and moreto tap into fears of missing out. Although there‟s no cure for the common FOMO,brands can focus on easing it, escalating it, making light of it, turning it into apositive and helping people to live with it. There‟s starting to be a sense of irony in the relationship to technology. … As one of my interviewees put it, once we have language for something, it takes the power out of it. We now use „FOMO‟ in a slightly ironic way: „Oh, I‟m suffering from so much FOMO,‟ and everybody laughs. And so there‟s a consciousness developing that this isn‟t necessarily a good thing, which often leads to ways of dealing with it.” — PRIYA PARKER, researcher and founder, Thrive Labs, an organization that helps build Millennial leaders
  • 39. WHAT IT MEANS (cont‟d.)One tactic for marketers is to help ease anxiety around FOMO. Brands can assurethe afflicted that they‟re not missing out on much after all; those offering simplepleasures, for example, can convey that stepping back from the fray rather thanfollowing the crowd can be a smarter choice. Another tactic is to explain that thebrand‟s offering is just as fabulous as whatever‟s inducing FOMO, pointing out howand why it delivers similar or better satisfactions.Alternatively, a brand might offer tools for avoiding FOMO to consumers who acton their feelings rather than festering in them. Going to the hottest restaurant intown and afraid of missing out on the menu‟s best options? An app likeFoodspotting provides tips and recommendations from other diners. (Indeed, real-time tools can create FOMO, but they can also help people circumvent it.) Orbrands can address or encourage people to join in on the things that make themfeel left out or show consumers how to get a taste of what they‟re missing (e.g.,with more affordable or more convenient choices).
  • 40. WHAT IT MEANS (cont‟d.)Brands can also offer exclusive,unique or over-the-top experiences You‟re seeing a lot of experientiallikely to inspire FOMO in marketing going on. Brands want to touch people in real time and createnonparticipants. Or messaging can something that‟s memorable. Ideallyescalate FOMO in order to motivate people talk about it beforehand,desired actions. Millennials they talk about it while they‟reespecially tend to share openly and there, but then people after the fact say „Ilikewise check on what everyone missed out on that Mountain Dew concert. Thatelse is up to, no matter how FOMO- sucks.‟ Then if they find out Mountain Dew isinducing. Brands can facilitate this doing something in the future, they‟re excited to see it, because it‟s only offered in that shortby providing platforms for showing window.and telling. “Brands are asking, „How can we do smart cross-platform activities that are time-sensitive so we can tap into that FOMO mentality but then also give consumers something that leaves them with a great brand experience?‟ So you‟re talking about it after the fact and almost creating FOMO, right?” —VICTORIA CLARK, co-founder of TimeRazor
  • 41. WHAT IT MEANS (cont‟d.)Note that when tapping into FOMO, marketers must retain some sensitivity—thisstate of mind can be a sore spot for many consumers. So while FOMO has greatpotency as a marketing tool, it also has the potential to twist the knife for thoseespecially sensitive to it. The appropriate tone will depend greatly on theaudience and the category.There are various ways for brands to tap into the social currency that notableexperiences provide social media participants: contextual advertising on socialnetworks (since consumers are motivated to “get in on the action” after readingabout friends‟ activities); incentives for name dropping in photo tags, check-insand the like through programs like Facebook‟s Sponsored Stories; or simplymaking direct connections between the brand‟s offering and its potential cacheton social media. We‟ve always had this fear of missing out, but what‟s different is that now these tools give us a sense that we can actually do something about it and catch what‟s going on in real time so that we don‟t miss out on it.” —BIANCA BOSKER, senior technology editor, The Huffington Post
  • 42. APPENDIX: LEARN MORE ABOUT OURINFLUENCERS & EXPERTS Cover image credit: Kurt Komoda
  • 43. APPENDIXLEARN MORE ABOUT OUR INFLUENCERS AND EXPERTS
  • 44. APPENDIX (cont‟d.)LEARN MORE ABOUT OUR INFLUENCERS AND EXPERTS
  • 45. APPENDIX (cont‟d.)LEARN MORE ABOUT OUR INFLUENCERS AND EXPERTS
  • 46. APPENDIX (cont‟d.)LEARN MORE ABOUT OUR INFLUENCERS AND EXPERTS
  • 47. APPENDIX (cont‟d.)LEARN MORE ABOUT OUR INFLUENCERS AND EXPERTS
  • 48. THANK YOU
  • 49. THANK YOU