Sunday, February 26, 2017

Brand FOMO: the risks and remedies that come from the fear of missing out.

The fear of missing out - 'FOMO' - is one we all had as teenagers, wondering if a great  experience was happening that we were not a part of.  Today those most suffering from FOMO are brands. Brands and those that care for them fear not being a part of the right cultural moments. The speed with which cultural moments evolve today heightens this fear of missing out.
But, there are serious consequences for brands that react because of a FOMO when they act the wrong way. Saying or doing the wrong thing in the vast social sphere does more than fragment a brand or squander a budget. The downside of FOMO and knee-jerk reaction has the potential to alienate fans and even create a backlash.
The Drum published 6 principles I've identified that give marketers a way to approach cultural moments and choose the ones best for the brand, while steering clear of the risks. Full article here.  
1. Don't believe the brand radicalization hype
2. Begin with an assessment of brand fit
3. Money doesn’t buy authenticity
4. Use culture for strategic as well as short-term goals
5. When it’s cause related, actions speak louder than words
6. Lead, fast-follow or don’t bother

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