Many people suffer from the condition often referred to as FOMO. For those who aren’t gifted in the knowledge of science or psychology, FOMO is the abbreviation for Fear Of Missing Out. The good news is that FOMO is not rare, and most of us would have been affected by it at some point in our lives. The better news is that with increasing numbers of events being live-streamed, we are still able to witness a live event happening, without even setting foot within miles of it. A solution may have been found to the problem that is FOMO.
Two notable live-streaming digital platforms helping to solve this problem are Facebook Live and Periscope. The services provide availability to live events to the masses; events that can be as big as festivals where you feel you are right at the front, and as small as one-to-one interviews where you feel like a fly on the wall.
We’ve all been in social situations where those around us are reminiscing about the great memories they shared together while attending some cool event, and we sit there smiling and scrolling through the pictures they snapped and shared on social, but with nothing to contribute, as we weren’t there. Live-streaming eliminates this risk, and in-turn, creates another person talking about the event; another person talking about the brand.
There is however risk involved, and live-streaming does not necessarily suit every brand’s strategy and image. For the loyal customers and advocates of some high-end brands, where a sense of exclusivity surrounds those so staunchly loyal to the brands, there is a chance they could become disillusioned if brand events are suddenly accessible to the masses. This is something all brands need to be aware of; is live-streaming beneficial to them considering their current customer base? And are they willing to roll the dice on losing loyal customers to gain a new type of customer?
With an increase in the number of brand activation and experiential marketing campaigns included in brand’s marketing plans, it is likely that in the future we will see a boom in the live-streaming of these experiential marketing campaigns, as brands seek to get closer to their fans to prevent them from missing out.
And fans will not only flock to watch the most creative of events. History and the Internet have proven that what might sound like a most mundane live event can amass huge viewing figures. Rubber bands around a watermelon immediately come to mind.
So how can brands cure consumer FOMO? Connect with people when, where and how you can.
For more thoughts on live-streaming, brand activations and experiential marketing, contact SWC Partnership, Integrated Marketing Agency here.