How Can Brands Benefit From FOMO

By Digital Strategy — August 20, 2013 - 12:30 pm

FOMO. The new acronym that is taking over the technological world. The fear of missing out could be changing the way society experiences technology and engages in communication. What does this mean for the future of social networks, digital platforms and brands in general?

When Facebook was developed in 2004, the world was turned over by the ability to connect and communicate with anyone who had Internet access. The idea of sharing one’s own thoughts or experiences exploded.  With 1.1 billion members (and counting) Facebook still remains the largest social media platform on the Internet.

With its rising status, Facebook has also become one of the fastest growing advertising platforms, and brands continue to spend time, money, and resources within the network.  In 2012, 349.2 million dollars were spent on Facebook advertising, and is expected to have a 350% increase in spending throughout 2013. In the next three years, spending on Facebook Advertising is projected to climb to a staggering 4,676.6 million dollars.[1]

The social world beyond Facebook continues to grow exponentially. Individuals, millennials in particular, are now taking on different social sharing tools in order to cure their case of FOMO. Surprisingly, for current teens the top social media networks are Tumblr, Kik, Snap Chat, Vine, and Pheed[2]. With the exception of Tumblr and blogging, which 35% of brands currently utilize[3], and Vine, which select companies occasionally tap into; brands have not paid much attention or allocated resources to these social platforms.

Whether or not it’s sharing commercials on Facebook, linking to YouTube videos, or eventually receiving a Snapchat with an advertisement, the sky’s the limit with brands and their ability to integrate advertising into new social platforms.

And what was this all sparked by? Just a little case of FOMO.

[1] “Facebook’s Total Sponsored Stories Ad Revenue Worldwide 2012-2016.” Statista RSS. N.p., n.d. Web. 23 July 2013.

[2] “PolicyMic.” PolicyMic. N.p., n.d. Web. 23 July 2013.

[3] 2013 Digital Influence Report. Rep. TechnoratiMedia, Dec. 2012. Web. 22 July 2013.


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