FOMO

FOMO
/fəʊməʊ/

noun, informal

 

Fear of missing out or FOMO is a form of social anxiety — "a compulsive concern that one might miss an opportunity for social interaction, a novel experience, profitable investment or other satisfying event".

This term was coined not very long ago. It was just one of the by-products of our new hyper-connected ultra-social world, where nobody wants to be left out.

I wouldn't be too far off the mark, using this term within the business sphere.

There is no one to be blamed here. Nobody wants to miss out. Not least an ambitious technology company that wants the entire world to know of the technology innovations it has developed.

But this fear of missing out can lead to a loss of focus and the clouding of judgement when taking your offering to market.

Yes your product will win over the world and you want everybody to know about it. However, after closely observing the top performing tech companies, one notices the focus on segmenting markets and more importantly, the willingness to not spread marketing and sales too thin.

Today's mantra for growth is - identify a (winnable) target segment, win it, and conquer on.
And rid yourself of FOMO.

 

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