Sales and Marketing Advice for Florida Business
Don't let FOMO ('fear of missing out') hold your business back
Have you ever had that queasy feeling in your stomach that says your business is somehow missing out?
Maybe it’s anxiety or envy -- or a bit of both. Such as when you see a competitor’s updated website that’s rocking hot. Or at an industry trade show your booth just isn’t getting the foot traffic you expected, but other vendors are. And then there’s the time a customer asked about the new trend in flux capacitors and you had no idea what they were talking about.
The feeling that you’re missing out on something is called FOMO, the “Fear of Missing Out.” Company FOMO is real, and it’s not a good feeling. It will create barriers to your success
It’s time to overcome the FOMO that you and you team may occasionally have.
Stop chasing shiny new objects. There’s always something better out there. Every day you read about a new piece of marketing software that will boost leads by 500%. The latest trend in eye-popping web design will goose response another 500%. Seems to make sense -- new technologies will help you do more -- and faster -- than the competition. Maybe. But one thing is certain; it’s easy to get distracted and waste time as you investigate. Plus, more often than not you’ll end up on a tangent. More is not necessarily better.
Instead of shiny objects, get real, get specific, and prioritize. Usually something is “good enough” for now when there are more pressing needs. Zero in on what’s important for success. To speed up the process, ask peers at other companies how they solved the same issue. Put out the word at your industry organization. Quickly narrow down what you need to do and who can help.
Stay in-the-know. Psychologists say that FOMO is triggered by our sense of survival as an individual within a tribe. Just substitute “company” for “tribe” and you’ll see where this headed. When people are out of the office, they’re out of the loop -- or at least feel that way. It also happens when people work together inside an organization where people are heads down focused on their piece of the business -- they begin to wonder if all the information they need is flowing their way. You can combat this as an individual in two ways; consistently engage with others up and down the management chain. Find out what’s going on in your company, but don’t gossip! The other is to stay current with the news of your industry and educate yourself. Ask to attend conferences and training sessions. If you are in charge help your group do all of this. Encourage communications and learning. Hold regular meetings on a variety of relevant of topics. Keep the team informed about successes, challenges, and plans.
Make FOMO work for you. Obsessing about that new thing your company doesn’t have or what competitors are doing will hold you back. Yet, a healthy degree of concern -- not worry or anxiety -- will serve you well. Otherwise you’ll get too comfortable, lose the edge in the market, and become a has-been. Just ask Motorola that created and sold the world's first mobile phone. They’re a shadow of their former glory. Or Blockbuster Video, once the biggest movie-rental chain that failed to notice the future of streaming services. Use FOMO as a motivational tool to prevent this fate. You and your team need a fear of missing out, just not in the negative overwhelming envy way. A small dose will do - just enough to make you feel uncomfortable. That will motivate you to have regular reviews of what’s happening in your market and what your competitors are up to. This will help disrupt any complacency and keep you cooking.
Turn your insecurities into a tool for the good of your business. Use FOMO to your advantage while avoiding the pitfalls.
Is your business suffering from FOMO? It’s your choice.
Ron Stein is founder of More Customers Academy, helping business leaders build strategic messaging and positioning that cuts through the competitive noise to grow revenue. Ron has developed his own highly successful 5-step Stand Out & Sell More approach to winning new customers as a result of his twenty-five years of business development, marketing, and selling experiences. He works with a range of businesses, from startups to large corporations across industries including technology and healthcare, manufacturing, and financial services and banking. Ron conducts workshops, leads company meetings, offers keynote talks, and consults. He can be reached at 727-398-1855 or by email.