Now the CMO can fight FOMO 

To say CMOs have a lot on their plate would be an understatement. As brand guardians connecting the C- suite to consumers, they are tasked with constantly monitoring trends so that businesses don’t miss out on the next big thing. FOMO is real, and identifying and embedding the right technologies into an organisation is crucial for extracting consumer intel.

But the growing number of data sources available can be a minefield. So what if I told you it’s not necessarily new technologies and ideas that allow CMOs to thrive and find success, but the tried-and-true tactics we all already know about?

Consider this: When trying to pinpoint important signals and trends, CMOs will often look to social media, where they see what influencers are talking about right now. But at the end of the day, influencers are in the business of self-promotion. They’re expensive, their connection to a brand’s purpose is often tenuous, and while they may serve a tactical purpose, it’s rare that they will strategically and authentically propel your brand forward.

Likewise, generative AI holds a lot of promise when it comes to optimising decision making on a micro level, but it’s not going to resolve the CMO’s FOMO. This is because it is, by definition, a backward-looking tool. You can turn to generative AI for something like a -go-to-market strategy for women and sport, or for the future of event insurance, or trying to figure out who will drive cars in the future, and you’ll get an answer that isn’t stupid. But the answer will be exclusively based on what has existed up to this point – not on what is to come.

Whether it’s social media or generative AI or the next big buzzword, new technologies and ideas come thick and fast, and novelty is hard to resist. But newness isn’t the be-all and end- all. Sometimes, putting a new spin on something “old” in your insights repertoire can be far more effective.

For example, something that might feel old to a marketer is a subscription package. When Dollar Shave Club arrived on the scene, it was innovative and exciting, inspiring thousands of FMCG brands to follow suit. Subscription may feel like a tired model now, but it still has the power to disrupt and excite when applied to new and different industries and audiences.

Smartphone apps are another useful example to consider. Even though millions of them have hit the market, they remain some of the most compelling ways you can harness and meaningfully connect with your audience, to pull them in as brand ambassadors and co-create with them instead of advertising at them. Just look at the hugely successful Starbucks app, which has over 20 million users and is the second most used mobile payment app in the US, behind only Apply Pay. But creating an app is not new, which means that people may underestimate the market opportunity that it brings. By chasing after FOMO, they’re missing the things that are already right under their noses.

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At Foresight Factory, we recognise that there is relentless pressure on CMOs to juggle short-term results with a strategic brand investment, and to be guided by purpose and a vision for the company, all while being constantly confronted with FOMO. And generative AI has only heightened this pressure to find something new, act fast, and stand out.

Our Collision platform gives CMOs the power to identify where future consumer needs truly match real-time marketplace opportunity. Leveraging machine learning and artificial intelligence, Collision integrates existing and future consumer demand with current commercial activity, uncovering first-mover and fast-follower opportunities, as well as areas of potential risk.

Let’s be clear: predicting the next big thing – such as the energy drink PRIME – is nigh-on impossible. However, there was quite clearly a gap in the market for tweens who want to consume energy drinks in a slightly safer, more fun, more grown-up fashion. In a way, that should have been obvious, and it’s surprising that loads of businesses didn’t get there sooner. In reality, any brand could have seen that coming if they had been armed with the right data, the knowledge of how to use it, and an understanding of the needs and trends surrounding that audience and their parents.

All this is to say that leaning on in-the-moment trends and technologies can only be one slice of the strategy when trying to future-proof your business. To really have an impact, you need to layer different data together – all with an eye on those core consumer needs – to get to the insights that matter.

If we’re being honest, you cannot defeat FOMO. It is forever ahead of you, just out of reach. But you can take heart in the fact that if you miss one fast-moving signal, another one will be along in about 25 seconds. In the last month alone, our analysts have evaluated hundreds of signals – everything from TikTok trends to new innovations and incoming legislation. We considered nine of them to be signals worth paying attention to, and the rest were left on the cutting room floor. Clearly, the amount of white noise out there is deafening.

The weak signals and more topical trending content we publish is always popular. And yet, the reports that are consistently the most widely read, downloaded and shared are our foundational trends and structural drivers that offer long-term, substantial strategic insights. Things like loyalty, sustainability, personalisation and convenience. These are not new or ground-breaking ideas, but the opportunities within them absolutely can be.

First-mover brands will be swayed the most by FOMO. And sometimes, acting on what’s hot and trendy can work for them. But the problem is when people get distracted by FOMO to the detriment of their existing brand purpose and vision. A classic example of this is Pepsi, which got tonnes of flak when they released their Black Lives Matter-themed Kendall Jenner ad and completely missed the mark. Brands need to define the trends connected to their purpose and the real needs of their target audience, and then let that guide them toward white space – not FOMO.

So next time you’re confronted with FOMO, interrogate that feeling. Fear of missing out on what, exactly – a cool new technique, or the next big thing? If it’s the thing itself, you’re looking in the wrong place. Because the thing to pay attention to is and always will be answering those real, enduring consumer needs. It may be old news, but that’s not such a bad thing in a world where fads and FOMO distract us from the insights that matter. Rather than chasing the next big thing, by reconciling what we already have, we can own and create the next big thing – and that’s infinitely more valuable.

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About Foresight Factory:

Since 1996, Foresight Factory has been applying consumer trends to bring businesses closer to their customers and help them alleviate risks, strengthen strategic and brand relevance, power sustainable growth, and target and spend optimally.

Today, Foresight Factory’s Collision platform leverages AI and ML technology, combined with consumer insights and commercial data, to provide everything a global consumer brand needs to make informed business decisions. With offices in London, New York, Seattle and Singapore, Foresight Factory works with over 200 of the world’s biggest brands in consumer verticals including travel and hospitality, FMCG, automotive and many more.

For more information, visit: https://www.foresightfactory.co/

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