FOMO Drives the Next Generation of Mobile Customers  

25 September 2018:

Application leaders must understand millennial and Generation Z anxieties to support their customer experience needs.

FOMO, the “fear of missing out,” permeates most corners of the millennial and Generation Z (Gen-Z) cultures. In the most basic sense, FOMO might guide a person’s decision to attend a party or vacation, when they actually would prefer to watch a good movie in their pajamas. They fear missing out on the experience and memories their fellow attendees might come by. In today’s world of constant information sharing, it becomes increasingly important to application leaders to have a better understanding of how FOMO motivates this next wave of customer buying behaviors.

“FOMO is now moving markets and is a key driver of the experience economy”

“FOMO is not a new idea. Instead, this long-standing mindset of “keeping up with the Joneses’” has been magnified, thanks to the introduction of technologies that expand your audience beyond your neighborhood to the world,” says Jenny Sussin, managing VP at Gartner. “FOMO is now moving markets and is a key driver of the experience economy.”

Sussin identifies three ways in which application organizations can deliver a different kind of customer experience built around millennial and Gez-Z buying behaviors ,such as FOMO. Millennials are defined as those born between 1980 and 1994 (currently 24-38 years old) and Gen-Z as those born between 1995 and 2009 (currently 9-23 years old).

Go beyond “Instagrammable” to actionable

Organizations usually assign social media practices to their marketing teams, but IT certainly plays a role. “Organizations must engage IT to operationalize social media’s role in creating an inclusive customer experience and thwart feelings of FOMO,” Sussin says. “They don’t just seek to generate FOMO, but also to find ways to convert those feelings into business outcomes.”

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Source: Gartner

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