The concept of FOMO—or fear of missing out—hails back to 2004 and a paper written by Patrick McGinnis at Harvard Business School. Following the dot com boom/bust and 9/11, Patrick captured a phenomenon that he and his classmates were experiencing, “You felt the need to do everything all the time because you’d seen your own mortality.” With the dawn of the digital age and the rise of social media, FOMO is ever-present in 2021—especially as we bust out of the pandemic slumber.
While FOMO is usually referred to in the context of social engagements, and the anxiety one feels when missing out on events, allow us to stretch the context here as it relates to the brand experience. As an eCommerce retailer, you may have a sense of FOMO right now—that you’re missing out on the full picture when it comes to your brand’s ecosystem. At the end of the day, after you’ve designed, developed, branded, and marketed your products, the consumer has the final say as to whether the product is a hit or miss, and if they would recommend it to their peers. With 89% of consumers relying on reviews, your next sale will likely be determined by consumer feedback that’s out there on the internet—somewhere. With reviews just on your own site, it’s hard to get the full picture of product performance. In terms of FOMO, let’s put it like this: your customers are out there interacting with your product (attending events) and talking to their peers about it through reviews (posting about it on social), but you don’t have full access to this info (you can’t be in more than one place at one time). And this is where you’re missing out.
Without the full picture of your brand’s ecosystem, you don’t have access to key data that can help your team reach new customers and understand existing ones, gain insights into the overall market, and ultimately control how your brand is perceived – along with how to improve it (and customer experience). But, have no fear—we’ve got what you’re missing out on.
The Channel Signal Brand Experience helps you definitively understand consumer intent. With a platform that seamlessly integrates with your Business Intelligence platform, you can measure your product’s entire review ecosystem to boost your brand’s bottom line. The Channel Signal platform collects unbiased reviews from eCommerce partners and delivers cleaned data normalized down to the product title every day.
Discover your top and bottom performing products (and everything in between) based on verified consumer reviews to promote bestsellers, and empower your team with actionable insights to transform product development, customer experience, and more:
Product development: Easily uncover actionable data through consumer sentiment.
Marketing: Effectively use the language of consumer reviews to create actionable marketing messages.
Executives: Elevate the consumer post-purchase experience to influence improved cash flow directly, increased inventory turns, reductions in markdowns, and overall brand health.
Your entire organization: Monitor and compare consumer post-purchase conversation data with comprehensive sales, marketing, and product development metrics.
The Channel Signal Platform and the Consumer2Consumer Score (C2C Score) combine unparalleled review aggregation and analysis. This enables you to clearly understand the actions your consumers are taking to benchmark performance and pivot forward. Leverage what you’re currently missing out on into an opportunity to turn reviews into revenue—and kiss your FOMO goodbye.