In an industry full of acronyms (um, ADR, ARI, KPI, OCC, RevPAR, RGI, anyone?), the mere thought of having to learn two more might just send you over that proverbial edge. But before you go drowning your woes with a couple of cold pints, it might help to know that our two new terms actually spawned from the unintended impacts of social media (thanks a lot, Facebook) and are also relatable within your everyday life.
Ladies and gentlemen, let me properly introduce you to FOMO and FONK, and explain how they tie into revenue management.
FOMO is the shorthand version of the expression, “Fear of Missing Out.” The best way to describe this is that it’s a general state of anxiety that you are missing an exciting or interesting event. This is most notably induced by seeing your friends and family (or the strangers you’re Facebook creeping on – hey, we all do it) post pictures, updates and their day-to-day or future activities online. It can be stressful to know you might not be attending a social gathering, concert or trendy food truck that your entire inner circle is experiencing.
But FOMO doesn’t just impact people in the social realm of their world; it can translate to their professional domain as well. On a professional level, think about your work responsibilities. As a revenue manager, you are responsible for knowing and planning around what’s going on in the hotel and the market, right? Well, what if you miss out on something until after it’s too late? Some could argue that the state of FOMO is more far-reaching in the context of your work responsibilities since more opportunities depend on you being on top of your game at all times (I mean, no pressure or anything.)
FONK, the “Fear of Not Knowing,” is best described as the self-imposed pressure that you place on yourself for not knowing enough about something. This lack of knowledge could equate to an utter & complete sense of unawareness about a trend or event, or retaining only a partial understanding of an idea.
At work, this might strike you in the middle of a meeting. There you are, presenting the latest KPIs: ADR, ARI, OCC, RevPAR – you know the acronym-heavy drill. Your general manager stops you in the middle of your metrics presentation to ask you more detailed questions on how those measurements were comprised. You freeze, obviously, because this is stuff you should know but weren’t prepared to answer on the spot. It can be nerve-racking (and embarrassing) to accept that we can’t always answer every question the moment it’s been asked of us.
In this day and age, where information and answers are at our fingertips, it’s important to make the most out of the tools that we have accessible to drive optimum productivity. Whether it includes advanced revenue management systems with deep analytical capabilities, access to reports that show your data in a meaningful way, or coping after hours in a local pub where everyone knows your name, it’s important to think about all the different ways that your revenue management systems and processes can benefit you the way you need it most.
Everyone has probably experienced both FOMO and FONK at varying degrees in many different aspects of their lives. I would reckon that almost no one found it to be an overall enjoyable experience. But don’t miss the opportunities that these conditions bring you. Use those uncomfortable situations as a learning opportunity to identify the tools that you need to help you avoid similar future experiences and instead inspire your efficiency. After all: YOLO*
For further discussion on revenue management & productivity, access our newest white paper, “Productivity is the Crux of Today’s Revenue Management.”
*For those of you unfamiliar with this universal (and gloriously overused) acronym: “You Only Live Once.” And no, you will probably not find this term referenced in any official IDeaS glossary banks.