You’ve heard of FOMO, but is your business at risk of FOYOMO?

Attending fundraising events has always been a significant part of community engagement for businesses.

So, what is FOYOMO?

FOMO stands for ‘Fear Of Missing Out’, but we want to coin the acronym FOYOMO – which stands for ‘Fear Of Your Organisation Missing Out’.

On a personal basis, weighing up the pros and cons of attending/missing an event is simply that, a personal choice. But when it comes to your business…does it say more about your organisation if it’s not at a local, highly-prestigious event like the Community Foundation Wakefield District’s ‘Unsung Heroes’ Awards?

This is FOYOMO explained…and why local businesses should look to sponsor an award at the Unsung Heroes Awards 2024 and take a table for their staff/guests. 

Demonstrates community commitment

Purchasing a table at a prominent fundraising event in your organisation’s locality is a powerful way for businesses to show their commitment to the community. By attending and visibly supporting these efforts, businesses can align themselves with the values of community service and goodwill. This not only boosts the business’s reputation but also shows that they care about the well-being of the locality beyond their commercial interests.

Networking opportunities

Fundraising events attract a wide range of attendees, including other business owners, community leaders, and influential individuals. This provides a unique occasion at which you could forge new partnerships, collaborations, and business opportunities. By purchasing a table, businesses can host key clients, potential partners, or even local influencers—fostering relationships that could be beneficial in the long term.

Enhanced brand visibility

Having a presence at a high-profile local event enhances brand visibility. When a business purchases a table, it often comes with additional perks such as mentions in the event programme, across social media, and signage opportunities. This visibility can significantly enhance a business’s profile within the community, positioning it as a key player and supporter of local initiatives.

Positive public relations

Participating in a fundraising event for local volunteers is a goldmine for positive public relations. It provides ample opportunities to share stories of community engagement and support on social media, the company’s website, and in press releases. Businesses can highlight their participation and the impact of their contribution, which resonates well with customers who value corporate social responsibility. This positive image can enhance customer loyalty and attract new customers who prefer to support socially responsible businesses.

Team-building and employee morale

Attending such events can also serve as a fantastic team-building exercise. Inviting employees to join the event can boost morale and foster a sense of pride and camaraderie within the team. Employees often appreciate working for a company that values and supports community initiatives. This can lead to increased job satisfaction, improved retention rates, and a stronger, more cohesive company culture.

Competitive edge

Being visibly absent from significant local events can evoke unintended negative signals about a business. It might suggest that the business either cannot afford to participate or that it does not prioritise community engagement. In contrast, businesses that actively participate gain a competitive edge by positioning themselves as integral parts of the community. This participation can differentiate them from their competitors, showcasing them as leaders in corporate social responsibility.

Supporting local causes

Purchasing a table is not just about visibility and networking; it’s also a direct way to support local causes. The funds raised from these events often go towards vital community projects and initiatives. By contributing, businesses help ensure these projects can continue, leading to a stronger, more vibrant community. This, in turn, can create a more prosperous environment for businesses to thrive in.

Encouraging volunteerism

Businesses that support volunteer-focused events also send a message to their staff and the broader community about the importance of volunteering. This can inspire more people to get involved in local volunteer efforts, creating a ripple effect of goodwill and community improvement. When businesses lead by example, they help foster a culture of giving and community support that benefits everyone.

Long-term community investment

Supporting community events is an investment in the future. Healthy, vibrant communities attract more residents, tourists, and potential employees. By contributing to the betterment of Wakefield through such events, businesses are investing in a prosperous future for the community and, by extension, their own growth and success. This long-term view underscores the importance of being an active participant in community initiatives.

So, after reading all that…will your business be suffering from FOYOMO on October 11th?

To enquire about sponsorship or taking a table at Wakefield’s Unsung Heroes Awards, please contact Lisa Milburn at lisa.milburn@wakefieldcf.org.uk or call 01924 239181.