Do you fear of missing out? Rather try to take on advantage on it!
Buying incentive always had a culture of its own and nowadays it has almost become a psychological warfare starting from the presence of fully customized advertising to the subconscious messages.
As we are constantly in competition, we want to be better than others. We can get an advantage by constant information hunger. In the meantime, stimuli will bombard us from all directions and the winner of the battle will be the ones who are able to efficiently choose the relevant information.
However, since no one is able to keep up-to-date in all areas, there is a healthy level of maintaining the information flow. In case its causes anxiety we have to think about the reasons.
The expression: fear of missing out, shortly FOMO first appeared in New York Times in 2011. We all share this ancient fear, its only the form what has changed over the past decades.
An English experimental psychologist and researcher Andrew Przybylski was the first who described this phenomenon, which he also experienced on his own, after having proven the phenomenon with various tests.
As a result of FOMO, we feel that our quality of life is low, as it has an impact on human relationships, sense of competence and thus self-confidence. FOMO has a typical symptom: social media dependence. It mainly characterizes the Y and Z generations in this form, but at some levels and habits it is characteristic of all ages.
From one side it can be a negative syndrome and addiction, but from the other side it can be used as a driving force, so it can be a source of inspiration if we apply it in our company’s life or in our marketing strategy. For example fear of exclusion may be turned into a good feeling belonging to a community and with this we can gain benefits that no one wants to miss.
Marketing psychology also builds on FoMo on a regular basis as it can be used in sales for any product and service, strengthens the brand, increases commitment to it, and therefore has different ways to influence our different motivations. Next we will show you the best-known ones you’ve certainly met already.
Scarcity is working on the fact that humans like scarce objects more and like to be privileged. Scarcity creates a sense of urgency and evoke people to act immediately. Best example for this term is an ending sale or „till stock lasts” sales. As the product or the good price is limited, its triggers demand among the customers as everyone wants to be the one who gets it.
The principle of shortage is scientifically called psychological reactivity, which is described in detail by Cialdini in his book –Impact- in addition with other influencing techniques.
With the social proof tool, we “make” our customers to promote our product. We typically ask for a „like and share” — well its no longer a must, but its offered, as it works as a good tool to increase our chances in the game. As an advantage we get new target audience for free, not to mention that we do not have to work hard for trust as a content shared or liked by a friend is a prior content for users. This method builds on the psychology of conformism, as we all work for the need for social reinforcement that we can satisfy by this method.
There is no need to introduce the law of exclusivity, as people strive to choose the best they can from their options. Let’s take the example of a special, private and closed group, where the membership is limited. The commitment and brand loyalty will increase, as the user can be part of the desired community. Companies can help the effect by creating a well-visible, well-communicated mission to their company that people can connect with and easily identify with.
We love authority in many ways. On the one hand, we love to present ourselves as a competent person on a given topic, on the other hand, we prefer products sold by celebrities, even if these celebs are not specialists in the given field. Many times it’s enough to imitate authority. Another example the white lab coat effect in an advert, which makes the speaker more trustworthy even though its not a real doctor on the screen.
Enjoyment of experience can be as a major driving force as the fear to dropping out of it, particularly when the product or the service is a lovebrand. Highlighting the possibilities of a nice experience and mentioning the consequences of missing out at the same time affects our rational decision making ability from two sides.
To sum up, you can encourage users to purchase your product or service or get them to make commitments if you give them valuable experiences. You can increase the value by building a prestige brand and by communicating the benefits of choosing you and the reasons why one should not missing out this opportunity. The result will speak for itself: commitment from your employees, users and target audience-you can build your brand bravely on this ground.