Fear of Missing Out
I had a higher number of unsubscribes yesterday. Was it because of this post?
I seriously doubt it. It was a post/email about kids having to pee in bear country and how that related to business and the Fear of the Unknown.
Oh well…kinda ironic 🙂
Today, I want to talk about another Fear.
Fear of Missing Out, or FOMO.
It's a true scarcity mindset. We all suffer from it, from time to time.
Essentially, it's the fear of missing out on something if you don't take action. It's why we marketers chase bright shiny objects. We don't want to miss out on the One. Big. Thing that might make a difference in our business.
It's also why timers work. And “limited supplies.” And “call now,” that drives the implication that if you don't call right now you will miss out on some thing forever.
Infomercials do it. Internet marketers do it. Car salesmen do it. Everybody does it.
Why? Because it works. It makes significantly more sales than not doing it.
Two things you need to do (right now! LOL):
- Be aware of it when it's happening to you.
- Leverage its power to sell more of your widgets
On #2: Don't do “false scarcity.” If you're selling a digital product, don't say “limited quantities.” You CAN say, “I'm only selling x of these and when I've done that, I'm closing the offer down.” That is not false, or fake, scarcity. It's your business to do what you wish. Just don't lie or mislead.