What is FOMO?
FOMO is short for "fear of missing out", which describes a feeling of anxiety or worry about missing out on something interesting or important that other people are participating in or experiencing.
FOMO in marketing
FOMO can also be used as a marketing strategy where it is used deliberately to create a feeling of demand or speed in the purchase of a product or service. This can be done by creating a sense of limited availability, exclusivity, or speed in buying or participating.
Examples of FOMO as a marketing strategy may include:
- Limited time offers or sales that create a sense of speed in buying.
- Exclusive events or products, that are only available to a limited group of people.
- Social proof, by showing that other people buy or participate in an activity or product, can create a feeling that you are missing out on something important or popular.
- Scarcity marketing: by creating a feeling of scarcity of a product or service can increase demand and speed of purchase.
It is important to note that FOMO as a marketing initiative can have both positive and negative consequences. Positively, it can increase sales and create a sense of demand for a product or service, but it can also damage customer trust and relationships with the company if used inappropriately or dishonestly.Join Startup Central - 0 DKK