The Art and Science of FOMO
Obey The Riff - Panhead Event
How Marketers Crafted a Powerful Tool
The Fear of Missing Out (FOMO) is more than just a catchy acronym; it's a psychological phenomenon that marketers have artfully tapped into to drive consumer behaviour. Rooted deeply in our inherent desire to belong and be part of the "in-group," FOMO capitalises on the anxiety that an exciting or interesting event may currently be happening elsewhere and has been particularly leveraged in live events.
The birth of FOMO in marketing is an interesting tale. While the concept of fearing exclusion or desiring to be a part of a group isn't novel, the term "FOMO" became widely popularised in the age of social media. This is no accident. Marketers saw an opportunity as users scrolled through curated highlights of their peers' lives - from exclusive parties to international concerts. They realised that if they could intensify the desire to participate in these events, they could incentivise greater ticket sales and higher prices.
There are various benefits to utilising FOMO in marketing. One of the primary benefits is the increased sense of urgency it creates. When consumers believe they might miss out on a limited-time offer or a unique experience, they're more inclined to make impulse decisions. This heightened urgency can lead to more ticket sales. Additionally, marketers can enhance its perceived value by creating an aura of exclusivity around an event. This perception justifies higher ticket prices. Social proof, in the form of showcasing vast numbers of people attending or wanting to attend an event, serves as validation and can draw even more attendees. Furthermore, with events in high demand, opportunities for up-selling and cross-selling emerge, making supplementary offers like VIP packages or exclusive merchandise more attractive to consumers.
Several techniques can evoke FOMO effectively. Announcing limited availability is a classic move; marketers can naturally create a sense of urgency by revealing that only a certain number of tickets are available or that an offer has a time limit. Showcasing well-known attendees, like celebrities or influencers, can make an event seem even more appealing. Teasers and sneak peeks can spark interest by giving potential attendees just a taste of what they would experience. User testimonials and experiences from past attendees offer a form of social proof that can lure in new attendees. Real-time updates, especially during ongoing events, can make those not in attendance feel the weight of their absence.
While FOMO has proven to be a formidable tool in a marketer's arsenal, it's essential to use it ethically. Overreliance can lead to consumer burnout and scepticism. Moreover, as society continues to evolve, many are starting to prioritise genuine connections and experiences over high-priced, hyped-up events. It's crucial to remember that while FOMO can drive attendance and sales, real memories are made from the people we're with and the unique adventures we create together. It's not about being where everyone else is but where you truly want to be.
