By Joseph J. Sanchez (Social Media Manager)
Countdown clocks. Supposed once-in-a-lifetime deals. Urgent ads that push you to tune into a television program, because everyone you know will be talking about it the next day.
These are all examples of FOMO in action. The acronym – which stands for “fear of missing out” – was first coined by marketing strategist Dan Herman at the turn of the millennium. It refers to the psychological anxiety we feel when we’re not present for an event, as our brains swirl with the endless “what if” possibilities that could occur in our absence.
The original concept has risen to a level of cultural ubiquity within the past six years. It’s been referenced in The Observer, The New York Times and the San Francisco Chronicle. On television, it’s been explored on How I Met Your Mother and Comedy Central’s Broad City. It’s even managed to give birth to similar four letter spin-offs like JOMO, FODA and FOLO.
Semantic history aside, the feelings associated with this phenomenon aren’t anything new. Human beings experienced FOMO long before we gave it a catchy name, and it should come as no surprise that the marketing and advertising industry has been tapping into these impulses for nearly just as long. Three behavioral science principles, in particular, are directly associated with this idea:
1. THE SCARCITY PRINCIPLE: Quite simply, we want what we’re afraid we can’t have. Opportunities seem more valuable – even when they’re not – when limited quantities, increased competition or looming deadlines are introduced to the equation. These factors have potential to send us into FOMO overdrive.
2. SOCIAL PROOF: We often gravitate toward replicating the actions of our peers and other surrounding individuals. This is especially true in times of uncertainty, or circumstances in which we judge others to be similar to us. If you have ever shouted “but everyone else is doing it” at your parents, then you have a firsthand account of FOMO and social proof working hand in hand.
3. LOSS AVERSION: This is, perhaps, the root of all FOMO. People tend to prefer avoiding losses over acquiring gains. Though this principle is primarily rooted in economics, author Roger Dooley notes that this loss can also include – “popularity, social standing, peace of mind, good health, sex appeal”. Studies have suggested that losses are twice as psychologically powerful as gains, and because of this, we’re often prone to take irrational steps to avoid missing out.
Now that you’ve survived this lengthy (yet utterly captivating) lesson in social science and modern vernacular, let’s explore how some of today’s biggest brands are using these three principles to their advantage. Put on your seat belt! Because you’re about to become a FOMO expert in four easy steps.
1. LIMITING AVAILABILITY:
Spotify puts millions of songs in users’ pockets, and yet we’re still left asking ourselves, “What should I listen to today?” The streaming service acknowledged this question and provided a solution with Discover Weekly. Using an algorithm based on previous listening habits, they began to generate customized, 30-song playlists for any user who’s been active on the service for more than two weeks.
But here’s the kicker! These playlists automatically update every Monday. They appear for seven magical days, and then – POOF – they’re gone and replaced with another 30 songs. There is no way to retrieve previous playlists, unless you log on and manually save them yourself.
Now, if you paid attention earlier, the motivation behind this tactic is wildly transparent – Spotify intended to exercise FOMO as a tool to increase usage of their service… And, well, it paid off for them in a big way. Discover Weekly playlists were introduced in July 2015, and within the first five months, they brought in an additional 1.7 billion streams.
The lesson here is that limited availability can be an extremely powerful motivator. We see it in the Lightning Deals offered by Amazon, the American Express pre-sales of Ticketmaster, and the growing popularity of Snapchat – a social media app driven by disappearing visual messages.
2. CREATING A SOCIAL EXPERIENCE:
Netflix benefits from word-of-mouth buzz whenever they release a new original series. When we hear our friends talking about shows like House of Cards, Unbreakable Kimmy Schmidt and Orange Is the New Black, we want to be a part of those conversations. We trust that if that many people are saying good things, then it must be worth watching. We avoid spoilers like a plague, embarking on a quest to understand the jokes and cultural references on our own terms.
The beauty of this all? Netflix knows exactly what they’re doing to us! To rub it in our faces, the UK branch of the company unveiled a FOMOmeter back in May 2015. The tool measures social media activity throughout major cities in the UK and Ireland, in order to tell viewers which programs are trending in their area. It’s a pretty phenomenal gimmick.
In the digital age, social proof has been amplified by moments like this. It’s the reason we tune into the Super Bowl or live television events like The Wiz. It’s the reason you went to see the latest Star Wars film, even though you told yourself it wasn’t a priority. It’s the reason that some of us can’t sleep at night, fearing that Beyoncé or Rihanna might drop a surprise album.
3. MAKING THEM ASK “WHAT IF”:
JetBlue strongly encourages you to purchase travel protection for your flight. While this method of upselling isn’t entirely unique to their brand, they have, at times, been accused of “scaring” passengers into buying insurance (even if their opt-outs aren’t anywhere near as manipulative as these examples collected by media strategist Lydia Laurenson).
In this case, JetBlue is plugging into our innate anxiety over the “what if” possibilities mentioned earlier. This is a common practice in today’s marketing world, ranging from headlines that imply we’re doing something wrong to promotional deals that shout “DON’T MISS OUT” directly into our faces.
Language is an important factor here. The principle of loss aversion implies that stating “don’t miss out on this deal” packs a more powerful punch than “take advantage of this deal”. This idea reinforces what Wilde Agency‘s Chief Creative Officer Nancy Harhut said in a recent blog post – “the words you choose – as well as the order you put them in – can make a big difference in how people respond to your message.”
4. REVEL IN YOUR BRILLIANCE:
Congratulations! You are now a master in the behavioral science principles that drive FOMO in marketing and advertising. Take a moment to gloat in that revelation. Your coworkers will be jealous, your family will be proud of you, and people on the street are going to do double-takes like, “Who is that shockingly attractive person with an impressive brain in their head?!?!”
Of course, if you scrolled to the end of this post like a jerk busy person – missing out on the opportunity to be engaged, delighted and surprised by this content – here’s a quick summary of everything you need to know to gain value from this blog post and (maybe) have strangers compliment your brain:
1. Scarcity can produce results: Limit the quantity of a product or the time-frame for which it’s available. If competition to obtain this limited product is anticipated, be sure to emphasize that in your marketing communications. Remember! People want what they’re afraid they can’t have.
2. Believe in the power of social proof: Get people talking about you! While this might be easier said than done, you’ll witness increased interest in your business when you become the topic of real-time and social media conversations. Word of mouth should not be dismissed.
3. Tweak your language to trigger loss aversion: Have you been shouting from the rooftops about what people can gain from your service, only to find that they’re not responding? If so, maybe you should stop doing that! Try spinning your language to tell everyone what they’re missing out on, and see how that changes your overall response rate.
Should you happen to have additional questions or comments about the science of FOMO in marketing and advertising, feel free to reach out to Wilde Agency on Twitter. You can also reach the author of this post at @JJS_III. Be sure to ask him why he’s being annoying and referring to himself in the third person.
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The post Don’t Miss Out: The Secret Science Of FOMO In Marketing & Advertising appeared first on Wilde Agency.
