Marketers love acronyms. Some of them are technical, like CAC. Others, like today’s acronym, FOMO, are all about mindset.
FOMO is fear of missing out.
In the art of sales, FOMO is an emotion that marketers play to when closing a sale. “This weekend only,” “limited time only” and countdown timers all use the fear of missing out to inspire someone to make a decision.
FOMO is a powerful emotion. As business owners, we need to guard ourselves against rushing into decisions because of that fear and we need to realize when to use our prospects’ FOMO to convince them to make a decision and when we should avoid using their fear of missing out because it will be too pushy.
Whenever you see FOMO used in conversation, you are probably in a group that has a significant amount of high-intensity sales tactics.
Whether you want to use the fear of missing out to help increase your sales or guard against it in yourself to help protect your budget, at least now when you hear people talking about FOMO, you can understand what it means.