In this episode, we focus on one of modern marketing’s most hidden tactics: FOMO (The Fear of Missing Out).  FOMO appears everywhere: in shopping, NFTs, investing, choosing which TV show to know, you name it. It crosses through everything we talk about: digital marketing, the metaverse, NFTs and eCommerce. 

We’ll walk through examples from both sides: the marketer and the consumer.   How marketers use FOMO to persuade shoppers to act quickly and how consumers can access their internal FOMO in order to make smarter buying decisions. 

Highlights:

[01:26] Taking a Different Approach to New Year's Resolutions

[03:43]The recent news about NFTs: Nike’s acquisition of RTFKT, Adidas collab with the Bored Ape Yacht Club and Facebook’s rebrand to Meta. 

[05:35]What is the Fear of Missing Out (FOMO)?

[09:07]One of our favorite marketing books: Influence: The Psychology of Persuasion by Dr. Robert Cialdini.

[09:45]The scarcity principle and social proof. 

[11:15]The FOMO playbook for digital marketers: here’s a few tips.

[12:40]The importance of testimonials and how to acquire more for your business. 

[16:08]FOMO (Fear of Missing Out) for Consumers: How to be a smarter shopper.

[17:30]Two FOMO experiences: Why Stephen hasn’t watched the show Breaking Bad and will probably never own a Bored Ape Yacht Club NFT. 

[21:05]Building your own FOMO-meter. The three questions to ask to ward off the fear of missing out.

Links:

Influence: The Psychology of Persuasion (Book)

King Richard (Film)

Breaking Bad (Drama Series)

Bored Ape Yacht Club (NFT)

Headspace (Meditation App)

Insight Timer  (Meditation App)