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No doubt you are familiar with FOMO: Fear of Missing Out. Along with discounting, it is probably one of the most used marketing techniques. Overused, you could say. Which is why I want to talk about another approach you should consider: Fear of the Status Quo (FOSQ).
Fear of Missing Out
Before we get to Fear of the Status Quo, let’s recap FOMO and why it works.
FOMO techniques can include:
- Limiting the supply of something, for example, free shipping for the first 100 customers only or a limit of five items per customer.
- Limiting time by using a deadline to drive urgency to act.
- Limiting access to certain types of customers, such as creating exclusive VIP offers that not everyone can enjoy, and
- Limiting opportunity.
ABOUT THE AUTHOR
Bri Williams is an authority on behavioural economics applied to everyday business and personal effectiveness.
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