(949) 798-5595michael@theshepherdgroup.com
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(949) 798-5595michael@theshepherdgroup.com

Using FOMO to Beat Your Competition

Using FOMO to Beat Your Competition

It’s a real and paralyzing psychological state of mind that drives much of what your customers think, buy and do. And for that matter, you too!

Consumers and humans in general are often in a state of frenzy, taken down by the fear of missing out on something someone else has, is doing, is experiencing, and thus falling behind in our conscious and even more unconscious need to be better, stronger, faster and more poised to survive than others in the world around us.

Scientists, psychologists, sociologists and now us marketers call this it FOMO — the Fear of Missing Out, which drives us to addictions of always being connected, always watching others, and following paths to make sure we are not left out of opportunities others have that would benefit us somehow, or that we never make bad choices that would set us back somehow.

Per an in-depth-article posted by ABC Online, “FOMO can be described as the feeling that your peers are doing, in the know about, or in possession of more or something better than you.”

And this fear can lead to high levels of anxiety, frenetic behavior and stress that our lives are not all they should be, that we will not reach the potential promoted through poetic social tiles on so many “friends” Facebook pages, or find the levels of self-actualization and joy we see in others promoted all over the Web.

FOMO can either paralyze us into a state of indecision or retreat to deal with deep feelings of failure, or it can invigorate us to get going and get doing what everyone else is doing. For businesses in B2B and B2C, there is a lot of good here we can tap.

My favorite example is illustrated by the line you see in the photo associated with this post. This line is about one hour, maybe two, in a remote part of Portland, Ore., a couple of miles from the mainstream attractions of downtown. Yet day and night, the line wraps around the block — as you see in the photo. It is nothing more than a doughnut store. And when I took this photo, it was raining.

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