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On today’s Business Beat, Jeff discusses the fear of missing out, or FOMO, and how it can be the powerful driver that gets you more sales.
Tune in to the Business Beat, below, to learn more about FOMO and how it can help you expand your customer base:
“The cost to get a consumer to your website or to get them into your store is significant. So, make sure you close, and to do just that, put the power of FOMO to work for you to close more sales.”
– Jeff Sloan
Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.
Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!
Good morning, Paul!
As we all know, every sale is critical these days for small businesses, and to sell more of whatever it is you’re selling, here’s a tip: put the power of FOMO to work for you.
That’s right: FOMO. What in the world is that? Well, FOMO is an acronym that stands for fear of missing out, and it relates to the idea that consumers fear missing out on a hot new product or a great sale offering, all driven by the psychological impact of rarity and scarcity.
In other words, you better take action now, or you will miss out entirely. Now, the advent of social media has put the concept of FOMO on steroids, making it even more impactful because if you’re checking in on social media and you see how your friends or your peers are taking action to purchase something or have just acquired something, you know the opportunity to get in is limited.
And the pressure is intensified for you to act. You see, the fear of missing out coupled with the notion that I want to or need to keep up with my peers is, simply put, a powerful driver to get consumers to hit that magical “add to cart” button. So, how do you put this sinister tactic to work for your business?
Well, first, you indicate that there’s a limited supply of whatever it is you’re selling. Want to amp things up even more? Put a countdown ticker on how many units remain before they sell out or indicate how many people are currently viewing the item. I’ve even seen pricing tiers where, if you get in early, you pay a better price than if you make your purchase later.
You get the idea. You need to instill the idea that you better act now or else. Look, for time and eternity, the idea that there’s an endless supply of something conveys a sense of ambivalence, and there’s no place for ambivalence when you’ve got a buyer right on your doorstep and you need to make that sale. Every opportunity to close is critical for small business these days.
The cost to get a consumer to your website or to get them into your store is significant. So, make sure you close, and to do just that, put the power of FOMO to work for you to close more sales.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.