The fear that others might be experiencing something great while you are missing out – I am sure everyone has felt this at some point. It is indeed a well-known phenomenon and has its own name: FOMO – the abbreviation for “Fear of Missing Out”. The anxiety of missing out on another, better option due to a wrong decision in that very moment runs deep within us. Essentially, it is about the feeling that the experiences of friends or other people might be better than your own, and you are not part of them.
Where does FOMO come from and why does it trigger us?
Missing out on something is a universal fear that dates back far into human history. In the past, being left behind could, in extreme cases, become life-threatening. FOMO is so powerful because it is ingrained in our brains, says psychologist Anita Sanz. “When we roamed in small groups, staying informed was vital for survival,” she states. “For example, if you were unaware of a new food source, you literally missed something that could mean the difference between life and death.” From this perspective, it is not surprising that we all prefer to “be in on it”. FOMO triggers our deepest needs – including survival.
Even today, FOMO works perfectly in news services. War and terror reports can indeed be a matter of life and death. But we do not want to go that far here. We also find the fear of missing out in connection with the use of digital media – especially social media, and since 2013, the term FOMO has even been officially included in the Oxford Dictionary.
How FOMO works in marketing
With exclusive offers we should not miss or newsletter subscriptions that keep us up to date, online marketing has been operating more or less “unconsciously” for some time. This is whenever it is suggested that we would otherwise miss out on something. The push notifications from our social media channels on our smartphones also press the same trigger.
FOMO-based marketing, on the other hand, deliberately employs this particular emotional level. Our need to constantly have the latest information is consciously addressed and amplified. This quickly captures the target audience’s attention and activates an enormously effective sales lever. A study from 2013 shows that 60% of respondents purchase relevant items within the first 24 hours due to FOMO marketing measures. Food, travel, and the events and party sector are predestined for such FOMO tactics.
Via smartphones and mobile devices, we constantly receive new incentives and products, coupled with the urge to acquire them. FOMO marketing creates the desire not to miss anything, thus encouraging people to buy products or services. Users become customers. The short reaction time and quick readiness to act induced by FOMO favour impulse purchases. Customers are cleverly presented with the idea that they should buy now rather than regret it later. They buy because they feel they will miss out on something good otherwise. We all know this: some from tele-shopping channels, where the available quantity of a product decreases every minute, others associate it with a countdown on a sales page. Both have the same goal: to suggest to the customer that they should decide and act now!
Who and where is the target audience for FOMO marketing?
Social media is the ideal playground and millennials are the largest potential audience, in summary. Millennials, the later Generation Z, but also generally users of social networks and frequently used apps, constitute the largest FOMO audience. With three billion active social media users worldwide, there is a huge target group that can be effectively reached with this strategy. Research findings and https://strategyonline.ca/2015/03/09/the-impact-of-fomo/ suggest that FOMO is most prevalent among millennials. Over 60% react with a purchase reflex when experiencing FOMO. However, a recent study published in the Journal of Social and Personal Relationships suggests that the fear of missing out is not exclusively linked to younger age. According to psychologists at Washington State University, people with feelings of loneliness, lower self-esteem, and less self-care tend to experience FOMO. This might also actively address the need for belonging. If so, this is a point where ethical considerations should also be incorporated into marketing.
FOMO in the social media environment
Social networks provide a permanent insight into what is currently happening in the world and what other people are doing in their daily lives. In real time, continuously more choices are displayed than users can follow in the available time. The desire to stay online to constantly keep track of what they would miss without using the medium intensifies. Who would not want to be part of and share in others' great experiences, if they cannot have them themselves?
Posted pictures of friends' great experiences reinforce the impression of having missed out. In addition, in the virtual world of social media, it is many times easier to maintain a large number of friendships. This would involve significantly more effort in the real world. Likes and positive ratings are equated with well-being and create a sense of belonging. Everything one needs seems to be available in the filter bubble of digital media. Perception is significantly distorted and confirms to the user that they are missing out if they do not stay online. Social platforms thus offer the ideal breeding ground for FOMO.
The counter-movement to FOMO is incidentally called JOMO, “Joy of missing out”. Here, one celebrates what has been missed. It is even desired not to be everywhere, because it brings the superior feeling of being independent. The online behaviour of friends is indeed observed and followed, but the reaction and feeling associated with it are different. One emancipates oneself from the filter bubble. This is accompanied by the trend of digital detox: a phased, conscious abstinence from the consumption of digital media.
