FOMO: Modern Marketing’s Secret Weapon
12/27/21 • 24 min
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)
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)
Previous Episode
What I've Learned from 9 Months of NFT Trading
NFT is in a good spot right now because it's a ten-billion-dollar market that began from nothing earlier this year. It's enormous enough that we know it's here to stay, but it's also small enough that those who learn about it first have a strategic edge over those who don't.
Stephen Carl begins a new series of NFT trading. He'll talk about what he learned this year and what he wishes someone had told him before. Btw, the image in the episode cover is from Parallel Alpha, an NFT project that just received a $50 million investment.
Now that the secret is finally out, learn more about it by listening to this episode!
Highlights:
[04:46] Introducing our new series on NFT trading
[05:01] What web3 and the metaverse are all about?
[09:00] The importance of doing extensive research and building a thesis
[10:20] The origins of the product drop.
[11:52] How to time the market: NFT drops vs the secondary market (Opensea)
[12:04] How community and participation fit into NFTs and what eCommerce brands can learn.
[13:30] How the Bored Ape Yacht Club crossed paths with The Strokes.
[15:20] Tip #1: The NFT is growing: A closer look at the numbers.
[18:22] Tip #2: Buy what you like and have high conviction.
[19:40] Stephen’s high conviction NFT: Parallel Alpha
[21:50] Tip #3: Being aware of FOMO: Fear of Missing Out
[23:15] Tip #4: The best things happen when the market is quiet. And vice versa.
Link:
People mentioned:
Mark Zuckerberg
Jeff Bezo
Gary Vernaychuk
Grimes
Elon Musk
Next Episode
2022 Marketing Trends and Predictions
Our 2022 annual trends and predictions show is here! For the new year, we'll discuss on the state of eCommerce, financial markets and three new trends that are emerging: the importance of owned media, eCommerce gamification and how individuals and businesses can navigate the Metaverse.
Tune in to this episode and learn the new trends of the year.
Highlights:
[02:16]Trend# 1: Marketing is a Flywheel not a Funnel
[05:59]The Difference Between Owned Media and Paid Media
[07:20]How brands can optimize email marketing
[12:15]Trend# 2: Make Shopping Fun
[14:26]How do product quizzes work?
[16:21]Trend# 3: Metaverse
[17:38]What the Internet tells us about where the Metaverse is headed
[21:03]The State of Financial and Crypto Markets for the year 2022
[24:01]How does a brand benefit from the Metaverse trend?
[26:50]Accepting crypto at eCommerce store checkout.
[30:58]What brands can do with NFTs in 2022
Image Credit: Photo by Willem Chan on Unsplash
Links:
Examples of eCommerce Shopping Quiz Examples
The Marketing Funnel vs the Marketing Flywheel
Accepting Digital Currencies on an eCommerce website
People Mentioned:
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