😡Fear of Missing Out (FOMO)
Using fear to drive your sales! 🤏🍆💩
Last updated
Using fear to drive your sales! 🤏🍆💩
Last updated
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Predatory practice when used in monetization
A sadly popular tool for marketing teams where in the primary driver for a conversion (sale) is fear. The typical way to inspire this fear is with some since of scarcity. Limited quantity, flash deals, etc..
The main issue here is there is no limit on the number of digital copies available for a thing, any tightly limited timeframe is only tight because you made it so. For this to work you must have chosen to create a situation where in your consumer feels a stress to purchase your item as opposed to a desire to purchase your item. FOMO is the vary definition of manipulative marketing and as such is obviously predatory.
FOMO is often times married with other predatory mechanics such as gatcha and or surprise mechanics. It is these practices when combined that have spurred government intervention across the world.
This approach uses artificial scarcity and steep discounts often with lovely little anxiety inducing visuals like a progress bar or count down timer.
Best used when your product isn't worth having and the only way you can convert a sale is by inspiring fear in your customers.
This one is typically just a lie, I mean digital goods have no limit on how much they can be copied unless you choose to stop distributing it. In most cases "limited editions" are limited to those willing to spend the money on it not some quantity.
Be carful, you shouldn't be using any of these but if you do this particular one runs afoul of consumer protections in most European and many US regions/districts.
As seen by Disney and Nintendo as well as many others. This is where you delist products for a short time to encourage buying now. Its effectively the same as a Limited Edition only you do admit it will come back after some known or hidden period. "Buy the classic XXXX before it returns to vault". Again manipulative and clearly predatory in that the bases for buying is fear of missing the opportunity.
