FO·MO
ˈfōmō/
noun
informal
-
anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website aka FEAR OF MISSING OUT.
According to research, psychotherapists believe FOMO is a part of our ancient survival instincts and that when we perceive that others are out in the world having a great time doing/consuming/experiencing something that we might not be, that we are missing out. The phenomena, as studied by social media, advertising and marketing analysists and psychotherapists alike all points to one thing- this somewhat irrational sense of "missing out" often results in us spontaneously spending- or, our irrational thoughts drive our irrational spending behavior.
Now, as authors, of course we don't want to create true anxiety, but rather excitement! We can use the idea of FOMO to create a buzz so that people feel they need to be in the know. Try our tips below.
1. Easiest way to get started, but slightly risky is CREATE SCARCITY. Think "only 10 signed copies left at $20" or "limited edition books available only during the holidays." Create the idea of scarcity and then give them an option to buy!
- start a presale/prepay list
- develop options for people to buy in quantity "buy 3 books for X amount" (HTML to build buttons is a breeze- try a "click to call" button tutorial here)
- consider limiting time instead of quantity for a particular buying option
- be sure to advertise your "scarcity" campaigns via social media
2. Peer pressure. Same rules apply that you may have learned the hard way in grade school- peers want what their peers have. Definitely take advantage of your fans through social media. When you host your online book release party, recruit your fans to post through their social media outlets so others feel the need to get into the club.
3. If millenials are your target, create an experience along with your product. It's important to know that millenials are more interested in spending money on experiences over actual quality products market research points out... But, this is still good news. Consider when Apple releases a new phone. Have you waited in line for hours for the latest model although yours was working just fine? If you can create an experience that sells exclusivity at your launch or during your promotional period, this can help increase your sales. You can duplicate some of the tactics that fall under creating scarcity and just reframe them as "exclusivity."
Are you already creating FOMO? How have you built your cult following?
Keep the Faith and May the Force be with You!
