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Ask HN: Research on Effectiveness of FOMO Marketing?

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Ask HN: Research on Effectiveness of FOMO Marketing?

#1

Post by kbr- »

Hi,

I'm currently reading "Unscripted - The Great Rat Race Escape" by MJ Demarco (recommended), and there he presents the "SCAIDA" marketing strategy (Self-centered, Attention, Interest, Desire, Action) to sell your product. The Action part stands for a call to close the sale.

The author claims that the most effective way to do this nowadays is through a scarcity statement (utilizing "Fear Of Missing Out"): "Limited time only!", "Offer expires in two days!" etc.

However I'm a bit sceptical on the effectiveness of such strategy, based on my own subjective experience: whenever I see such statement ("Offer expires in X!") I always think "Yeah right, what offer does not expire in 3 days?" -- because this is used everywhere and I think people are aware that it's just a marketing tactic.

So I wonder if you're aware of actual scientific research into the effectiveness of this strategy -- or maybe you have some anecdotal data, preferably based on A/B testing of a real product that you were selling?

Thanks!

Re: Ask HN: Research on Effectiveness of FOMO Marketing?

#4

Post by brudgers »

Segmentation determines marketing strategy. [0] For some segments, FOMO works. For some it doesn't. For others it will have a negative correlation.

It is reasonable to be skeptical of advice on marketing from someone who is selling a product. Good luck.

[0]: Segmentation varies by product.

Re: Ask HN: Research on Effectiveness of FOMO Marketing?

#6

Post by kbr- »

brudgers wrote: post #4

Segmentation determines marketing strategy. [0] For some segments, FOMO works. For some it doesn't. For others it will have a negative correlation. It is reasonable to be skeptical of advice on marketing from someone who is selling a product. Good luck. [0]: Segmentation varies by product.

> It is reasonable to be skeptical of advice on marketing from someone who is selling a product.

OTOH you should probably be even more skeptical of marketing advice from someone who did not successfully apply marketing to sell their product.

Re: Ask HN: Research on Effectiveness of FOMO Marketing?

#7

Post by brudgers »

kbr- wrote: post #6
brudgers wrote: post #4

Segmentation determines marketing strategy. [0] For some segments, FOMO works. For some it doesn't. For others it will have a negative correlation. It is reasonable to be skeptical of advice on marketing from someone who is selling a product. Good luck. [0]: Segmentation varies by product.

> It is reasonable to be skeptical of advice on marketing from someone who is selling a product. OTOH you should probably be even more skeptical of marketing advice from someone who did not successfully apply marketing to sell their product.

I use segmentation. In the segments I focus on, buyers tend to be experienced, patient and aware of market alternatives. I set my price to filter against price sensitive customers. My marketing is based around “service” and supported by purchase experience. I enjoy the process because of those decisions.

Marketing based on FOMO can work. When FOMO sales works it will define the relationship with the customer. Customer relationships are what defines a business culture.

But it is good to be skeptical.

Re: Ask HN: Research on Effectiveness of FOMO Marketing?

#8

Post by kbr- »

brudgers wrote: post #7
kbr- wrote: post #6

Earlier quoted context omitted.

> It is reasonable to be skeptical of advice on marketing from someone who is selling a product. OTOH you should probably be even more skeptical of marketing advice from someone who did not successfully apply marketing to sell their product.

I use segmentation. In the segments I focus on, buyers tend to be experienced, patient and aware of market alternatives. I set my price to filter against price sensitive customers. My marketing is based around “service” and supported by purchase experience. I enjoy the process because of those decisions. Marketing based on FOMO can work. When FOMO sales works it will define the relationship with the customer. Custome…

Thank you for the insights.
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