Ask HN: Research on Effectiveness of FOMO Marketing?

2 points by kbr- 1 year ago | 7 comments

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!

brudgers 1 year ago |

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.

kbr- 1 year ago | |

> 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.

brudgers 1 year ago | | |

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.

drpossum 1 year ago |

> anecdotal data

These words do not go together

kbr- 1 year ago | |

Of course they do

brudgers 1 year ago | | |

as "anecdata."