Mention Black Friday, and you think of endless wishlists, overflowing shopping baskets, and…an empty wallet. But why are we so keen on snapping up the best deals? And is that the only thing that makes us click the “buy now” button? The answer is no.
What is FOMO, and how does it influence Black Friday purchases?
Of course, it feels good to get an item without paying full price, but there is something else that sometimes makes us buy things we don’t really need (who needs a self-stirring mug?). That’s where FOMO comes in, or ‘Fear of Missing Out’, a term Gen Z and young Millennials have been using all too often over the past few years (has it made it into the Oxford English Dictionary yet?).
But how does FOMO make us buy more? It’s all about our brain. When we scroll through social media and are bombarded with influencers’ videos showing the coolest gadgets, clothes, or holidays, we feel like we’re missing out. Psychologists call this social proof. When you see hundreds of people buying something, your brain automatically thinks, “This must be good, I want to be part of it.” Combine that with scarcity (“only two left in stock”) and urgency (“valid until midnight”), and you have the perfect storm.
On top of that comes a dopamine hit. Not so much from the product itself, but from the idea that you might score something special. Research shows that our reward system is actually triggered by the anticipation of a reward, not necessarily by receiving it.
JOMO: the countertrend that can enhance your campaign
While FOMO mainly drives us not to miss out, a countertrend has emerged: Joy of Missing Out (JOMO). More and more consumers are consciously choosing calm and enjoying not taking part.
Where FOMO drives us through the fear of missing out, JOMO is about the pleasure people experience by deliberately leaving things behind and choosing time, space, and attention for themselves. This also activates our brain; instead of a dopamine rush from fear of missing out, we experience a sense of control and satisfaction from our choices (or from not having to make choices).
What does this mean for marketers?
In short, where FOMO prompts one consumer to purchase, JOMO works better for another. People appreciate brands that give them choices without applying pressure; this is exactly where marketers can play smart.
By cleverly using social proof, scarcity, and urgency, you can subtly trigger the FOMO consumer. At the same time, you can appeal to JOMO consumers by making choices clear and avoiding pressure, for example, by providing transparent information and options. This way, you create campaigns that entice customers without letting them feel manipulated.
Ultimately, it’s about balance: understanding FOMO and JOMO allows you to activate consumers and build trust. This makes the “buy now” button irresistible, while customers remain satisfied with their choice and your brand!
Curious how to master the balance between FOMO and JOMO this Black Friday? Check out our full blog for practical tips and insights
