There are
a variety of marketing strategies. One of these is known as FOMO
marketing. FOMO is the acronym for “FEAR OF MISSING OUT”. This is a
natural human response and one that in our opinion was partially
instrumental in building the behemoth we now know as social media. At
the onset, we attended conferences whose speakers noted that the
Internet was a river of gold (i.e. business), and all we had to do is
join in to pan that gold.
FOMO is
what bargain hunters respond to at midnight and early morning sales on
Black Friday. It is based on an illusion of scarcity, necessitating
immediate action for fear of losing out. There is a farmer who sells
potatoes at the Santa Barbara Farmers’ market. He has a sign on the
potatoes that says, “these will be gone next week!” Funny enough, I see
them there the following week with the same sign. In his defense, he
does not specify which next week he is referring to.
Flash
sales on the luxury end of the spectrum are regularly held by high-end
department stores. A variety of merchandise is offered at steep
discounts for several hours, or in some cases during a specified time
period, described as “pre-sale”.
Ron and I
were invited to an elegant opening with Wolfgang Puck catering the
affair. One of the appetizers-his famous pizza with smoked salmon and
sour cream, was the hit of the evening. The minute it came out of the
kitchen, people would ambush the waiter and within seconds it would be
gone. The ones with extreme FOMO stood at the door of the kitchen to
get theirs.
A
shortage of inventory in real estate as well as a potential rise in
interest rates precipitates a FOMO response. How can you use FOMO in
your luxury real estate marketing strategy, if appropriate?
Written by Ron & Alexandra Seigel-
ABOUT: Napa Consultants, International
is the leader in brand strategy for the luxury real estate industry.
They work exclusively with professionals
who are passionate about gaining or
sustaining market leadership. With an expertise in
personal branding, company branding, luxury
real estate website design and social media
marketing they help their clients become the
breakaway brand in their marketplace.
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