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?
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