"FOMO," the acronym for "Fear Of Missing Out," is a psychological phenomenon where people have a strong desire to not miss out on opportunities or experiences that others might be enjoying. It taps into our scarcity mindset, which leads our brains to perceive resources, opportunities, or experiences as limited or scarce, thus generating feelings of anxiety, competition, and a desire to acquire those resources before they run out or someone else does. Both FOMO and scarcity mindset have been widely used in marketing and sales strategies, especially in B2C. However, in modern B2B selling, FOMO might not be as effective and can actually turn off B2B buyers for the following reasons:
Collective and complex decision-making: B2B sales typically involves longer and more complex decision-making processes. Companies often have to consider multiple stakeholders, conduct thorough research, and evaluate the potential impact on their operations. While FOMO might trigger a few people to jump on board with the idea quickly, it likely would not produce lasting results or put you ahead of your competitors who are more able and adept at navigating the complexities of the organization's decision-making processes.
Risk management: B2B purchasing usually involves more risks to consider and manage than B2C purchasing. Additionally, B2B decision makers are, on the whole, more risk-averse, as they have to consider the potential negative consequences of a purchase on their operations, which makes them less likely to make decisions based solely on FOMO-driven urgency.
Custom requirements: B2B buyers often require customizations and tailoring to meet the very specific needs of their organization. This level of customization means that the urgency created by FOMO likely would not apply. In fact, deploying FOMO-based tactics would make a seller seem less credible and knowledgeable.
While urgency and motivation to make a decision are still important in B2B sales, they are generally approached in a more strategic and nuanced manner than the direct emotional triggers often associated with FOMO. Instead of relying on FOMO, successful B2B selling strategies often focus on demonstrating the value and impact of the product or service. Additionally, high-performing B2B sellers show the ability and the commitment to address the specific needs and pain points of the potential buyer rather than lean on short-term gimmicks like FOMO or scarcity mindset.
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