FOMO (Fear of Missing Out) can be costing your business a significant amount of profits. FOMO refers to the sense that other businesses are having opportunities and experiences, and gaining new customers, that you are not.
With the increased usage of social media for marketing, FOMO has become a pervasive marketing tactic for businesses to use to attract more clients; make your customers think they’re going to miss a big sale and they’ll suddenly start buying things they don’t need.
But FOMO can also cause you, the business owner, to spend your profits on things you don’t need. It can make you so afraid of missing out on great clients and increasing your sales, that it can cost you more money than you make.
For instance, you might sign up for an event that expects a huge turnout of your ideal clients and costs you $1500, but that’s okay because you’re thinking about all the great business you’ll get from it. Then, during and after the event, you discover that all of these great prospects are really only interested in what you’re offering for free; your giveaway. And you spent $1500 and walked away with (maybe) $100 in sales.
Here are 4 ways that FOMO could be affecting your business:
You know the ones . . . they end up demanding more of your time than they want to pay for, complain about everything, and usually end up being a nightmare. But you really needed the money when you signed them so you hoped for the best even though there were several red flags during your initial interview. More times than not, if you’re seeing red flags with your prospects, it’s best to walk away. They will end up draining your energy and keep you from accepting a better, more valuable client.
FOMO can cause you to direct your marketing energy to people who don’t really want or need your product or service. This can cause you to waste both time and money on unnecessary marketing that gets you nowhere. Instead, creating a marketing plan that directs your efforts to your most ideal client will not only save time and money, it will help you get better clients and keep the iffy ones at bay.
It can be hard to turn down an opportunity that claims it will have great results, but there are no guarantees and it could end up costing you. When presented with new opportunities, before saying yes, consider two factors. What will be the return on your investment (ROI)? And, is it a good fit for your business AND your ideal client? Consider the money you’re spending and know that 1) it will attract your ideal client, not just a bunch of random prospects and 2) there will be some return on your investment, either short-term or long-term. Saying no to some opportunities is part of growing your business.
It can be tempting to create a variety of offers to meet the needs of everyone who’s interested in your business, but remember, not everyone is your ideal client. And too many offers can confuse the people who ARE your ideal client to the point of not working with you. It can make you appear to not know what you’re good at. Instead, keep your offerings to 3-5 services so that you can be seen more as a specialist.
FOMO can have a significant impact on your B2B business’s bottom line and growth. Choose the opportunities that are right for you and say no to the rest.
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