Make Better Decisions By Understanding FOMO
Consider that you are shopping online and are looking to purchase a pair of shoes. You end up narrowing your options to a particular brand of shoes. Now that you have an idea about the product you wish to buy, you are interested in knowing the best price you can get it for. Let us say the best price is X. There can be multiple websites selling the product for X, but chances are high that you would end up purchasing the product from a website that says something like “This deal ends in three hours”. You did not want to miss out on the deal. Welcome to the world of FOMO!
FOMO (Fear Of Missing Out) is an all too common phenomenon these days. It is a driver of many decisions from business decisions of corporate houses to the minute details of individual lives, including the possibility of you reading this article in the first place. Simply put, FOMO is the process of arriving at an outcome by leveraging fear to the maximum potential. Though it appears to be an evil manipulative technique on the surface, this fear is based on a healthy premise.
Fear is a driver of human decisions in life in general. We are afraid of losing something or someone, which is why we are committed to performing certain rituals every day. The most common example of this pattern is our work/careers. Though they are not entirely driven by negative fear, they are fuelled by a healthy fear of the unknown. No job would mean no money, which would mean unpaid bills and discomfort. Thus, we are not strangers to fear.
Everyone has the same 24 hours per day available at their disposal. What makes the difference in the quality of two human lives is not the difference in their incomes, but the difference in how they spend their time. By taking advantage of this logic, FOMO teaches us that in order to arrive at a decision about what is most important, other options have to be made disposable. FOMO is not used only in sales and marketing but in our personal lives as well.
Many a time we end up deciding how we spend our time and with whom, based on the availability of that person, thing or place. We pick the time we wish to spend with our friends based on how much time they have for us. If someone lives far away and is in your city/country for a short time, you would end up making more time for them and prioritising them in your life. Contrast that situation with making plans with a friend who lives in the same city or neighbourhood. Deadlines are another flavour of FOMO. In this way, FOMO is all around us, in all the decisions we take. So this is the secret of life. It really just boils down to a simple question, ‘What is it that I do not want to miss out on? ‘
We hope your decision making skills would now go to the next level, armed with the knowledge of FOMO.