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Uzone.id – The term ‘Fear of Missing Out’ (FOMO) has continued to circulate and be mentioned by a number of citizens in cyberspace over the past few years. And it is still referred to as a word that is often mentioned until now.
Social media has also become a platform by a number of people as the center of the growing FOMO trend. As said by Adam Alter, associate professor of marketing at the New York University Stern School of Business, FOMO arises when feelings of social isolation or rejection contribute to feelings of anxiety and depression.
“Instagram is a FOMO engine. It shows you that other people are leading incredible lives and doing incredible things that you aren’t doing,” said Adam Alter, associate professor of marketing at the New York University Stern School of Business.
Social media FOMO takes advantage of our natural human tendencies to compare ourselves to others and want what they have. The sophisticated advertising algorithms on platforms like Instagram make it even more challenging to resist the urge to spend.
Here’s a deeper dive into how social media FOMO works and some additional strategies to help you maintain control over your finances.
According to Professor Deanna Barch, chair of the Department of Psychological & Brain Sciences at Washington University, when you scroll through Instagram, it’s easy to get caught up in the visual storytelling of people you know, mixed seamlessly with these posts are advertisements designed to mimic the aesthetics and emotional appeal of user-generated content.
Advertisers create ads that look like posts from friends, making it harder to differentiate between genuine content and sponsored posts. This seamless integration is a powerful way to trigger FOMO because:
1. Relatability: Ads often feature relatable scenarios, such as friends enjoying a new product or influencers showcasing an aspirational lifestyle.
2. Aesthetic Appeal: High-quality images and videos designed to blend with the visual style of your feed make ads less noticeable as marketing and more compelling as desirable content.
“Scarcity in and of itself is a source of value because it means you have something that other people can’t have,” Alter said.
This psychological phenomenon is often leveraged by marketers to sell products and services. Understanding how FOMO works and learning strategies to manage it can help you keep your money in your pocket:
1. The Illusion of Scarcity
Marketers create a sense of urgency by making products appear scarce. Limited-time offers, countdowns, and phrases like “Only a few left!” or “Exclusive deal!” tap into the fear of missing out. This tactic makes you feel like you need to act quickly to avoid missing a unique opportunity.
2. Social Proof and Influencers
Seeing friends or influencers using a product can make you want it too. Social proof is a powerful motivator; if others are enjoying something, you’re more likely to believe it’s worth your time and money. Influencers, with their large followings and curated lifestyles, often make products seem more desirable.
3. Highlighting Experiences Over Possessions
Social media often showcases experiences rather than just products. Whether it’s travel, dining, or exclusive events, these experiences are presented in a way that makes them look essential for a fulfilling life. This can prompt you to spend on activities you might not have considered otherwise.
4. Personalized Advertising
Social media platforms use algorithms to track your interests and behaviors. This data is used to deliver highly targeted ads that are tailored to your preferences, making them more enticing and harder to resist.
5. Gamification and Rewards
Many brands use gamification strategies, such as rewards programs and challenges, to engage consumers. These tactics can create a sense of achievement and satisfaction, making you more likely to make a purchase to gain rewards or complete a challenge.
Strategies to Keep Your Money
1. Practice Mindful Browsing
Be aware of how much time you spend on social media and how it affects your emotions and decisions. Set limits for your social media use and take breaks to ensure you’re not overwhelmed by constant marketing messages.
2. Develop a Budget and Stick to It
Create a budget that outlines your income, expenses, and savings goals. When you encounter a tempting offer on social media, refer back to your budget to see if the purchase aligns with your financial plan.
3. Follow Financial Influencers
Instead of following accounts that promote spending, find and follow influencers who offer advice on saving money and financial planning. These accounts can provide valuable tips and motivation to help you stay on track with your financial goals.
4. Use Tools to Track Spending
There are many apps available that can help you track your spending and manage your finances. Use these tools to monitor your purchases and identify patterns that can help you make more informed decisions.
5. Implement the 24-Hour Rule
When you feel the urge to make a purchase influenced by social media, wait 24 hours before buying. This cooling-off period can help you determine if you really need the item or if it was an impulse driven by FOMO.
6. Unsubscribe and Unfollow
Reduce exposure to marketing messages by unsubscribing from promotional emails and unfollowing accounts that frequently promote products. This can help decrease the pressure to buy and allow you to focus on what truly matters.
7. Focus on Long-Term Goals
Remind yourself of your long-term financial goals, such as saving for a home, retirement, or a significant purchase. Keeping these goals in mind can help you resist the temptation to spend on impulse buys.
8. Seek Accountability
Share your financial goals with a trusted friend or family member. Having someone to discuss your purchases with can provide accountability and support in resisting unnecessary spending.
9. Educate Yourself
Learn about marketing tactics and how they’re designed to trigger FOMO. Understanding these strategies can help you recognize when you’re being targeted and make more rational decisions.
10. Reward Yourself Wisely
Instead of splurging on impulse purchases, plan small rewards for yourself that align with your budget. This way, you can enjoy treats without derailing your financial plans.
Social media FOMO can be a powerful driver of consumer behavior, but by being mindful and strategic, you can avoid falling into its traps.
Practicing mindful browsing, setting and sticking to a budget, and educating yourself about marketing tactics are all effective ways to manage your spending.
By implementing these strategies, you can enjoy social media without letting it dictate your financial decisions, ensuring that you keep your money and stay on track with your long-term goals. (Tyo)
