FOMO based marketing [Update]
A few weeks ago I decided to raise prices for my indie-hackers matching service Founders' Club from $80/year to $120/year and use a bit of FOMO marketing to hopefully drive more signups.
Edit: FOMO stands for "Fear of missing out". Often times we do things out of a sense of loss-aversion. In this case, people who were maybe on the fence about signing up don't want to lose the lower pricing, so they sign up.
As you can see from the Tweet above it ended up working out really well!
This tweet from @damonchenis was what inspired me to give it a try. It worked on me (I FOMO'd into buying his product) so I figured it could work well for Founders' Club as well.
I emailed my email list (about 2k), sent out this Tweet, and @channel'ed the Indie Worldwide Slack to raise awareness of the upcoming price rise.
The results speak for themselves, almost 20 new signups and over $1,000 in new ARR.
Has anyone else tried out similar time-pressure marketing tactics? What did you do and how did it go for you?
lol the comments here are funny. Congratulations Anthony. I’m in there grandma style. I know that I will HAVE to close down signups for QUOKA at some point because the tech I’m using is not scalable. I have thought about posting that as a way to drive signups but feel like it would come across fake and salesy.
For now I’m ok with the trickle in of members and when I hit the cap I’ll announce it as closed. Then people will have to be on the WL.
Worked for me in this situation, but won't work for every product in every situation. Worth a try if you're looking for a short term boost in signups.
Congrats on your progress but why you call it "FOMO"?
FOMO stands for "Fear of missing out". Often times we do things out of a sense of loss-aversion. In this case, people who were maybe on the fence about signing up don't want to lose the lower pricing, so they sign up.
I know what FOMO means.
I was asking because I didn't see any signs of "fear of missing out" in your strategy. You just raised prices, it's not FOMO at all.
What would you call it when someone decides to buy a service in order to get ahead of a price increase?
I don't know if there is some specific term but IMHO, FOMO means the feeling when someone feels he/she is missing something important, or very useful or interesting. Usually, the effect can be created by agiotage or restrictions to enter - how Clubhouse did.
In your case, it could be just a fear to pay more and unwilling to pay less.
Decided to add this to the main post in an edit, probably other folks who don't know the acronym as well.
"AS WELL" ?
btw, the link to your Twitter is broken
https://twitter.com/__Sea_Cat__Thanks, I will check it.
Thought you didn't know what it meant. So it would be you and them as well.