FOMO business decisions

One of the most common sales pitches in life is “hurry up and get this deal before someone else buys it.”

The Fear of Missing Out (FOMO) has many variations. For some, it impels stocking up on toilet paper during a pandemic. For others, it is a rush into NFTs, cryptocurrencies, a meme stock, or an IPO offering. Home sales today are increasingly all cash offers, no contingencies—FOMO.

For the virtual generation, it is the sharing of pictures on social media of a special meal or vacation adventures to stay in touch with peers—FOMO.

In credit unions, this tendency shows up most frequently in mergers and whole bank purchases. Both transactions are enabled by consultants, brokers, and other experts who only get paid if a sale occurs. Creating a sense of urgency—FOMO—around each opportunity is part of the pitch.

 

continue reading »

More News