Why the ‘Fear of Missing Out’ is the Best Motivator

home sales and marketingCompanies are spending millions of dollars these days on research to more fully understand consumer behavior. Their findings reveal not only how to better influence their customers, but also how to better motivate their employees — especially the sales staff.

“We’ve learned that you can’t simply tell someone what to do and expect them to do it,” said Lisbeth Calandrino, president of Lisbeth Calandrino & Associates, a business strategy consulting firm based in Albany, N.Y.

“Notice how investment advertisers won’t tell you to save and invest simply because it’s the right thing to do,” Calandrino said. “Instead, they’ll ask, ‘Will you have enough money to retire on? What if you don’t?’ That kind of fear is usually the best motivator.”

However, Calandrino says it’s not about “in-your-face scare tactics.” Rather, it’s about acknowledging someone’s unique situation, showing empathy, then strategically guiding them to their own conclusion: That you are offering a better product or the smartest option.

Put plainly: It’s all about cultivating the fear of missing out, or “FOMO.”

“Research is showing us more and more that when people see their glass is half empty, and others have glasses that are full, they’ll say, ‘Oh my god, I need more water and I need it now!’” Calandrino said. “That concept is true for motivating employees, much as it is for consumers.”

On Thursday, July 26 during the Midyear Board Meeting in Portland, all members are invited to join Calandrino at the NAHB Leading Suppliers Council Connections Meeting. Calandrino will present “How Behavior Economics is Influencing Your Sales” and share several simple concepts to “gently nudge” people toward a desired outcome.

The meeting will also feature an in-depth presentation on the latest trends in residential technology. Dave Pedigo, CEDIA vice president of emerging technology, will provide an insider’s look at why smart-home technology has rapidly gone from a “nice-to-have” to a “must-have,” both from a builder’s and a home owner’s perspective.

The session will also examine:

  • Which technologies will have the biggest impact on the housing market.
  • What features will be most significant for home owners.
  • How business owners can optimize long-term growth and customer satisfaction.

However, Pedigo notes there are a lot of misconceptions, especially among builders, about the future of residential technology. During his presentation, he hopes to clear the air on certain key issues.

“Lately, we’ve seen a disturbing trend among many builders who are taking the approach of only installing wireless access points in the home and leaving it at that,” Pedigo said. “In time, that will prove to be a costly mistake, and it shows a real lack of understanding of where the market is going and what is needed to adapt in an ever-evolving industry.”

Both sessions will be held July 26 at the Oregon Convention Center, Level 2, Portland Ballroom 253. Pedigo will kick off the meeting, which begins at 10:30 a.m. PT. Calandrino’s presentation will follow from 12-1 p.m.

Registration is not required. For more information, contact NAHB’s Jackie Barnes.

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