Summary of "Business Development :- FOMO {Module 1} CH 8."

Summary of Business Development: FOMO {Module 1} CH 8

Key Frameworks and Concepts

TMT Framework (Time, Trust, Money)

The TMT framework is a comparative model used to analyze customer behavior and market potential by evaluating three dimensions:

Time: The amount of free time the audience has to engage with products or services. Example: India’s population generally has more free time compared to the USA, as reflected by low YouTube Premium subscriptions (<1% in India vs. >20% in USA).
Trust: The level of consumer trust in products and services, influenced by cultural and economic factors.
- The USA is considered a “trust-rich” country with a higher GDP (~$20 trillion) and more quality control, leading to greater consumer confidence.
- India has comparatively lower trust, partly due to historical and cultural reasons and later economic development.
Money: The economic capacity or purchasing power of the population. Example: India’s GDP (~$3 trillion) is much smaller than the USA’s despite having roughly five times the population, indicating lower per capita money availability.

Implication of TMT

Markets where people have more time but less trust and money require specific business strategies tailored to these conditions.

FOMO (Fear of Missing Out) Concept in Business Development

Definition

Humans react more strongly to potential losses than gains, which can be leveraged in sales and marketing to drive urgency and increase conversion rates.

Psychological Basis

People value rare items disproportionately. For example, Dhoni’s cricket bat was auctioned for crores, whereas regular bats cost only thousands.

Rules for Using FOMO in Pitches

Use a maximum of three FOMO triggers in a pitch.
Start with weaker FOMO triggers and escalate to stronger ones later in the pitch.
Do not use multiple FOMO triggers simultaneously; space them out for better impact.

Examples of FOMO in Marketing

Flipkart Big Billion Days: Limited-time discounts (4-5 days) create urgency to buy before the offer expires.
Ola S1 Scooter Launch: Limited stock of the first series at a lower price, with the next series priced higher, encouraging early purchase.

Actionable Recommendations

When entering markets like India, consider the TMT factors to tailor product positioning and marketing strategy.
Use FOMO strategically in sales pitches and marketing campaigns to create urgency but follow the defined rules to avoid overuse.
Leverage cultural insights and economic realities to design offers that resonate with the target audience’s time availability, trust levels, and spending power.

Presenters / Sources

The content is delivered by a business development trainer or instructor (name not provided) who explains the TMT framework and FOMO concept with practical examples from the Indian and USA markets.