How does looking around at what others are buying affect purchasing behavior and why does that matter? Why do companies have to be aware of their own tendencies to be tempted to keep up with the Joneses and how can they balance risk taking and differentiation with also building on a secure tech stack?
Software FOMO
- “People do things differently, they behave differently, when they think someone's observing them or when they are actually being observed.” - Brian Lange
- The more contextually we look at purchasing behaviors and the more data is industry-specific, the more we can understand these behaviors
- “It’s okay to buy the same,” when it comes to what back end systems are in place, “but you better be dang sure that it's in context to your brand where you're trying to be relevant.” - Dan Griffin
- “Don't make it about the merchant purchasing a stack. Support the stack by being really good at what you do. And I almost look at a responsibility back to the technology company to ensure that they're staying focused on that.” - Dan Griffin
- When it comes to bundling and unbundling your technology, “It's an interesting balance because there're pros and cons to both. I think both from a software company’s growth and just overall trajectory, like how they grow, then in tandem with the merchant because it's a dance. Both matter and they're both in concert with one another.” - Scott Elchison
- “If you're a merchant getting into this stuff, here's the thing. You need to understand your pain points and try not to get too far ahead of yourself.” - Dan Griffin
- “In areas where you don't know, lean into best practices. That's when you lean into best practices is when you feel like you don't have expertize and then you go like get after those things and start to think, "Okay, what's beyond best practices? How do I actually differentiate myself?” - Brian Lange
- FOMO drives a lot of keeping up with the Joneses. “Fear actually drives a lot of purchasing. A lot. And that's not a good thing.” - Brian Lange
- How have brands tried to keep up with other brands when it come to Web3, blockchain, NFTs, etc?
- “The idea here is that they weren't investing in blockchain technology, but they're like, "How do we invest in the culture, in the fandoms around that?" And that's where I saw from the brand level where people were all about it. There's attention, and where there's attention there is value, there's money to be made. And so, throw your brand at it, see what sticks.” - Scott Elchison
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