FOMO is an abbreviation that stands for “Fear of missing out”. This term is understood as an obsessive fear and even fear of missing something important or valuable. FOMO is provoked, in particular, by social networks. However, it is also used in business.
FOMO marketing is an effective method of stimulating the desire to buy. Its essence is in the transmission of appropriate messages. The main message that is invested in communication: “You can miss it.” It is the awareness of a possible loss that is the incentive to buy immediately.
Next, we’ll show you how to apply FOMO marketing. For this, we have collected key recommendations. If you are interested in how to increase sales by completing 7 simple steps, then read the article to the end.
Why should companies use FOMO?
Loss-based marketing campaigns are extremely effective. Especially for consumers of certain demographic groups. In support of this, here are some statistics:
- 69% of millennial users have experienced FOMO.
- 56% of those surveyed who confirmed that they had previously experienced this feeling were in the 18-30 age group.
- 60% of millennials, after experiencing FOMO, make an impulse purchase within 24 hours.
- 44% of users said they were afraid to miss out on unique events and miss out on experiences.
- 36% of millennials surveyed are afraid of being among the outsiders.
- Of all social networks, most often Facebook users experience FOMO (72%).
TOP 7 effective FOMO marketing techniques
- Limited time offer
This marketing technique is one of the most effective. Provides urgency to the offer and nudges potential customers to make an impulse purchase. Prominent examples of the use of time-limited tactics are Black Friday and Christmas. They are accompanied by discounts. However, those are only valid for 24 hours, which prompts you to buy. The client understands that only today he will be able to buy, saving $ 5, 10, or 50. This is what creates FOMO.
However, in this technique, there is one extremely important point – the established deadlines must be unconditional. You cannot change them. Extending the validity of such an offer is more expensive. First, discounts provide the company with less revenue.
Secondly, the extension of the promotion term is a complete depreciation of the offer. Customers will remember that the discount period may be extended. This will exclude FOMO.
Third, by breaking your own rules, you spoil the company’s image. Customers will no longer trust. Such an act of the company is perceived as a broken promise.
- Social proof
Social confirmation is a tool that is useful for many aspects of marketing. It increases the level of brand confidence. Plus, it demonstrates the demand for products. It can be used at all possible stages of interaction with a client.
To increase sales, the best reason to show social proof is before you buy it. 70% of customers abandon their shopping carts. Be proactive. Show testimonials from satisfied customers or rave reviews before checkout. This will build confidence and increase the likelihood of a purchase. After all, a person sees that he can lose pleasant experiences.
Also, this tool can be implemented on the site. There are special applications that create pop-up notifications in the corner of the screen. For example TrustPulse. It adds a notice to the site with a customer review. The latter contains the name and location of the person who left the comment. Therefore, users can see that the review is real. Also, this kind of notification may pop up with every completed purchase.
Don’t forget that any effective communication and brand development strategy requires a corporate identity. Therefore, if you do not have a professional logo yet, then you need to seriously think about it. Impressive branding grabs attention and builds company awareness.
- Limited quantity of goods
The essence of FOMO marketing is to create a sense of elusive opportunity. It’s like a man has one last chance to get it. Therefore, limiting the number of available products is a great move. By simply saying that there are very few products left, you will make it significantly more desirable.
This move provides several advantages at once. First, the product becomes more attractive in the eyes of the consumer. Secondly, a limited quantity of goods poses a simple question for the user: “Yes or no.”
This removes decision paralysis. After all, the reason for this is the overabundance of available options. In such a situation, a person begins to over-think everything and over-analyze the situation. As a result, it becomes almost impossible to make a choice.
It is easy to sell a limited number of products. It is enough to set the counter on the website page. If you supplement it with purchase notifications, the efficiency will be even higher.
- Limited-time free shipping
79% of Americans are more likely to make a purchase when a seller offers free shipping. For 90% of shoppers, it is one of the key factors driving the ordering of more brand products. Therefore, free shipping is worth using.
The increased interest also allows making it one of the sales promotion tools. The main thing is that the opportunity is limited in time. This will call FOMO.
The same rules apply here as for promotional offers. It is important to think over the term of the free shipping and adhere to the deadlines. This can be tricky. However, it is the absoluteness of the established period that stimulates the growth of conversion.
- Relevant messages
It is impossible to call FOMO without using marketing materials. The manner in which the proposal is presented is important. If you tell about the action in a calm and informative tone, then there will definitely not be a stir.
Effective marketing materials should contain strong verbs as well as adjectives. They help trigger FOMO. Phrases like “don’t miss the opportunity” and “while stocks last” make the reader feel like time is running out. Accordingly, you can miss out on a great offer.
Here it is appropriate to show creativity. Think back to the tone of communication with customers, think about the slang they use, and come up with a cool stimulating offer. For example: “You will kick yourself if you don’t see it now!”
- User-Generated Content
It clearly demonstrates the experience and capabilities of the product. That is things that a person can miss. Therefore, it is highly recommended to use it in FOMO marketing.
For 79% of online shoppers, user-generated content is one of the things that influences a purchase decision. This includes reviews, reviews, and just stories/posts with the product. You need to work with them. The mere presence of user-generated content is not FOMO marketing. To be effective, you need to promote positive customer experiences.
- Encourage users to create content. For example, through bonuses.
- Come up with and offer users a unique brand hashtag. This is how potential customers can find it.
- Add custom content to your social media page or website.
Also pay attention to the use of the product by customers. User generated content is a great opportunity to present your product in a new light. And by paying attention to the reviews, you can better understand what needs the product meets.
- Take a multi-channel approach
Multichannel increases the number of points of interaction with users. It’s likely that your target audience isn’t just on Instagram or Facebook. This is worth taking advantage of. By adopting a multi-channel marketing approach, you reach significantly more target users.
It can be used to promote other brand resources. For example, a website. Tell on the social network that you publish exclusive content on the blog and it is available exclusively there. This will create a FOMO and push you to subscribe to the newsletter.
Reception is universal in application. With its help, you can increase the number of followers or the number of installations of the application. The latter is often used by companies. Amazon, for example, creates special deals exclusively for the mobile app.
FOMO is a powerful experience. It evokes a multitude of emotions that companies can use to drive sales. If your product is a positive experience, then just share it. And the above tips will help you do it correctly and effectively.
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