Have you ever had your friends or family ask you if you were aware of something new that was trending or was all the rage?
And chances are that if you weren’t, they just started considering you to be out of touch.
That’s not a position anyone wants to be in, and this idea is what FOMO marketing is based on.
If you haven’t already heard the term, then are truly living under a rock!
FOMO means the “fear of missing out.”
As humans, we all want to fit in, and FOMO marketing is a smart tactic to cut through the noise and make your brand seen by people who don’t want to be disconnected from the world.
And it is backed by powerful statistics:
- 56% of social media users experience FOMO. (Source)
- 69% of millennials experience FOMO on a daily, if not hourly basis. (Source)
FOMO marketing is based on a psychological construct that taps into your prospect’s “What ifs” and leverages it to make them jump on every opportunity that is thrown at them.
So before you can actually implement it perfectly, let’s learn more about what FOMO marketing exactly is…
What is FOMO Marketing? (Definition)
FOMO marketing simply acknowledges the fact that none of us want to be left ‘in the dark’ and leverages this to appeal to a prospect to make impulse buying decisions.
These impulse decisions are rooted in the fear that they will regret missing out on a certain opportunity later on.
And FOMO marketing is not a remote, obscure concept, you may have definitely seen it yourself too!
“Last chance to grab this deal”
“Only the first 10 people…”
“Offer lasts for 24 hours…”
These are all examples of FOMO marketing.
Notice how they create a sense of urgency and panic you into taking action. That nails the purpose of FOMO marketing!
Overall, it’s the perfect tactic for your firm to drive sales and generate growth.
All you have to do is keep in mind these certain techniques that we’re informing you about…
Using The Right FOMO Techniques (With Examples)
FOMO marketing is a very effective method when administered correctly. Otherwise, it can be quite detrimental.
FOMO is a trigger among many people and thus, it requires you to tap into it with a great deal of sensitivity and the right intent.
The 21st-century consumer is conscious, and if you try to overzealous with FOMO marketing, it’ll hit the wrong note with the customers. And this won’t be a good look for any brand.
That is why we’re providing you with some perfect techniques that are not over the top and yet will wonderfully do the task of acquiring new customers for your brand.
1. Set Time Limits
Setting time limits is a clever and critical method that is highly effective in FOMO marketing.
When you create urgency for a product because of its scarcity, all your customers are put under pressure to make a choice. This way they make impulsive purchases and you get a sale!
But make sure your deadlines are set in stone. You can’t keep readjusting them every time you want to squeeze out more sales, this is bad for your brand reputation.
Once a deadline is set, leave it unbothered till it runs its course!
Check out this Black Friday sale for reference:
Add a simple timer and tap into your customer’s fear of missing out, that’s all!
You can also use email newsletters, social media to hype up the campaign. It’ll work wonders!
2. Use Exclusivity
Humans want to feel special at all times. Exclusivity offers do that.
And these stats prove that:
- 94% of Americans say they would take advantage of an exclusive offer. (Source)
- 58% of shoppers say an exclusive offer would increase their likelihood to purchase. (Source)
Something about standing out of the crowd and getting deals that others won’t is an exhilarating experience.
That is why exclusivity is another great way for successful FOMO marketing.
Check this example out:
Other than offering a great discount they’re also providing exclusivity to customers which is double the FOMO and also a great way to foster loyalty.
The idea that some people will have the opportunity to avail themselves perks over the general audience is enticing enough to bag sales!
3. Provide Social Proof
There will always be prospects who are one step away from being customers. But how to get them to cross that line?
By providing social proof!
Think about it like a store brimming with customers vying to buy a product, this is motivation enough for new prospects to want to buy your product just so they don’t miss out.
For your online storefront, testimonials will serve this purpose – 72% of consumers say positive testimonials and reviews increase their trust in a business.
Not just this – Product reviews are 12X more trusted than product descriptions and sales copy from manufacturers.
When prospects can see that not only is your product selling but also how impressed people are buying it, they’ll definitely want in!
So gather testimonials and get started by placing them on your website, check this example out:
This will act as the final push needed for your customer to buy your product!
4. Enhance Your Messaging
FOMO marketing is all about creating urgency through the right use of language, at the right time.
Your message needs to be clear, direct, and strongly worded. You can’t afford to divert to writing paragraphs, it has to be to a single line or a few at max with strong verbs and adjectives.
For starters, you can use phrases like:
- Trust us, you don’t want to miss out on this…
- Last Chance to buy…
- Time’s running out…
You get the gist! Check out this example to understand better:
The idea is to make your audience think it’s in their best interest to buy this, or they’ll regret it later. Make sure you know who your audience is too. This way you can use the kind of language that is most appealing to them!
Read more: Meme Marketing: Definition, Tips & Examples!
5. Early Bird Discounts
“The early bird gets the worm.”
It is clear by now that people love discounts. But this can get even better when combined with a limit on the people who avail this discount.
Early birds are basically early purchasers, like the first 100 or 1000 people who buy a certain product will get a certain discount or gift.
It’s quite possible that not every business can offer a flat discount to all its customers, which makes this the perfect alternative.
Check out this example:
If your offering is just as appealing, trust us, customers will swarm into avail of it. Rather than overthinking their decision, they’ll immediately buy the product out of their fear of missing out.
6. Advertise Bundles
Bundles are simply complementary products that the customer can buy alongside their main product, at a certain discount.
What does this have to do with FOMO marketing? When such bundles are coupled with a ticking clock, you’ll push the customers a step further into purchasing them.
The website DesignCuts.com, for example, provides huge bundles of digital products for 97% off the total cost of the items separately. Each bundle has an overarching theme, such as fonts or patterns. The catch here is the deadline!
This is another fascinating technique, you can use as part of your FOMO marketing campaign.
7. Highlight Missed Opportunities
There may be times when a customer abandons a cart or checks your product, but thinks too much and thus, loses a great deal.
When you remind them of such missed opportunities, it taps into their FOMO and makes them more conscious to take a quick decision the next time around.
Check out this example where they use this exact technique in an amazing way by inducing FOMO using the phrase “You missed!”
It perfectly encapsulates this technique’s essence and shows you how you can do so for your brand too.
“Nothing haunts us like the things we didn’t buy.”
That’s it! We hope you now understand the power of FOMO and how to inculcated in our marketing to access new opportunities.
The fear of missing out has been rooted in us for a long time and it has been given a newfound voice by social media.
All of us want to be updated about anything and everything – And savvy marketers have taken this primitive fear and to make campaigns all the more successful.
For efficient FOMO marketing, you need to ensure that you provide exclusivity and make your prospects know they’re competing against time to derive quicker actions.
And do not forget to use different tactics for different audiences. For example, your email subscribers should get a different offer than your loyal customers who’ve been recurring buyers.
That’s it! We hope you now understand the power of FOMO and how to inculcate it in your marketing to access new opportunities. It’s all about taking the first step and all the techniques we’ve mentioned above will help you throughout this process.
We leave the rest up to you – Good luck!
What fascinated you the most about FOMO marketing? Do let us know by tweeting us @bit_docs, we’d love to hear from you!