The global health crisis has taken a significant toll on almost all aspects of people’s lives. Because of the sudden shift due to quarantine restrictions, different industries’ operations are reshaped to what we call the “new normal.” Amid the pandemic restrictions, customers resorted to online shopping, which has pushed entrepreneurs to embrace the power of e-commerce. The sudden surge of online demand has tightened the competition among established online stores and even emerging ones. The rigorous competition pressured the marketing industry to look for marketing techniques and tools to fit their businesses best. And one of the most popular marketing tools marketers are talking about is FOMO marketing tool.
FOMO stands for fear of missing out. It is anxiety caused by the feeling that others are having a better life or enjoying a specific experience and you are not. It is most common to the people who are active on social media. Because social media tends to show only the good sides of people’s lives, viewers tend to feel the other’s anxiety. Although the concept of FOMO is long existent, it has intensified in the past few years due to the rapid growth of the social media industry.
Science behind FOMO
Before FOMO was used as a marketing tool by businesses, it was related originally to social psychology. FOMO happens to anyone; it triggers people’s emotions and makes them feel social exclusion. But why do people feel the “FOMO”? It is in the very nature of people to want to feel validated and included. This happens every time a person sees a situation that others seem to enjoy, and they are not included in that group.
Fear of missing out is not the same in every person. It is hugely dependent on how a person perceives the world around them. Some things might produce FOMO to others, but not to the entirety of the population. In today’s situation, FOMO produced by social media is perceived to be destructive of people’s psychological and mental health. It affects their choices and, in turn, affects their daily lives. It has become one of the primary reasons for mental health problems today.
Why Use FOMO Marketing Tool
Marketers have now widely embraced the concept of FOMO marketing tool. In the previous section, it is apparent that FOMO is bad for the mental health of the ones experiencing it. But why use it as a marketing tool? It is because the feeling of FOMO increases your conversion and eventually increases sales. When people feel that they are missing out on something, the natural response is to think of how to feel included and take action. Yes, FOMO pushes people to take action; it affects decision-making.
According to research, FOMO is most widespread among millennials. Out of 10 millennials, there are almost seven individuals who experience this phenomenon. And 6 out of 10 take action on this phenomenon. Simply speaking, people in this generation buy something just because they feel that they might be left out of the group.
For instance, a business offering service can convince others to avail their services using FOMO. You can show your target market that many have experienced your service and changed your customers’ lives for the better. Effectively painting the picture of this concept to the target market will eventually tick their curiosity and emotions. Eventually, when they feel that others have better lives because of your services, it will push them to avail your services as well. This is the ultimate conversion that every marketer wants to achieve.
Contents to Boost Conversion
FOMO marketing is powerful as it triggers customers to take action immediately. Usually, FOMO marketing puts customers in choosing between taking steps now or missing out a great deal. If you want to boost your sales and marketing techniques, you must know what FOMO marketing is and how to use it effectively.
Here is the list of contents that you can use to boost conversion using FOMO marketing tool.
1. Show people buy your products or services.
One of the most common FOMO marketing tool content is the real-time updates on recent successful purchases. Showing the first name, location, and the product availed will create an impression that your pop-ups are real.
2. Highlight Missed Opportunities
Offering discounts and great deals can encourage customers to buy products. Besides, after that specific period, it is also an effective FOMO content. Show your website visitors the deals that they missed. A good example is an end-of-season sale.
3. Show Stock Levels
Showing stocks level, especially when the stocks are running low, is a good FOMO marketing content. Scarcity is a considerable component of FOMO. If people see that the product they want is about to go out of stock, they tend to buy it immediately. Also, you can use the phrase “while stock last.” This creates a feeling of need for immediate action.
4. Indicate Time Left for Special Promotions
Aside from the number of stocks running out, indicating the limited time offer left triggers immediate action. During special deals and promotions, you can add the phrase “promo ends in 3 hrs.” This marketing technique produces a sense of urgency of actions. In addition to the time left for special promotions, you can also create different offers at different times. For example, 8 AM- 10 AM (10% OFF), 10 AM- 12NN (20% OFF), and etc.
5. Use their Competitive Spirit
Another good marketing tool to use together with the stock level is to show how many people are checking the specific product. You can use the phrase “45 people are looking for this right now.” If your website visitor sees that the stocks are running low and many people want the product, it will push them to buy it now. Stirring people’s competitive spirit is also an effective marketing tool to produce a sense of marketing urgency.
6. Free Shipping
Offering limited free shipping is a great way to convince customers to check out orders. Today, most people are purchasing online because of the free shipping offer and not because they really want or need the product. To effectively showcase the free shipping, you can show how much they will save with the free shipping offer.
7. Show FOMO Explicitly
Showing FOMO explicitly and using images to trigger the FOMO is also seen as an effective marketing tool. You do not need to hide that you are using FOMO marketing. You can include phrases like “Don’t miss out!” or “Fear of missing out?”
8. Offer with Exclusivity
Subscription and membership are effective FOMO. But it is not the only content that will create the feeling of exclusivity. Offering limited edition products or services combined with time-based scarcity will create persuasive marketing.
9. Show Social proof
There are different social proofs that you can incorporate in your FOMO marketing. It can be user testimonies, customer reviews, or the number of followers and subscribers on social media. Anything that will add up to your company’s legitimacy can be used as social proof.
Level up your FOMO Marketing with Social POP
The online marketing industry is an intimidating place for business owners and marketers. Online platforms have a wide range of audiences that increase marketers’ pressure to do better in business. In addition, the competition in this kind of industry is truly rigorous. A simple marketing move can set your brand apart from others. Also, a small mistake in marketing can result in a massive loss. The help of experts is a brainer to boost your websites and to impress your landing page visitors.
Social POP is a social proof app that is flexible and cost-efficient. It offers over 20 types of notifications with hassle-free website assimilation. We also help brands increase conversion rates and achieve success in no time! To know more about how Social POP can change the way you market your business, contact us today.