Have you ever heard of FOMO marketing? It isn’t a new phenomenon. It’s as old as time because the construct is deeply rooted in the nature of man. Before the internet took over the world, people already felt the fear of missing out. As humans, we often feel the need to be connected and be a part of everything. This psychological need is the reason why FOMO marketing has become a game-changer in the world of business.
If you’ve been in a situation where you bought a product or service because of a limited offer, then you’re one of the persons affected by FOMO marketing strategy. Today, FOMO marketing is used by businesses all over the globe to influence consumer behavior. Companies use the fear of missing out to let customers jump on an irresistible opportunity that you are providing them.
FOMO Marketing Explained
FOMO marketing stems from the fear of missing out, which uses the customer’s desire to encourage them to take a specific action, like making a purchase or subscribing to a newsletter. It pushes consumers to act on impulse, with the premise that if they do not act quickly, then the offer will expire or run out. This FOMO is an efficient marketing tool that has worked time and again, and has only improved with the introduction of social media.
With social media platforms making it easy to see what others are doing, businesses can now leverage FOMO better than ever. FOMO marketing combined with social media makes for an excellent one-two punch combo: you push the users to act on an offer, while showing that other people have done it as well. It helps ease the uncertainty that comes before every purchase or subscription. This form of social proof is often also what people turn to when they are feeling unsure or anxious about a decision.
And at the same time, FOMO marketing strategy works because of one element: regret, which in this case means regret in not availing the offer sooner or earlier. This kind of regret can also push people to take up offers that otherwise they were not willing to take because there is a fear that they will “miss out.
And FOMO marketing does not always have to work for it to be effective. Instead, when it fails, it tends to pile up. For example, if one person is not sold on FOMO today, it is not entirely over; this thought will linger in their head for a while. So that in the next FOMO, they will be more inclined to take the plunge. And this is how FOMO sells: by enticing customers with an offer that they cannot resist.
Why Use FOMO Marketing?
The concept of FOMO is timeless. As social creatures, what others think, say, and do matters to us. In times where we feel unsure, we look to what others are doing to decisions. And sometimes, all we need is a little push from others before we make that next purchase.
And FOMO marketing affects all of us, especially those who spend most of their time browsing social media platforms. According to statistics, 52% of the people on social media fear of missing out on a trend. Since fear is an effective tool, marketers use it to drive your target audience to the company. If you’re not using FOMO marketing to your advantage, you’re missing out!
However, FOMO is only as effective as its execution, meaning how you use FOMO matters. The right amount of FOMO is often overlooked in FOMO marketing, and this oversight can be a recipe for disaster. Like any marketing strategy, FOMO is not a shortcut for success. Too much FOMO may drive customers away from your business, while less FOMO will not push them enough to act on an offer; FOMO is not something you take lightly. How you market this FOMO is what will matter in the long run.
Skyrocket Sales Using FOMO Marketing!
You’ve learned the perks of FOMO marketing, and you already know how it works. Time to put it into action! Here are some tips you can take advantage of the fear of missing out:
1. Create limited-time offers
At some point in your life, you’ve been tempted by a limited-time offer. Anticipation is a powerful marketing force. By setting a time limit on your offers, customers will feel the urgency to buy your product. The success lies in making customers feel compelled to buy. Add a countdown clock to show how much time is left before the offer expires. More likely, they will be motivated to buy before the countdown goes down to zero! Keep in mind that you have to stick to your time limit. Extending it will drive down the motivation to buy the product.
2. Showcase testimonials
Who do you think customers trust more, your brand ambassador, or your satisfied customer? Of course, you know your product inside and out, but consumers want the real deal. Studies show that 92% of people read product testimonials when considering a purchase; this is why testimonials are crucial to your business. Customers usually trust the feedback of other customers who already used your product because their testimonials show that they had a positive experience. Showcase trustworthy testimonials that include names and photos. Remember that your customers can probably tell if a product review is fake, which can harm your credibility.
3. Use push notifications
A simple ‘beep’ goes a long way. Use push notifications to inform the audience about the status of your products. Notify them which products are almost out of stock. Showing shoppers that stocks are scarce will motivate them to make a move and purchase it immediately! Let your customers know that they are missing out on discounts and limited-time offers. In this way, they will be scurrying off to your website and checking out their must-buy items.
4. Create exclusive promos
For most people, it is imperative to become a part of a special group. Admit it; you love the thought of getting special treatment. That thought of getting something that only a few have access to is an effective example of FOMO marketing. By fostering exclusivity, you can get your customers to be subscribers or join special groups to get better deals. People are more willing to pay premium prices as long as they have access to exclusive deals and promos. Offer members extra discounts, updates, and early access to sales.
5. Show how many people are purchasing
Showing that your product has high demand means it is valuable. Letting your potential customers know that many people are buying will motivate them to buy, too. An important aspect of FOMO marketing is to want what others already have. They will probably think that they’re missing out on something worth buying if they don’t add it to their cart.
6. Give out freebies
Who doesn’t want freebies, right? Giving out free items when customers purchase your product is an excellent way to boost sales. Offer shoppers a gift upon purchase. People love it when they get something for free! Their fear of missing out on the freebie will take over and create the urgency to buy the product. You can make this strategy more effective by limiting the free gift for only the first few customers. When you set a specific quota, shoppers will be more inclined to proceed with their orders.
These are only some of the ways you can use FOMO social proof marketing. And by utilizing the power of FOMO marketing correctly, you can push more people to take that action you want with ease.
Better FOMO Marketing with SocialPOP!
There is more to FOMO marketing than one might think, and it can play a big role in boosting or breaking your business. It cultivates urgency among your consumers to force them to act now and act fast, and is a great way to boost sales in a pinch. However, in the long run, brands should use FOMO sparingly, as too much of a good thing can result to a bad outcome.
For your next FOMO marketing partner, trust that SocialPOP will get the job done. With SocialPOP’s speedy and colorful social proof notifications, your FOMO will get where it needs to be, at the right place and the right time. There are over 30+ different ways to customize these FOMO notifications, don’t miss out on the chance to get yours today! Read up on our features here.
