What is FOMO meaning? FOMO is an abbreviation for fear of missing out. However, it is not an irrational fear, if I may be bold to say. It has affected people in more ways than one and will continue to affect every one of us for years to come. Though the steady march of time also comes with the inevitable truth: we still want to stand out from the crowd. Though that is not a bad thing in and of itself, social media’s rise can boost people’s effects. Millennials are the most affected by FOMO and all its implications. As they spend most of their time on the internet, influencers can worsen the effects of FOMO. But, what does FOMO mean for people that are interested in something else?
FOMO, or the fear of missing out, was first coined in a 1996 research by marketing strategist Dr. Dan Herman. Though the concept was already around since ancient times, the term “fear of missing out” only came to the surface after the study conducted by Dr. Herman. Nowadays, we can see FOMO everywhere, from social networking sites to the very facets of our lives.
Moreover, the FOMO meaning can be something as vague as seeing every one of your friends have the same product, to see all of them have jobs. The fear of missing out has evolved from something that was a niche of the days long gone past to something that still affects everyone.
It is, however, more than a niche marketing strategy for people with more sense than money. Social media sites aggravate male and female users as FOMO has become a severe threat to stress and anxiety rates. Everyone, irrespective of age, also experiences FOMO. The fear of losing out is also a cause of people having a lower life satisfaction than average.
FOMO as Marketing Tool
FOMO is not a psychological exploitation tool as FOMO means so much more than that. Although there are no purveyors that can moderate how you use the fear of missing out as a marketing tool, note that there are no limits about how you can use FOMO as an effective strategy to generate more leads.
1. Use Creative Wording
It is almost a certainty that you would see phrases like “You’ll miss this offer now!” or “Get your chance now while stocks last!” whenever you open your social media accounts. When everything has been said and done, that is one of the very essences of FOMO marketing. Always remember that some people would not want to miss the chance to buy a product. Make your audiences feel like they will miss out on a golden opportunity that could pass by at any given moment. Owners can use this marketing strategy on limited-time offers distributed for a short amount of time.
2. Create A Bundle
Always remember that people would not want to miss out on product bundles. Putting together certain products in a bundle can coerce people into buying your product. Offering discounts can also help with this, as there is nothing that can give your buyer the same sense of accomplishment as getting a bang-for-their-buck product.
Do not forget to add a countdown on how long the offer would last. The countdown can pressure the buyers into buying your products as well. Like Lazada for the Southeast Asian market and Amazon for the United States, large online shopping sites use these ideas to generate more sales. Lazada’s monthly one-day sale on same-day dates helps create more income from the seller and the website. Lazada’s sales can push buyers into buying more products, and they will be afraid of losing out on the deals that their friends or acquaintances have bought.
3. Show A Counter
Nothing says “the meaning of FOMO” more than showing a counter on the product that you are selling.
For example, using a counter that shows how many of the products are left. That, and offering a timer that shows how much time is left on the sale, can push buyers into buying whatever it may be you are directly saying. When everything has been said and done, however, always remember to stick to the allotted time. Sure, extensions available to the consumers. But, FOMO will all be for nothing when the sale is still there. The fear of missing out does not work that way, as it involves pressuring the consumers in a much more subtle nature.
4. Show A Testimonial
People are more inclined to listen to purchasing advice from strangers from the internet. And that is why testimonials exist. A study conducted by Bizrate Insights in 2019 has shown that buyers read at least 3-6 reviews before purchasing products online. Some of them read as many as ten or more reviews rather than none at all. 50% of the respondents read reviews on Google, whereas some rely on the products’ site or Facebook.
People are always more inclined to buy when they have seen that many people are satisfied with the product. Testimonials are a combination of social proof and FOMO marketing. People fear missing out on products that they can potentially buy that are effective. Testimonials are the prime meaning of FOMO: showing what the people are missing out on by showing them how satisfied others are with their purchase.
5. Black Friday And Cyber Monday Sales
It is an instinct among every single one of us to be competitive; it is human nature at this point. But, there has to be a point where that competitiveness should translate to the fear of missing out. The classic American tradition of Black Friday is a classic example of this. Black Friday is the dedicated shopping day that comes after Thanksgiving.
In contrast, Cyber Monday offers FOMO marketing to tech goodies that are purchased online. Cyber Monday is similar to Black Friday in a sense, although Cyber Monday only offers gadgets. Both Black Friday and Cyber Monday are FOMO marketing strategies utilized by the rest of the world to increase sales. Black Fridays and Cyber Mondays are the meaning of FOMO, creating a deal so irresistible to the masses that the people should purchase the product.
Stores slash their prices by a large margin, giving the customers the fear of missing out on incredible sales. Black Fridays and Cyber Mondays are a marketing ploy that everyone uses. Even companies outside of America are jumping on to the Black Friday bandwagon. Like the classic Chinese ideology states, small prices would always equate to large margins. It is not a matter of losing profit, as the sheer amount of purchases can more than make up for the losses incurred by slashing the prices by a noticeable margin.
6. Early Bird Discounts
Now, early-bird discounts are not an entirely new thing. Most conferences, such as Graphika Manila, have early bird discounts available to people who would avail tickets significantly earlier than others. When selling a highly-anticipated product, early-bird deals would offer the consumers more options when purchasing their products at an earlier time.
Early-bird discounts are one of the true meanings of FOMO as well, allowing the people to have an opportunity to buy a product at a significantly earlier date to acquire more compared to others that waited. However, that is not to say that the people who stayed will get nothing. People who availed of the early bird discount would offer a significant raise that would make them stand aside from the rest.
7. Exclusive Discounts
Nothing screams “FOMO” more than exclusive content. People are more inclined to purchase content that only they, or a limited number of people worldwide, have. To put it into perspective, Amazon offers comprehensive discounts to people signed up with their Amazon Prime program. One hundred twelve million people have signed up to Amazon Prime, which provides more than just the streaming service Amazon Prime Video. Users signed up to Amazon Prime also get to have free deliveries to select areas as well.
An excellent example of this is Beauty Pie’s beauty brand, which offers fantastic discounts on their beauty products for people subscribed to their services. They address themselves as “the Netflix of the beauty world” for a reason. Their products get a large slice when purchased while the consumer is a member of the website and would cost significantly more when they are not members.
Take Advantage of The Powers of FOMO
The meaning of FOMO can stretch to something that is so much more than just a psychological phenomenon, as FOMO can affect the very facets of our lives as consumers. We may or may have no idea that it has involved us.
When wanting to take advantage of FOMO marketing for your business, look no further than us here at SocialPOP. We know the meaning of FOMO and know it well enough to take advantage of it to give your business the leverage that it needs. We are sure to skyrocket your sales to levels that did not seem possible without our help. Contact us now to find out the meaning of FOMO and to use it for your business!
