Marketing specialists are coming up with more and more strategies to increase the sales of their products. Mostly, they use natural phenomena to design a strategy that will work with every customer. One of the most prominent techniques right now is FOMO social proof marketing. This natural phenomenon is common and causes different decisions in life, including purchase decisions.
The fear of missing out or FOMO is a natural psychological phenomenon that explains why other people seek inclusion. It stems from the notion that other people live a better life or have something you do not have. This phenomenon is connected to envy and jealousy. Thus, it affects a person’s confidence and self-esteem. And nowadays, using FOMO social proof marketing is an increasing trend among businesses. But exactly why and how do businesses do it?
Fear of missing out (FOMO)
Whenever a person feels FOMO, tension is building up as he or she feels out of place. To be left out is also one way to put FOMO, for example. It is attached to wanting to be continually connected to what the people around you are doing. You always wanted to be included in the group. It is also characterized by the desire to be informed of what is happening around you. The cause? You feel like you are at odds with the group when you are not in with the conversation.
It can be in different forms, like the latest gossip in the hallway. FOMO can also be triggered when someone is throwing a party, and you want to be invited. Your friends are going out of town for a trip. All of these stemming from the fear of missing out on something big.
This phenomenon is experienced by people of all ages and across all genders. It does not choose a victim on its own. FOMO can be experienced even by successful and accomplished individuals.
Especially in this technological world, social media has been fueling the fire. Many people are sharing and posting things that they know, and they have. A person who has FOMO will be triggered and would want the same things. Fomo also explains why people are continuously using social media. They fear that they will miss out on trending, whether it be a celebrity, a product, or even the latest dance challenge—this exact reaction from FOMO is what businesses are using to increase their sales. Keep reading, and find out how.
Why Businesses Use FOMO Social Proof Marketing?
With this being said, millennials, mostly social media users, are the target audience of FOMO social proof marketing. However, research notes that millennials are not the only group experiencing FOMO. More than half of social media users are experiencing FOMO. Maybe that is why they are still active users of social media until now.
According to research, 60% of millennials purchase a product because they do not want to miss out. When they see a friend on social media wearing a new dress, FOMO is triggered and will result in purchasing the same product. On the other hand, some people fear they would miss out on the opportunity to buy something.
For example, this lady is planning on buying a used car. She knows the model she wants and is looking forward to buying it as soon as she has enough money. One day, while browsing through Facebook, she saw someone selling the same model and for a lower price. Even though it is not yet the right time she planned, her FOMO will rise and push her to purchase it now. Otherwise, she might miss out on the opportunity on this great deal. This move is precisely what businesses are doing to increase their sales. Ads like this on social media triggers FOMO, and they use it as leverage to reach their goal.
Using FOMO Social Proof Marketing
Indeed, FOMO social proof marketing is a helpful tool to boost one’s business. But like any other marketing strategy, there is a correct way to use it to rake in more profits. Here are some tactics that companies use regarding FOMO social proof marketing:
1. Real-time purchases
To use FOMO social proof marketing, social proof notifications are often used. One of the most effective tactics is by notifying your website visitors of real-time purchases. Live purchases trigger FOMO out of the customer whose intention is to visit your page. However, once they are notified, they will feel that they need to buy the same product because a real person has purchased it.
Moreover, showing the real name and address of the customer on the notifications can help authenticate this information. Visitors would want to buy too because a real customer just did. You can work out on these notifications with SocialPOP, one of the leading social proof companies worldwide.
2. Show them what they missed
Not to be inconsiderate, but showing customers what they already missed can help you guarantee sales. In this tactic, you will show your customers that they already missed out on a great deal. It mostly applies to hotel bookings. You can show your customers that the room or property they are hoping to get is already booked.
Furthermore, displaying missed deal information in bold red letters can help give an impact that they missed a great deal. Even though they already missed the property, FOMO social proof marketing can still work for their future bookings and purchases. They might be looking for a second-best deal available and book it as soon as they find it. This action stems from the very meaning of FOMO. They would not want to miss another great deal even though it is not as great as their preferred one. Also, this tactic shows your business’ credibility and reliability since you have booked a great deal. It shows that your business is legit.
3. Be transparent about stock levels
The FOMO social proof marketing can also work if you become transparent about a particular product’s stock levels. Take, for example, a girl who saw this pair of shoes purchased by her friend on Instagram. FOMO will rise because she has the same taste in fashion. The next thing she will do is visit your website and look for the product. She has not yet decided if she will buy the same pair of shoes or not. However, if you put the number of stocks left for the product, it can change her decision.
Hence, once she sees that the stock level is already low, aside from FOMO, a sense of urgency will arise. She would want to purchase the product right at that moment because she might miss out on the opportunity to do so if she will not buy it today. This tactic will most of the time work because two phenomena are working side by side- FOMO and urgency.
4. Timed flash sales
Online shops often use this FOMO social proof marketing technique. A flash sale is announced on your website for the said date and time. People hardly ignore flash sales, and no one wants to miss out on deals. Add urgency to this reality, and your sales will be through the roofs. On every product, put a countdown or timer when the sale or promo ends.
People would not want to miss out on a deal or promo, so their next step would most likely be to check out. The fear of missing the sale, and the urgency of the promo effectively increases sales. Even when people do not intend to buy a product yet, they will willingly because they can see that they do not have much time. If they did not act on it, they would miss out.
5. Show them their competition
A person who experiences FOMO would not like to experience losing a deal to someone else. Since FOMO came from the fear of someone living a better life or experiencing more fun than you are, losing a great deal to another person is not better.
Besides stocks and limited time offers, showing that other people are other people after a product you would like to have another significant FOMO social proof marketing style. In hotel bookings, show your customers that other people are currently looking at the same room or property. If they see this number of people, they think they have to act on it right now before someone else grabs the chance. If they keep on lurking around, they will miss out, and someone else will be enjoying a better experience than what is available for you.
Get the best FOMO strategy with SocialPOP!
There are about a hundred ways to use FOMO social proof marketing, like through social proof notifications. It’s a useful strategy to gain profit while giving the customers what they want–lower prices. And when it comes to using FOMO, you can count on SocialPOP to increase more sales. With over 20 types of notifications, SocialPOP makes sure that your whatever FOMO you use, your customers will not be missing out.