If you are marketing your business, you may be curious about what is FOMO. Although it was first coined back in 2013, FOMO or “fear of missing out” already plays a significant role in our lives more than what we might think. Aside from being a psychological concept, it is also an impactful digital marketing strategy. It generates more sales and converts more leads.
But like any strategy, there is a right way to utilize it. Having little to no understanding of what is FOMO will not help a business grow. Its impact is also rooted in the concept where it comes from, which is also equally important. When brands understand what is it and how it is used, the result is an effective marketing strategy that keeps a company up-and-running.
The Science Behind FOMO
Before we get into the nitty-gritty parts of what is FOMO, we need to learn where it comes from. FOMO draws from the concept of social proof, where, as humans, we tend to copy others’ behavior. FOMO happens to everyone, from kids up to elders even in their later stages. And this is because we, as a species, are social creatures; we cannot survive without each other. When we are unsure of what to do, we often look at what everyone else is doing. This phenomenon is often regarded as “herd mentality.”
A 2013 study reports that 64% of people experience what is FOMO, with 56% of respondents aged 18 and 30. The desire to connect with other people motivates consumers to jump on trends, explaining why 60% of customers buy after exposure to FOMO. The study also reports that FOMO, which incorporates positive feedback from reviews and testimonials, was better received by customers.
Fear of missing out does not attract everyone, and it is the risk incorporated in it. Various studies reported that people who are overly concerned with what their peers are doing might experience loneliness, anxiety, and low self-esteem. However, other digital marketing strategies swayed customers when the FOMO’s appeal fail to draw their attention. The key to a good FOMO is in its execution; when done right, it is a compelling brand campaign that helps boost sales and converts leads.
Given how widespread it is, marketers now also incorporate in formulating social proof marketing strategies. These strategies can range from word-of-mouth, social media, testimonials, and reviews. It can also vary from different platforms, whether incorporated on a company website or promoted on a social media platform. Now, what is FOMO is no longer the question when it comes to marketing, but how to use FOMO.
Maximizing FOMO for Business
After learning about what is FOMO, it’s essential to know how to make the most of FOMO in your marketing campaigns, and how to use it well. It’s not enough to only grasp the concept of what is FOMO; it is equally important that you can use it properly.
Here are five ways on how to maximize FOMO for your business:
1. Be urgent
Putting your customers on the clock is a quick way to urge them to act fast and act now. This sense of urgency will trigger consumer’s FOMO, and they will need to make a choice then and there. Shining a spotlight on your target audience gives them a countdown timer to incite action, one way or another.
You can do this by sending a series of notifications their way, as a deal or a discount is about to end. Limited edition items and occasional flash sales also work in the same manner–enticing your customers to avail of your products or services. Aside from notifications, messages, and emails have similar functions.
2. Notify, notify, notify
Notifications have never hurt anyone, mostly when done at the right time. Sometimes, it only takes one email, one text, or one notification to push your customer in the direction you want. And using these tools in a FOMO campaign is undoubtedly helpful, as it’s a fast and harmless way to remind customers of the latest promos and discounts.
It’s a win-win for both parties: Consumers get real-time updates on hot deals and limited edition items, while businesses get an increase in sales.
3. Say “No to FOMO”
One of FOMO’s downsides is that it has adverse side effects; people report experiencing exhaustion and anxiety after being exposed to FOMO. Not all see the fear of missing out as a great motivator, and in turn, turn away from a brand’s FOMO campaigns. At first, FOMO is overwhelming for sure, and if left unchecked, can drive customers away from your brand. But there is a solution to this: turn FOMO on its head. Campaigning against FOMO can win you points from people who are not swayed by the fear of missing out.
Businesses can encourage customers to unplug from social media and interact personally instead, eliminating FOMO notifications and offers. This is a trendy move that not only boosts brand awareness but shows that your business is not afraid to go against the norm.
4. Encourage user-generated content
FOMO has existed before social media platforms, but the latter’s rise has brought FOMO to new heights. People can now share experiences from different parts of the world–connecting with others has never been easier. A recent study also shows that 68% of consumers purchased after exposure to someone else’s experience with FOMO. In other words, thanks to social media, a FOMO campaign is now more useful than ever as customers can contribute and connect with the brand. And this kind of participation will incline them to spend more.
You can recreate this collaborative experience by inviting customers to interact and share their content with your brand. Gaining this social proof from your consumers will stir FOMO among your current followers to ride the trend. It also helps establish brand awareness and boost customer loyalty that can attract prospective clients to your brand.
5. Create exclusive communities
Everyone wants to feel included in something, whether it’s in a club or a specific group. As social creatures, we tend to seek each other out, and you can use this fact to your advantage when it comes to a FOMO campaign. Creating an exclusive group for your consumers will make them feel wanted and unique–as if the content is specially made for them. And when this happens, this can trigger their FOMO, encouraging to spend more money on your services
An example of this is a loyalty program that provides unique benefits to members who register. Aside from benefits, members also get exclusive discounts and limited edition deals that are not available to ordinary consumers. Getting people to sign up on programs like this will help boost your campaigns and attract more organic traffic to your business. It also ensures that customers stay with your brand, even when faced with offers from the competition.
FOMO is not new to us, but rather it has only become more widespread with the advent of social media marketing and social media platforms. And although it can be a source of anxiety for some, this fact does not discount it from being an excellent digital marketing tool. Apart from what is listed, there are other ways to utilize FOMO to get ahead of the competition. The key is to identify what kind of FOMO campaigns work best for your customers and target market.
Don’t Miss Out with SocialPOP!
Let’s face it: FOMO is still a tricky topic to discuss. It is more than what it seems on the surface and is not as easy as it looks. Like any marketing strategy, you must first put a lot of thought on what is FOMO and if it’s the right campaign for your business. But regardless of your industry, there will always be opportunities to utilize the fear of missing out. And in the time of social media where everything is near-instant, FOMO will urge your customers to act fast and help keep your brand relevant in the digital marketplace.
Although before you start researching what is FOMO, here is something to consider: Do you have the necessary tools and resources to get the job done? If not, don’t worry. SocialPOP specializes in promoting FOMO on e-commerce sites like Shopify, WordPress through their smart social proof notifications. With over 20 kinds of notifications, you can rest assured that customers will see your campaigns strategically and in real-time. Let SocialPOP be your FOMO partner today!