Use These FOMO Marketing Strategies to Drive New Sales
What is FOMO? It’s an Ecommerce term that stands for: Fear of missing out.
In order to avoid missing out on something exciting or interesting, people have a compulsive desire to be there even if they’re not gaining anything. Instead of being motivated by what they’ll gain, they’re motivated by what they’re likely to lose. Anxiety caused by a desire to know what other people are doing and what’s going on around you is FOMO.
In an article published in The Harbus magazine published in 2004, Patrick J. McGinnis introduced the term. Nonetheless, the term mouth marketing is not new. The earlier word of mouth, newspapers, and other media outlets caused fear of missing out, just as it is today. Now, social media serves as a catalyst.
Fear of Missing Out: What Causes It
A person with a fear of missing out might not know what they are missing. The fear of missing out is the apprehension that one might miss out on something important, exciting, or exciting and might be left behind or out of touch with their surroundings and experiences. You don’t worry about what you will gain; you worry about the fear of loss, sadness, inferiority, etc. The fear of missing out arises from the future losses you’ll experience; when the gains you could enjoy are right before your very eyes
- How about trying out the new app? You can’t participate in your friends’ conversations anymore.
- Did you miss the flash sale? Your friends who bought the phone got a chance to show it off.
- Haven’t you heard of Facebook? Are you still living in the Stone Age?
FOMO Based Marketing
Fear of missing out is as common among your target market as it is for you. Checking their phones when they get notifications, checking their social media feeds regularly, reading the newspaper, watching movies, and trying new applications are just activities they do to stay up to date. Your business can significantly benefit from using the marketing strategy.
How Does FOMO Apply to Ecommerce?
I want to share a few FOMO stats to help you understand why FOMO marketing campaigns have been so successful, especially with specific demographics.
Data suggests millennials are most likely to experience FOMO. According to Strategy Online, FOMO is experienced by 69% of millennials, and about 60% make reactive purchases out of fear of missing out. As a result, they’ll purchase something to prevent missing out.
But FOMO isn’t exclusive to millennials. Another study found that more than half of social network users suffer from FOMO. No matter what age group or location you’re targeting, learn how to use FOMO in marketing.
FOMO Marketing Strategies
Here are some strategies and tactics of FOMO marketing that you can glean insight from to be better prepared for you next marketing campaign.
Establish a Strict Time Limit
A time limit is a powerful marketing tool. The pressure of time causes us to make impulsive buying decisions, and we feel obligated to respect deadlines from an early age. However, you have to stay within your time limit. You don’t want your customers to realize that you tricked them by delaying its expiration. You’re damaging your brand’s reputation by doing that.
Give your audience a deal they can’t refuse by offering 20% off your most popular product within 48 hours to emulate Black Friday and Cyber Monday. Use email and social media to spread the word about the offer. Adding a Hello Bar to your website will help you keep your offer in the spotlight. Turn on the animation if you want it to grab even more attention.
Quote a Celebrity, Influencer or Authority
FOMO marketing campaigns can be given a significant boost by quoting someone influential or famous about your product. Neither is a high-level celebrity required – but that would be great. Social media is dominated by influencers. Instagram is the top platform by a long shot for getting brand messages across, according to a recent survey of influencers.
In order to blend FOMO marketing and influencer marketing effectively, you need to establish a strong social presence on Instagram right now. Remember, however, that you can use influencer quotes for marketing your brand on social media as they spread your brand messages. Your audience might see them on landing pages, sales pages, or in other places. Email marketers can even use them as subject lines.
Include Testimonials & Social Proof
A powerful marketing tool, social proof, must be implemented at the right time in order to have the most impact. Ideally, it would help if you targeted consumers at the bottom of the funnel since they are more likely to make a purchase decision. It is likely that you have seen a “feeding frenzy” at a kiosk at the mall or noticed that your favorite store always has a certain product on hand. Small cues can alert you to something being popular, triggering FOMO.
It is the same when you walk past two restaurants. Parking lots at one of them are full, while at the other, they appear abandoned. In this case, you’ll pick the first option since the parking lot full of cars sends a subtly negative message about what’s to come. What is the best way to implement these concepts digitally?
Share as many testimonials and social proofs as possible. You’ll see a few logos on Crazy Egg’s homepage, for instance, representing some of our most well-known clients. There is a thought that pops into your mind after seeing these recognizable logos: other brands are using Crazy Egg, and I shouldn’t miss out on the benefits! The same works with customer testimonials written in writing, especially when they include identifiable information like the customer’s last name, photo, or video.
In our discussion, we discussed the ticking clock, but we were mostly concerned with discounts. By using FOMO marketing deadlines, you can also provide your customers with other benefits if they buy from you.
Consider offering free shipping in May, for instance. This deal ends on June 1, so you need to start buying it as soon as possible. A free gift can also be offered by offering a downloadable product or a gift with purchase to consumers who buy before the deadline. The feeling of FOMO occurs when people realize they are able to get something for free that otherwise would cost them.
Promote Bundles of Products or Services
Numerous industries use bundles. There are two most common ones you’re probably familiar with: cable television and insurance products. It is less expensive to buy cable, Internet service, and phone service from the same company rather than from separate providers. Insurance is also less expensive when purchased from the same provider.
You can receive discounts if you obtain your auto, life, and homeowner’s insurance through the same company. There are various ways to incorporate FOMO marketing into your marketing strategy, especially if you add a ticking clock.
Sites like DesignCuts.com, for instance, offer massive bundles of digital products for 97% or more off their original price. An overarching theme is often found in bundles, such as fonts or patterns. In any industry, you can use this strategy to package your products or create new items that you can bundle and then sell separately after a steep discount.
Use Clever Messaging
FOMO marketing pays a lot of attention to language. As if time is running out, you want your audience to believe they are about to lose out on a great opportunity. Make sure you use strong verbs and adjectives when crafting marketing materials in order to evoke FOMO in your target audience.
There are plenty of examples to choose from, but you can also get more creative. The goal of your message is to make your audience realize they will regret their decision if they don’t act right now. As you design your FOMO message, consider your target audience. You could use gaming jargon to communicate your offer if you are marketing to people who love games.
Disperse Your Content
It’s not just for boosting sales that FOMO marketing is used. Also, it’s incredibly helpful for building your brand, especially if you’re using omnichannel marketing.
An email promoting Gary Vaynerchuk’s podcast went out recently. According to him, there was very little cross-pollination between his podcast subscribers and his email list. His audience is then informed that exclusive content will be released on his podcast in the future.
If you’re a Gary Vee fan, you should pay attention to your FOMO. You can build your follower count across multiple channels by informing your audience about certain awesome content you release on different channels – perhaps discounts and other deals. It builds loyalty to your brand.
Create Limited-Edition Lead Magnets
Why can’t lead magnets to change with the times? By using FOMO marketing, you can alter them as well. Think of an infographic you created that contains tons of valuable data for your audience. Promote it as a limited-edition lead magnet that only your audience can take advantage of if they act within a specific timeframe.
FOMO marketing is used in this case to build leads rather than sales, but it works as well. Provide them with an opportunity they won’t want to miss, and you will be able to overcome the hurdle of giving them their contact information.
Solicit User-Generated Content
If you’re going to do FOMO marketing, don’t ignore your audience. You should use social proof, testimonials, and influencer quotes. Your followers can generate more FOMO by creating content about your brand if they are prepared.
Influencers and celebrities are often heard, as well as strangers who happen to be fellow consumers, but most consumers listen to their friends and family more. Users are more likely to trust your recommendations if they create user-generated content and share it with their friends.
Reduce Price for Early Purchasers
Upon entering the arena or ballpark, people are given free souvenirs in many sports venues, such as a t-shirt, hat, or bobblehead. Attendance is rewarded, and people are encouraged to arrive early. You can use FOMO marketing to promote yourself in this way as well.
Sports teams may not be able to give away as much free merchandise as you would like, but it’s still a great idea. The knowledge that only a few people have access to it encourages quick decisions. They’re more likely to complete an order immediately rather than think it over and perhaps return later.
In the history of marketing, testimonials and product reviews have proven to be one of the most effective methods. Their premise is to use current customers to validate your brand or product. In addition, it plays a significant role in the overall FOMO strategy.
Ultimately, testimonials give prospects the confidence to purchase your product because they know that other customers are already using it and are delighted. To avoid missing out on the benefits, one should take action.
Images Can Trigger FOMO
Visuals are essential when crafting FOMO marketing campaigns, so make sure the images are appropriate. Express provides a rewards program as an example of this. According to Stephan Brady, in addition to the message that “don’t miss out” on having a good time if you opt-in, the background image implies you will miss out if you don’t.
Show Social Proof
An ecommerce social proof marketing tactic is compelling, and it is not confined to FOMO campaigns. Social proof, along with FOMO, is tied to our desire to belong to a group. If we see other people like us sharing, engaging, or buying, we want to do the same, so we feel like a part of the group and won’t miss out.
Need Even More Tips?
Now that you know all the benefits about using a FOMO marketing strategy for your online store, take things a step further. Countless retailers are now using text message marketing solutions like Action Alerts to gain upsells, improve loyalty and keep their customers informed.
Read our related guide: Why More E-tailers Are Embracing Text Message Marketing