Do you know the feeling when a friend posts a photo of a vacation you missed? You look at the picture and feel the sun on your skin and the sand in your toes. You see the water crashing on the shore and the drinks in people’s hands. You see the exotic food on someone’s plate, and it smells delicious. You see the happy people all around, and you want to be there too. You can’t stop scrolling, and before you know it, you’re signing up for that same vacation package. It’s like an infomercial that, instead of convincing you to buy something, convinces you to travel.
Did you know that around 60% of the sales are driven by FOMO marketing? Let’s find out how it is so effective.
What is FOMO?
The term was coined in 2012 after people missed out on parties, events, and news, leading society to create the acronym. It is a personal experience that has been rising in popularity in recent years. The Office of National Statistics released data in 2014 that revealed that people in their late teens and twenties are most likely to be suffering from FOMO.
The acronym FOMO is short for “Fear of Missing Out,” which is an emotion that can be exploited in marketing because it makes people want to purchase products to avoid missing out on something good that is happening. Companies use this emotion to create a sense of urgency and increase conversions. The term was popularized when social media sites such as Facebook and Instagram were created.
What is FOMO Marketing?
FOMO marketing is designed to evoke a sense of fear in the consumer’s psyche. The fear is, what if I don’t buy this product from this company? What if the product sells out before I have a chance to buy it?
For example, a company might create a “limited time offer” to buy the product before it sells out. This might develop a sense of urgency, and the customer will feel a FOMO to purchase the product before it sells out. This technique can get the customer to buy the product because they want it before it sells out, which creates a sense of urgency. If you want to save your extra time then you can use social media management tool.
There are all sorts of different ways of using FOMO to get people to buy the product being offered, with some being more subtle than others.
What Can FOMO Marketing Do For Your Business?
If a person feels like they need to buy a product soon, they may not have time to do full research. This type of marketing also relies on social media. People see their friends or other people they know getting excited about a product or going to a concert and get excited too. When they get to the concert, they get even more excited.
FOMO marketing:
- Makes your company seem current.
- It’s free to use.
- It’ll get people up to date on your latest work.
- It can get people to share your content, which will amplify its reach.
- It’ll get people interested.
- Your product may be less desirable than what’s being advertised.
- It creates hype for what’s about to come.
- It’s difficult for people to resist.
- It provides you with a sense of urgency.
- Helps your business attract the right customers.
Effective Ways of Using FOMO Marketing Techniques to Increase Online Sales
When it comes to marketing, many business owners are quick to jump on the latest trend. The newest fad that seems to be taking over the marketing industry is FOMO marketing. This type of marketing is all about creating a sense of urgency in your customers to buy now before it is too late. It’s an exciting way to promote your company, but it can be tricky to tailor the right approach to your business. How can you use FOMO marketing to increase your online sales? What are some practical ways to utilize this strategy? The first step is to work out what your company sells. This sounds like a no-brainer, but you must know what your company specializes in.
1. Create Exclusive Deals with Limited Timeframe
One way to use FOMO marketing techniques to increase online sales is to create an exclusive online offer. Offering free shipping or product discounts can be a way to entice customers to buy. To apply the FOMO technique, create a sense of urgency.
For example, if you give away 25% off on all purchases, create a timeframe during which the offer is valid, such as November 1st – November 12th. Limited time offers are very easy to execute on websites and social media platforms like Instagram and auto post to Facebook. If you add any time limitation to an offer, you add some urgency and get more people to purchase the product.
2. Blend FOMO Marketing with Influencer Marketing
Influencer marketing is a new and engaging way for brands to engage with their audiences. Influencers have a significant following on social media and can be of any age and any profession. The connection of brands and influencers goes beyond just posting a sponsored post on social media. Brands want to work with influencers to incorporate their product or service into the influencer’s content. This way, the brand can present the product or service more naturally and personally than by posting a sponsored post on social media. When a celebrity or social media influencer talks about your product, there is a significant increase in people wanting to buy the product. Use influencer marketing with FOMO marketing techniques. For example, an influencer talking about trying your product & how they found it helpful, offering a customised discount code to the followers for a limited time.
Or you can arrange a meetup with a celebrity or their favourite influencer. A giveaway or a challenge video. It could be anything. Catch up on the latest trends with influencers.
How to Find a Social Media Influencer?
There are many benefits to influencer marketing, including cost-effectiveness and scalability. However, influencers can be challenging to recruit and work with. To recruit influencers, the first task is to identify who your target market is, what brands they like, and what they’re interested in. Once you figure out who you’re looking for, you can use trending hashtags on Twitter or Instagram to find influencers for free. After that, you’ll need to employ your creativity. The first step should be to offer the influencer something attractive in return for their endorsement.
3. Use Social Proof to Capture Attention
Consider using social proof if you want to create a post that captures attention and gives your audience a sense of urgency. Social proof is a psychological phenomenon in which potential customers are convinced to purchase something because other customers did so. Here are some ideas for how to use social proof for your social media campaigns:
- Show the total number of customers who have purchased this product.
- Show the number of customers who have purchased the product within the last hour.
- Display customer reviews of the product.
- Use customer’s photos or videos of the product.
- Show how many people share the post on social media.
- Show how many people signed up to get more information about the product.
4. Share Discounts on Product Bundles
Product bundles are a great way to incentivize the purchase of a product for a discounted price. The discounted price incentivizes a customer to buy a product they would not have otherwise. Product bundles include an assortment of products of the same type, such as a combo pack of oatmeal and trail mix of cereals, coffee mugs, and toasters, or even a package of six shampoos of various scents. It is difficult to stand out from the rest of the products in the current market just by pricing one product at a highly discounted rate. With a product bundle, the customer may be more tempted to buy at a discounted rate. You can share discounts bundles on LinkedIn as it is one of the best LinkedIn marketing strategy.
With FOMO marketing, instead of just offering a bundle package with a 50% discount, you offer a discount that is the difference between the bundle price and the individual price.
5. Use Strong Verbs in Your CTAs to Create Urgency
At the core of every good marketing campaign is the chance to entice customers to purchase something they would not have otherwise. There are some types of tactics that are more effective than others. One of which is the use of strong verbs. Tired of your prospects not pulling the trigger on your program? Make your CTAs, emails, popups catchy & actionable. Following are some examples that you can use:
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Wrapping it Up!
By now, you should be getting a clearer picture of what FOMO marketing is, why it works so well, and how you can use it in your own marketing strategy. To sum it up, you should sell the dream by providing value to the consumer. Yes, FOMO is real, but so are happy consumers!
