FOMO, in case you haven’t heard this Gen-Z term then, it is a short form of Fear-Of-Missing-Out!
So, what is FOMO in marketing? And how does it help you increase your sales?
Well, we all have fear of missing out on an amazing opportunity to get the benefit of, this is the psychology of human nature and that’s the thing marketers take advantage of to increase the sales of their products or services.
Before jumping to anything, let’s understand what exactly FOMO Marketing is?
What is FOMO Marketing?
This is the form of marketing where you use the human psychology of ‘being left out’ to increase the sales of the products or service. The secret message behind this is you push the followers or prospects who are sitting on the edge of the fence to make an impulsive purchase rather than regretting the lack of action in the past.
This form of marketing works best in today’s time as we all are risk-averse species.
Let’s take an example to better understand this. If you want to buy a smartwatch, you have your budget in your mind, the specifications also and you also short-listed a few brands which you like. Now you are in still a dilemma and suddenly you get an advertisement on Facebook or Instagram showing that your short-listed brand is giving a huge discount. Well, yes you didn’t make up your mind to purchase the smartwatch yet, but surely your FOMO will gear up and you are pushed to think about that offer again and again!!
This same sense of panic or anxiety defines what FOMO Marketing is!
Now, it’s time to learn about FOMO strategies and how you can use that for your brand.
- Limited Time Offer!
In marketing, nothing works better than a deadline!
People push themselves to buy impulsively when there is a Limited Time Offer on their favorite products.
Use festive season and offer them a great deal such as 25% off on their loved products if they buy those in the next 48 hours!!! Push this message through emails, social media posts, and even paid campaigns too.
Here, one thing you need to keep in mind is that you should abide by your time frame. Don’t increase the limit one by one because people are smart and if you do so, they will know that you tricked them. And this behavior is also bad for the brand’s reputation.
2. Show them People are buying!
Have you ever booked a hotel from booking.com? Well, they have actually done a great job showing the availability of the rooms are keep decreasing when people are searching for hotels.
Seeing, that people are making purchases and they will not have the option to choose from many choices, people make impulsive buying.
Offer a free gift or some valuable reward to first X buyers!!!
Wow! This is something which obviously shouldn’t be missed because who doesn’t like freebies, right?
This way, you can get some good benefits for your sales and secondary, you can get rid of your some promotional items too.
4. Celebrities, Influencers, and Brand Messages!
Yes, for FOMO also you need some good influencers’ or celebrities’ word-of-mouth. You don’t need any bigger name for this, even though you have then that’s a good thing!
Influencers are dominating social media and so many brands are leveraging this tactic to increase their sales.
One thing, need to take care of first is, if you are combining FOMO with influencer marketing then you need to have a solid online presence first!
5. Product/Service Bundle!
Well, the majority of successful brands use the FOMO strategy with multiple products purchase! This is technique is very much effective in today’s time as people love to spend money on the things that come in a bunch! Offer your followers a bunch of products with a deadline and it will boost your sales.
6. Social Proof!
Use reviews and feedback in your early content.Early because, it is not generally considered a FOMO strategy but yes, it will create trust and credibility in your audience. When people see that others are buying your product/service and they are getting benefits from it, they want to try the same product/service.
7. Precise Messaging
Well, FOMO Marketing is all about how you convey your message to your followers. The message should sound like a sense of urgency and they have to make a purchase as time is ticking!!!
So, when you use this style of marketing, you need to use phrases like
– Time is running out, hurry up!
– Only a few spots are left!
– This is your only chance to make a purchase at a special price!
– Your wishlist is waiting and prices are at a jaw-dropping rate!
– You’re missing an amazing opportunity to have this deal!
So, the message should be clear-cut that if they don’t make a purchase now, they are going to lose the opportunity!
This technique I have recently shown amazingly used by Sorav Jain Founder of Digital Scholar a digital marketing institute. In one of his free webinars, he used this technique to encourage attendees to take his new course worth Rs. 20000/- which was in that seminar, and in the next free webinar this price will increase to 25000/- and so it is Now or Never Offer for the attendees!!! Kudos to him!
8. Missed Opportunities
Again if we take the Hotel booking example here, a few of the websites I have seen share the message if some hotel is not available then as “You Missed It” phrase to show that the hotel is fully booked! This sense of being left out makes people anxious and they try to buy the second best product/service in a hurry!
The scarcity/FOMO is real and so does FOMO Marketing. So, when you use this technique to show your audience that they are missing something that they won’t get in the future then obviously the sales will increase, and engagement will increase. Here, the catch is you need to think about the right offer, the right occasion to the right people.
I hope this blog helped you to create your next marketing campaign and you can enough benefit from that.
If you need any help planning your next Festive season marketing or any other special marketing strategy, feel free to get in touch with us.
Write us – at [email protected] or Call/Whatsapp – +91-9429501010