Do you know 60% of sales are driven by FOMO marketing? But why is it so effective?
FOMO or the fear of missing out directly takes advantage of a classic human psychology loophole. Our minds are wired in such a way that we fear losing out on amazing opportunities and grab most of them.
Marketers use these kinds of triggers to their advantage to market their brands and products, which is precisely called FOMO marketing.
You can leverage FOMO to populate your following and drive more sales on ordinary days or specific occasions. Before spilling the beans on effective FOMO tactics, let’s first understand what it is in depth.
What is FOMO Marketing?
FOMO marketing is a form of marketing where you leverage the consumers’ desire to grab every opportunity that they get. The messaging in it is framed such that you push the customers to make an impulse purchase rather than regretting the lack of action later.
It works because we’re risk-averse creatures. In case of purchases, risk-avoidance means that we fear putting our money into a product that might not match up to our standards.
At the same time, this risk-avoidance also opens up the possibility of regret in the future. For instance, let’s say that you want to purchase a watch and have an idea of what it should look like.
If you suddenly see an ad on Facebook that shows a similar watch with a discount, your FOMO will rise. Maybe you weren’t that keen on purchasing it, but just by seeing this ad, you’ll be pushed to think about it. This is the exact sense of panic that FOMO marketing aims to create.
Now that you know what FOMO marketing is, here are a few techniques to improve your sales through it.
8 Genius FOMO Marketing Techniques to Boost Sales
1. Set a Time Limit
Setting a deadline is critical for FOMO marketing. We’re conditioned to respect deadlines right from childhood which puts us under immense pressure to act right. This stands true when we’re making purchase decisions as the time is ticking away. For this reason, we end up making impulsive purchases.
However, do keep in mind that the deadline that you set has to be absolute. If you keep extending it, your customers will get used to the fact that the deal will be available after expiry.
Amazon uses this form of marketing exceptionally well. They put up “Deal of the Day” offers, which last for 24 hours. To claim the deal, you need to purchase it within that duration.
2. Use Social Proof
Social proof can be used to trigger FOMO. However, you need to understand when to use it for maximum impact. Ideally, social proof should be used at the end of the purchase funnel when consumers are about to make a purchase decision. Sometimes, social proof is all that people need to make a purchase.
A great way of doing this is by posting and sharing testimonials on your social media posts from your existing customers. When people read positive experiences other consumers have had with your brand, they’ll be more likely to purchase from you.
Similarly, you can use social proof notification tools such as TrustPulse to show who is purchasing from you currently. If your website visitors know that others are buying from you, they will want to purchase from you too.
SeedProd, for example, uses TrustPulse to come up with such pop-ups on their website. They also mention the hours left for the expiration of discount codes to seal more deals.
3. Quote Celebrities or Influencers
Influencers or celebrities onboarding can be a great way to promote your brand and products. When they talk about your products, you can quote them on your website and give a boost to your FOMO marketing campaign.
Combining both modes of marketing can give a significant boost to your sales. Influencers will increase brand trust, get you more traffic and leads, and you can use their message to get even more sales.
Instagram is the best channel for influencer marketing. About 79% of marketers felt that it was their most important channel. Additionally, the influencer rates for it are fairly low. This can help you market your product to a massive audience and create FOMO with a small budget too.
Do ensure that you position their messages where your prospective customers can see them clearly. Here’s some inspiration from Unbounce.
Such quotes can help grab their attention to instill FOMO. You can add them to your landing pages, product pages, etc.
4. Market Product Bundles
Product bundles are used across many industries for upselling. When a person buys a product from you, they are offered other complementary products as well. Purchasing them as a bundle gives them a discount.
Brands reward customers with discounts when they purchase bundles from them. You can combine this with FOMO marketing by adding a countdown clock. By putting a deadline on these deals, you can push the customers to purchase them.
Design Cuts uses this technique. They come up with massive discounts on their product bundles, but all of these offers are available for a limited duration. If you purchase the package within the time, you’ll be eligible for the discount. Else, you’ll have to pay the original price for the products.
5. Leverage FOMO on Multiple Channels
Every brand needs to take an omnichannel marketing approach to reach all its target customers. People prefer different social media channels to communicate with brands, and you can use this to your advantage.
You can let the audience on one of your channels know that you’re releasing exclusive content on other channels only. This creates FOMO in their minds and may push them to follow you or sign up on other channels as well. Through this method, you can increase your follower and subscriber base on multiple channels just through FOMO.
There are many brands out there, such as Amazon, that come up with app-only deals so that their customers will download their app.
6. Improve Your Messaging
The way you convey your message to consumers makes a lot of difference in FOMO marketing. Your words should create a sense of urgency in your target audience and push them to purchase from you.
So you need to craft messages which make them feel that they might lose out on the offer as time is running out. Using strong verbs can help your messages create FOMO in your prospects.
You can use phrases such as:
- You’ll miss this offer…
- This is your last chance to buy…
- Time’s running out!
- Last few spots left…
Your message needs to push the audience to take action instantaneously. Make them feel that if they don’t take action now, they’ll regret their decision of not doing so.
In the below screenshot, Expedia shows that only 5 rooms are available in this hotel. This is sure to push people to book the room.
7. Use Competitive Spirit
We don’t like missing out on amazing offers, but we also hate the fact that others may get the offer instead. You can use this competitive spirit to your advantage and create a stronger FOMO.
A great way of doing this is by showing that others are also looking at the products that you’re interested in. On the one hand, it gives social proof that the product is good and many people are interested in it. On the other, you feel that you’re competing with a huge crowd to get the product. This can push you to make the purchase impulsively.
Booking.com, for example, uses this to promote their hotel destinations. Note how they’ve mentioned destinations that are most popular with other travelers. This is sure to stir up the competitive spirit in their customers.
8. Highlight Missed Opportunities
To give a bigger boost to FOMO marketing, you should consider showcasing all the opportunities that were missed by your customers. When they notice that they’ve lost a good deal just because they were late or didn’t make a call quickly, they’ll start becoming anxious.
This anxiety is nothing but FOMO, and it can push them to make their decisions quickly so that they don’t miss out on other deals. Sometimes, this is all that’s required to push them over the edge.
Booking.com uses this strategy to its advantage as well. Note how they’ve leveraged FOMO by using the phrase “You missed it!”
As we discussed, the very essence of FOMO marketing lies in creating a sense of urgency in consumers’ minds. Your marketing campaigns should instill the sense of missing out by giving away constant offers or social proof.
It should leave a lingering feeling that there is a constant race against time and, if missed, showcase what all they would risk losing. Utilizing the power of influencer marketing, you can increase FOMO. You can further share these across social media and help your cause by using tools like SocialPilot. Schedule more posts to promote your FOMO offers to reach out to your audience. Get your free trial today to implement hacks like FOMO and more.