WHAT IS FOMO MARKETING?
What is FOMO Marketing
"FOMO” has become a very popular term in recent years, as it is now used in everyday vernacular. FOMO is an acronym that stands for “Fear of Missing Out.” It is used when someone is afraid of missing an event or opportunity that they think they will enjoy. Some examples of how it is used are, “I’m going to go out tonight because I don’t want FOMO” or “I’m so jealous I can’t go on that beach trip with you; I know I’m going to have FOMO.” And while we have all experienced FOMO at least once in our lives, we must wonder what this has to do with marketing.
Well, FOMO can mean more than just missing out on a party or event. FOMO can mean fear of missing out on a promotion, deal, or sale. People, particularly in American culture, are risk-averse. We don’t like to live with regrets or “what if’s” and tend to make impulsive purchases because of FOMO. If you want new sneakers and were not planning on buying them right away, but you see an ad for 30% off that ends tonight on the sneakers you like, you might end up buying them to avoid FOMO. You don’t want to pass the opportunity and then end up regretting it when you buy the shoes later at a full price. Therefore, you give in and buy when you weren’t planning on it.
FOMO marketing can be powerful, but it has to be done right. One of the biggest factors in its success is honestly. Customers are smart and don’t like to be fooled. Therefore, if you are running a promotion for reward members only, but then a few days later offer a very similar promotion to all customers, it will harm customer loyalty. Not only will they feel betrayed, but their FOMO is less likely to kick in during your next promotion because they know the same offer is likely to appear again.
You also need to know your target audience well. Know what they are looking for, what will catch their eye, the best ways to reach them, and what deals will trigger their FOMO. This knowledge is the only way you can obtain success with this type of campaign because the audience needs to be willing to take the risk and make a purchase.
To ensure that your FOMO marketing techniques yield the desired results, here are some tips that can help you:
Set a time limit
This FOMO marketing tip is self-explanatory, as people are more likely to make that purchase if they know the deal won’t last forever. Make sure you don’t push back the deadline or restart a similar deal immediately after because that will not give the incentive to buy right away.
Use Influential Copy
Adding a sense of urgency to the promotion can be done through tactful language. Incorporating phrases like “Hurry, while supplies last” or “Act now, before it’s too late” can give people that final push. It will also trigger their FOMO because there is a sense of urgency to make a purchase. But make sure that you incorporate this type of copy with a deadline or some sort of time limit or else it will not work.
Customers tend to like validation from others when purchasing a product. This concept of social proof is becoming more and more influential in a customer’s decision process so it’s important to keep that in mind. Having testimonials to back up that people are enjoying the product or service will make the customer more inclined to follow suit. However, there are other ways to demonstrate social proof. One of them is displaying how many followers you have (if you have a strong social media presence). You can also place logos on your website of popular brands that have used your product, recommended you, etc. This shows that notable companies are taking a liking to you, which will increase a customer’s trust.
Having a celebrity talk about your product or service is another great form of social proof. This doesn’t apply to everyone, but those who can utilize it can yield great results because of it. If any celebrity, influencer, big business, or notable person has utilized your products or services, incorporate it in your marketing. If they said something positive, quote them. Customers are more inclined to believe in what you are selling if they see someone notable utilizing it. Note: if you are quoting an influencer, do so on Instagram because that will get more than 3x’s the amount of engagement than other platforms (but make sure you have an established presence first).
Advertise a Bundle
Bundles are a great way to not only get a customer to make a purchase but also to sell multiple products/services at once. If the customer was only planning on buying one product/service but then discovers he or she can buy three for a significant discount, FOMO will probably make them spend more than they intended and buy all three.
Change Up Your Lead Magnets
Lead magnets are the items that tend to draw the lead into filling out that contact form or performing the desired conversion. You can put deadlines on these lead magnets and change them often so when people see them, they get FOMO. For instance, you may have created a presentation for your customers that is filled with useful information. All they have to do is input their email address.
Overall, FOMO Marketing could be useful when used properly. Even incorporating some of these techniques into your regular advertising could trigger some FOMO and a sense of urgency from your customers. After all, nobody likes to miss out. Now you can prove to them why they will regret it if they miss your opportunity.