“FOMO” stands for fear of being left out, a psychological trigger that people can’t resist reacting to. According to research on the phenomenon, published in Computers and Human Behavior, FOMO is “a pervasive apprehension that others might be having rewarding experiences from which one is absent.”
FOMO marketing is messages that trigger your audience’s fear of being left out, which makes people more inclined to act.
In this article, we’ll share the most effective FOMO marketing techniques that can aid you in using this essential marketing strategy.
Table of Content
- 1 What is FOMO?
- 2 What is the FOMO Marketing?
- 3 What makes FOMO beneficial to eCommerce businesses?
- 4 How To Use FOMO To Drive More Ecommerce Sales
- 4.1 1. Use Social Proof
- 4.2 2. Tweak Your Lead Magnets
- 4.3 3. Set the time limit and then show the scarcity
- 4.4 4. Use Exit-Intent Popups
- 4.5 5. Highlight Missed Opportunities
- 4.6 6. Display Low Stock Levels
- 4.7 7. Make Your Visitors Feel Special
- 4.8 8. Bombas Free shipping
- 4.9 9. Display Sales Activity In Real-Time
- 4.10 10. Offer Rewards for Early Decisions
- 4.11 Related
What is FOMO?
The Fear of Missing Out
The fear of missing out is a psychological condition when you feel you’ve been denied a truly amazing opportunity. It makes you feel anxious to regret it, and you are motivated to act since you don’t want to lose the opportunity. Everybody has felt, whether either actively or inactively.
“Inactively” refers to when you are not actively involved “inactively” part is when you’re forced to feel anxious due to the events you experience. For instance, you’re not invited when you notice your friends sharing posts about a party they attended on Instagram. If you come across an item on sale, you’re tempted to purchase it, even though you don’t require it. Or when you decide to travel because the price of your flight ticket has dropped. We’ve all been there.
What is the FOMO Marketing?
It is a form of marketing that uses a marketing technique known as FOMO marketing technique is one type of marketing where you make use of the time-sensitive need to be marketed to make the sale. The marketing message and the advertising are crafted in a specific manner. It triggers those who are driven to buy. It is a FOMO marketing strategy based on putting its marketing messages around the factors below.
- Specific Time Limit
- Social Proof
- Highlights The Feeling of Missed Opportunity
It’s designed to prompt individuals to take action fast to avoid missing the opportunity to profit from an enormous opportunity or deal occurring before them.
What makes FOMO beneficial to eCommerce businesses?
FOMO in eCommerce marketing
The urgency that is felt and the need to get people to act is the reason that creates FOMO is an effective tool in the world of eCommerce marketing. Imagine an invisible force driving buyers to your store to buy your goods. Who would not want to do that? There are three primary ways in which FOMO can affect customers:
They can spend money because of social pressures and do not want to be left out of everything everyone else is going through.
They purchase items to avoid losing out on a fantastic bargain.
They regret being unable to take advantage of the opportunity and decide to do something about it by joining a newsletter to stay informed.
Whatever the case, FOMO is incredibly effective in boosting loyalty, attracting new customers, and generating more sales. Don’t believe me when I say so. Here are the figures from recent research conducted by Trustpulse:
56 % of social media users reported having suffered from FOMO. The majority of those are younger millennials (22 between the ages of 22 and 37)
About 40% pay money on certain items each year, only to post photos of them on social media.
The majority of young people (48%) are spending money they don’t need to stay in touch with their friends
60% of consumers make purchase items solely because of FOMO, most often within 24 hours
41% of people are happy to spend their money due to anxiety that they won’t be invited in the near future.
You can see that a generation greatly affected by FOMO is the Millennials. With the advent of new social media platforms that keep people hooked on new experiences, this generation appears unable to make their purchases to ensure that they don’t miss out. eCommerce companies have different approaches to this data, and we’ll discuss this in the next section.
Now, note that FOMO is an extremely effective tool to use in eCommerce marketing, and one is essential to use to attract more potential customers. So, let’s examine the best ways to utilize FOMO to effectively market your eCommerce.
How To Use FOMO To Drive More Ecommerce Sales
1. Use Social Proof
Social proof is a powerful tool to create FOMO. However, knowing when to use it for the greatest impact is essential. In general, social proof should be applied at the end of the purchasing funnel when consumers are about to decide between buying. However, in some cases, social proof is all that is needed to buy.
One way to do that is by posting testimonials and posts on social media accounts from existing customers. If people are impressed by the positive feedback from customers who experienced the company, They’ll be more likely to purchase from your company.
Additionally, you can utilize social proof notifications tools like TrustPulse to determine people who are purchasing from you in the present. If your website visitors realize that other people are purchasing from you, they’ll also be inclined to buy from you.
2. Tweak Your Lead Magnets
The term “lead magnet” refers to a Lead magnet used to aid in lead generation. In addition, it is used to motivate to encourage your visitors to provide you with their contact information.
Collecting contact information for your visitors is crucial for your business’s eCommerce. These contacts form your list of email addresses, which help to build and strengthen the customer relationship.
You may need to entice your customers with a lead-generating magnet to get those emails. But, getting your customers to respond quickly is crucial in implementing the lead magnet. This is the point where FOMO is crucial.
One method to achieve this goal is to offer an irresistible deal or coupon code that customers must take advantage of before the time is up.
3. Set the time limit and then show the scarcity
Setting a time limit or a countdown timer for promotions and discounts can create a sense of urgency and makes people more likely to buy impulsively when under pressure. Flash sales can increase sales by offering items with massive discounts for only a short period.
The anxiety of losing a huge offer entices customers to take the chance before it’s gone when they do not require this product. “At Crafter’s Companion, a “Birthday Week” is observed that is essentially a sale all week.
Indicating the current stock levels of the product can cause the fear of missing out. The depletion of stocks can also trigger sales since the thought of another person ordering the last piece will be a source of anxiety for many. The display of the product’s stock status can encourage buyers to order ahead of this tactic, which is employed to sell products by Amazon when they alert customers to the products’ limited supply.
4. Use Exit-Intent Popups
Another approach to leverage FOMO to boost sales is by using exit-intent popups. Exit-intent popups show up on the screens of users when they try to leave the page. In addition, they display a notification box with information that can make a visitor who has already left reconsider their decision to leave your site.
Exit-intent popups are an insignificant but crucial element of the marketing process for eCommerce companies. Incorporating FOMO in them will help boost conversions.
Are you looking to incorporate FOMO in your exit-intent popups already? Just add an incentive your customers will find appealing to an item that is a bestseller and will soon be out of stocks. Alternately, you can include a discount code that has the expiration date.
5. Highlight Missed Opportunities
To have a greater impact on FOMO marketing, you must think about highlighting all the opportunities missed by your clients. When they notice that they’ve missed out on a lucrative deal due to being tardy or didn’t respond to calls promptly, they’ll begin to become nervous.
It’s nothing more than FOMO. It can force people to make decisions swiftly to ensure they aren’t missing out on similar bargains. Sometimes just this is what’s needed to get them to the edge.
Booking.com utilizes this tactic to its advantage too. Notice how they’ve capitalized on FOMO using the expression “You missed it!”
6. Display Low Stock Levels
Nothing can trigger FOMO more than the fear of running out. So naturally, no one wants to be unable to enjoy a wonderful product because it’s out of inventory. If you’ve limited inventory, be sure your customers are aware. They will be prompted to act immediately.
But, it is essential to present the inventory levels carefully so that they are convinced that the product is scarce. Be sure not to be generic about the product, such as “Only a few left.” Instead, present the exact levels of inventory that make the customers want to take action quickly.
7. Make Your Visitors Feel Special
People love being treated with respect. They like feeling like an elite group and part of something others aren’t. If you’re a business owner, you must make use of this need.
Let your customers feel special by giving them exclusive offers that other customers do not have access to. Then, offer them special deals that let them know they’re getting these offers because they are exclusive.
Exclusive deals are beneficial because they strengthen customer relationships and increase trust and loyalty.
An exclusive offer could include incentives. These could include coupons for those who subscribe to your email newsletters, discount offers on purchases of certain quantities of goods, or discounts for new customers.
8. Bombas Free shipping
Discounts aren’t the only thing that you can offer for a brief period. For instance, the clothing company Bombas had an ad that offered free shipping provided you place your order on a specified date.
Free shipping may be more appealing than a coupon on your FOMO marketing communications. Inmar Intelligence found that customers are likely to “spend more and wait longer for online purchases that offer free shipping.”
9. Display Sales Activity In Real-Time
Presenting real-time sales data to your visitors is among the simplest yet most effective methods to increase FOMO when a visitor goes to your site and notices that others are purchasing your products, and it makes them want to buy the items for them.
You can show the real-time activities of users to inform your site visitors that they purchase your products regularly. Sales notifications make a purchase easier, as they inform them about what they are buying and encourage them to go to the checkout and purchase your product.
10. Offer Rewards for Early Decisions
A freebie is an effective method of attracting customers. But one can turn it more efficient by restricting that offer to a certain amount. Offline, you’ll see this method when retailers give a free gift or a special discount for only the very first hundred customers, and it is common for hundreds of people to wait in line.