Social media marketing has proven to be a powerful tool for increasing brand awareness and driving sales. Although social media marketing can reach a large audience, it does not guarantee success. Psychology is the bigger factor. FOMO is one way to tap into the psychological resources that can help you increase your chances of success with your marketing campaigns.
Online shoppers feel FOMO more often because of the popularity of social media platforms like Instagram, Facebook and Instagram. They see their friends buying and sharing what they’re doing. A strategic plan for incorporating FOMO in your marketing will increase brand recognition, brand engagement and ultimately drive sales.
This article will teach you how to implement FOMO marketing and get all the results it can. Let’s get to the details.
What is FOMO?
Fear of missing out
Have you ever felt FOMO? Do you remember feeling it? Did you ever feel the need to try the best food in a new place? Did you ever agree to go out, even if you were tired, just so you wouldn’t miss the opportunity? Do you regularly check the status of your friends to see what’s happening? You have probably experienced FOMO, whether or not you are aware. FOMO is a common feeling among humans, particularly among millennials.
FOMO is a psychological reaction. We humans desire to be part of a group and feel connected. If we see others having fun with something, it’s likely that we will want to join them. This is how trends begin. FOMO stands for the principle that humans do not want to miss out great opportunities or experiences. We want to grab them now, rather than waiting. This principle is key to planning and executing a FOMO marketing campaign.
How can FOMO marketing improve your conversion rates?
In a 2013 study, FOMO was defined as “pervasive anxiety one might feel when one witnesses experiences in which they are absent.”
This definition explains how FOMO marketing exploits a primitive human desire to belong in a group. Everyone wants to be included in their group. Missing out is a common anxiety that has existed since the beginning of humankind. Being out of the loop can have negative consequences. This creates social pressure, which can threaten one’s survival in the past when wild animals were common. Even though humankind has advanced to civilization, the FOMO feeling is still ingrained in our psychology. Therefore, inclusion is an important priority for all of us.
The 2013 study states that FOMO is the desire to be constantly connected with other people’s activities. People are more likely than ever to feel anxious about missing something in our connected world. 56 per cent of those surveyed said they fear they will miss out if their social media feeds are not kept up to date.
Younger people are more concerned about this fear. Eventbrite found that 69% of millennials suffer from FOMO. Eventbrite says that FOMO is a growing epidemic among millennials. FOMO encourages millennials, in a world where social networks constantly show them what their friends are experiencing to share, engage, and FOMO is a driving force behind the experience economy.
Marketing is all about playing to emotions. This is obvious if you know marketing. FOMO marketing recognizes the fear of missing out, and uses it to grab consumers’ attention, get them engaged, and eventually buy. When implemented correctly, FOMO marketing can help increase conversion rates and sales.
How can you use FOMO in marketing campaigns?
Before learning how to use FOMO marketing, it is important to remember that FOMO can be a powerful tool to influence good and bad behavior.
FOMO can cause people to be impatient and not take action. A study by Citizens Relations found that:
- 39% of those surveyed felt envy
- 30 percent felt jealous
- 21 percent were sad or disappointed
Many people feel uncomfortable when they feel like they are about to lose out on a great opportunity. When approaching a client, it is important to have the right intentions. Modern consumers are smarter and more sophisticated, so they can often sense when brands try to manipulate or deceive them. FOMO marketing, where you deliberately provoke unpleasant emotions to get people to buy from you, can lead to an “overdose” and make them hate you.
Here’s how to properly use FOMO.
1. Demonstrate that Something is In Demand
People don’t want to purchase something that isn’t in demand. People don’t want their hard-earned money to be spent on products that have never been tried before. It’s too risky. If a product is popular, people will be more interested in it. This encourages them to look into other options. That curiosity leads to more actions which in turn leads to conversion. You won’t be able to convince them to buy your product if they don’t want to learn more.
2. Do not accept an offer that doesn’t last:
It is one of the most effective ways to create scarcity. It can also have a significant impact on FOMO marketing.
Your prospect will see a countdown clock. If they don’t act now, the offer will expire. This tactic is used everywhere. Here’s an example.
Using countdown timers, you must be true to your words. This means that customers who have purchased your offer will feel they were tricked.
3. Display How Many People are Buying:
Imagine someone is interested in your product. They’ve looked at your online store and done some research. Now they are convinced that your product is the solution to their problem. They are still uncertain, they don’t know if this is the right decision or if someone has already bought this product. If that is what is holding them back, it’s time to reassure them.
A customer can be convinced to buy the product if they see other customers buying it.
Popups of website activity in real-time
Banners will appear on prospects’ websites advising them to continue browsing.
4. Exclusivity is a good idea
Exclusive offers are a favorite among online shoppers. Online shoppers love to have access to great deals and discounts that others don’t offer. This makes them feel unique. To encourage your target audience to act, you can create an exclusive feeling with your offer. Here’s an example.
Although 15% off may sound too common and difficult to convince people to act, they will be more likely to take your call to actions if they know they can also get an exclusive offer (which makes them curious as they don’t know what it’s). Your offer must be unique and exclusive. Otherwise, the offer-taker will feel cheated and upset.
5. For a limited time, shipping free
People love free shipping because shipping is costly. A study found that 9 out of 10 consumers think free shipping is the best way to shop online. Orders with free shipping average 30 percent more in value. This is quite understandable. Shipping costs can feel like an added burden when you shop online. Shipping costs are something you should carefully consider before you decide to spend your hard-earned cash on the product. Shipping costs are more expensive than the product.
Why not solve this problem for your customer and encourage them to buy more? Shipping costs are often the biggest obstacle to placing an order online. Your customers will be more motivated to act if you include FOMO in your free shipping.
6. Special Offer for Early Buyers
Many sports events offer a giveaway to the first 1000 people to attend. This incentive encourages people to arrive earlier. This tactic can be used in your promotion programs by learning from sporting events.
You don’t need to spend a lot of money to give away free products like sports events, but you should make sure your offer is truly valuable to get people to accept it.
7. Leverage Testimonials:
Testimonials are one of the best ways to build trust and drive conversions. This approach is highly effective but requires that you simply ask your customers to testify to your product and brand. You should include testimonials in your FOMO marketing strategy.
This helps you convert as it shows your prospects that others have used your product and have had success with it. Prospects should not be afraid to take action and get the most out of your product.
8. Make sure you have an Exit-Intent campaign.
Yes, pop-ups can be irritating. Pop-ups are not something I like, but they can be useful if you know how to use them correctly. Pop-ups can help you retain customers who are about to leave your site. Pop-ups do this by offering customers a valuable deal. Pop-ups can be described as “a message that appears in front of users who are about to leave your site.”
Exit-intent campaigns are targeted at people who are leaving your website. The offer is to convince them to stay or to give you their information. It is a good idea to get their contact information (often via email) so that you can use it for marketing purposes.
Pop-ups can help you convert a lead that has been lost into a paying customer. It takes just a little motivation to make that happen.
This approach may not always work, but it is possible. This is a common approach that many eCommerce companies have tried and found to be effective. Exit popups are a common feature on eCommerce websites.
FOMO is real and marketing professionals have to capitalize on this primitive human emotion to increase brand recognition and drive sales. This approach can be great, but online marketers must use it responsibly and avoid overusing it. Otherwise, FOMO marketing will cause customers to hate their brand rather than buy from them.
This article should have provided you with the necessary information about FOMO marketing, how it works, and how to use FOMO effectively for increased conversion. Now, it’s time for you to get started! Use the techniques you just learned to create your next campaign. You’ll be amazed at how powerful they are and how they can bring you the results you desire.