Did you ever follow a group of people because you assumed they were heading in the right direction? Many times. This psychological phenomenon is known as the herd mentality. The herd mentality, which is a human tendency that people do what they see others doing, is common.
The herd mentality is the reason why cultural trends like yoga, meditation, and fidget spinner are so popular. People don’t like feeling left out, so they join these so-called movements. This is also why no one wants to eat in an empty restaurant or shop.
As humans, we have an inherent anxiety about missing out on the experiences of our fellow human beings. This anxiety, known as Fear of Missing out is not new. The rise of social media has definitely made FOMO worse, particularly among millennials. A study found that 7 out 10 millennials have experienced FOMO at least once in their lives. You can use FOMO as an eCommerce marketer to build your brand, and ultimately drive sales.
This article will show you how FOMO can be applied to your next marketing campaign.
What is FOMO marketing?
FOMO is a psychological trigger that can be very hard for humans to resist. FOMO is essentially the fear of missing out. It’s the feeling of regret when a great opportunity is lost. This fear makes it difficult for people to seize the opportunity, even when there is uncertainty. They would rather regret not doing so later.
What does this all mean for you? You can use this psychological behavior as a website owner to increase brand recognition and drive sales. Here’s how.
Use FOMO to your eCommerce website in a creative way
1. Your offer must be limited in time
The pumpkin spice latte is a popular drink in Western countries. This is one of Starbucks’ most loved drinks. This drink is only available during holidays. This is why pumpkin spice latte is so beloved, not only for its delicious taste but also because it is limited in availability.
Are you still convinced? Studies actually showed that a product becomes more attractive and desirable when it is in limited supply.
You can now take a leaf out of Starbucks’s marketing plan and only offer seasonal or exclusive products during certain times of the year. The eCommerce watch store 5th sells a range of watches that are only available on 5th of every month (hence its name). The site even has a countdown clock that shows when the watches will be available.
2. Mention missed opportunities
Remember the time you placed an order at a restaurant and, to your shock, the server said that they had run out of that particular dish.
What did you feel? It suddenly seems more appealing if you’re like me. It is amazing how wanting something even more when we know that it is impossible to get it can make us crave it.
This psychological reaction can be used to generate FOMO among online shoppers. Mention missed opportunities in your website.
You need to inform your website visitors about all the amazing deals that have been sold on your site. Instead of visitors arriving at individual product pages to discover that the product is sold out, inform them upfront that all products in the main category are available.
Instead of telling shoppers to go with an “Out of Stock” message or “Sold Out”, encourage them to leave their email address so you can notify them when the product becomes restocked. You can also point them to similar products that you have on your website.
3. Use a countdown clock
A countdown timer should accompany every great deal. Why? Why? Having a countdown clock visible in front of customers creates an atmosphere of urgency. Customers will also know that if they do not act within the specified time, the deal is over.
4. Real-time Activity
One simple, but effective way to elicit FOMO is to show real-time activity on your website. Online shoppers often hesitate to act because they lack trust. They might also be curious if the seller is trustworthy or if anyone has bought from this store in the past.
What can you do right now? Let them know what’s going on in your store. Let them know that others are also buying from you, so they don’t have to worry. social proof that enables you to display real-time activities on your store via small popups at the bottom left corner of the computer screen. It’s also free! Grab your deal today!
5. Display stock levels
Let your customers know if a product is out of stock. This will encourage them to act quickly. But you should not be vague about the stock level. You shouldn’t say, “Only a few in stock!” because you don’t know how many.
You need to be as precise as possible when sharing your inventory levels with website visitors. Customers don’t think so. They know that “only few” isn’t accurate. This is especially true if you use this phrase repeatedly. You can either make it clear what the stock number is or not mention it at all.
6. Limited-Edition Products
Limited-time and limited-quantity products both can give the feeling of urgency. The scarcity principle is a powerful tool for limited-quantity products. The scarcity principle states that the less something is available, the more desirable it will be. The customer can act now if they wait within the specified timeframe. However, limited-quantity means that there are only a few units left, so customers must act quickly to avoid losing their chance of buying.
Here’s a great example of a product that is highly sought-after. Seth Godin, an online marketer and author, published a book several years ago. It’s not your average book. This book was limited to 2,400 copies. It also came at a rather unattractive $400 price. Seth was aware that $400 is too much to spend on a book. He wrote a blog post to his email subscribers titled A book worth $400?. The blog post addresses the question of why Seth’s book is $400 for those who are unsure or unsure.
Seth managed to sell all 2,400 copies of the book. This is what we can learn from this experience. Try selling limited-edition products when you are starting an eCommerce business. If the exclusivity of the product means that it is expensive, explain to your customers why. Also, tell them how valuable your product will be for their lives.
7. Display user-generated content
Social proof has a powerful effect. According to studies, 84% online shoppers trust online reviews when it comes time to purchase something online. These reviews are trusted as much by online shoppers as the recommendations of their friends.
Social proof is best when it comes from users. These are images and videos of your product taken directly by customers. What can be more trustworthy and credible than this type?
User-generated content is used everywhere, even in the cosmetics industry, where it matters most. Glossier, a cosmetics brand, is a great example of this approach. Glossier encourages customers to use their brand’s products via Instagram from the beginning. To acquire their content from their customers, one of their brand hashtags is #nofilterjustglossier. Glossier will then feature the most popular Instagram photos using that hashtag in its newsletter.
Glossier also uses user-generated content in other ways. Glossier’s homepage explains how its products fit in with customers’ daily lives.
Glossier has a large fan base, which makes it easier to use user-generated content in marketing campaigns. There are still many ways to get user-generated content. You can offer discounts, free shipping, or other incentives to participants by creating a hashtag campaign.
You can also hold a giveaway contest in which you will give a prize to the winner. If you are in the beginning stages of your business, and don’t have a customer base willing to promote your product to them, you may need to spend money on your customers to get their attention.
A good package design is essential if you want your customers to participate in your contest and post pictures of your product. It’s not something that anyone wants to see next to an unattractive product.
8. Your most popular items are displayed
If I am unsure of what I want to purchase in a store, I ask the sales representative to show me the most popular items. The products that are most popular must be of high quality, right? This behavior is a result of the herd mentality. It feels safer to use/have what others are using/have.
Don’t miss this chance to tell your customers which products are the best sellers in your store. Simply create a section for “best sellers”, or put a tag with “best seller” on the best-selling products.
Amazon even has a section called “Best-Sellers” on their website.
Show them if you have any items that are no longer in stock. Let them know that they are valued by the products you sell!
9. Encourage your customers to check out
Imagine that you are shopping online at an eCommerce store. After you have added a few items, this pop-up notification will appear:
What would you think? This is a marketing tactic, and marketing professionals know this. The consumers may not be aware of this tactic. The popup message can be a motivator for hesitant buyers by creating a bit of stress. While this popup message can encourage people to checkout, it can also make you feel suspicious and awkward.
Last words:
FOMO has existed since the beginning of time. You will be able to convert more customers by using the FOMO techniques you’ve learned in this article.
Let me conclude this article by summarizing all 9 FOMO marketing strategies that you can use for sales growth:
- Your offer must be limited in time
- Mention missed opportunities
- Use a countdown clock
- Real-time Activity
- Display stock levels
- Limited-Edition Products
- Display user-generated content
- Your most popular items are displayed
- Encourage your customers to check out
These tactics can be used in multiple campaigns. These tactics can be used strategically, depending on their relevance. You can share any other great FOMO marketing strategies that I haven’t mentioned in the comments section.
