02 Dec 2020 | 0
FOMO - The Fear of Missing Out is a psychological technique of marketing that creates a sense of urgency to grab an opportunity. FOMO is an inherent fear that we all have within us. Nobody wants to miss out on a good or popular thing as it can imply a disconnection from the rest of the group. As a human, we all want to stay connected and be on the top. This feeling also affects our buying decisions as it creates a risk of missing out on a great product or offer. This is what FOMO marketing is all about.
FOMO marketing helps instill the fear of missing out on a product or offer in the minds of their audience so that they end up purchasing it. It works by directing the communication in such a way that audiences are pushed to purchase the product right away because of their panic of missing out. FOMO helps brands to capitalize on their audience’s fears and boost their sales.
That being said, brands need to be consistent in their voice and authentic in their offer to generate long-term benefits. There are various ways to leverage FOMO marketing, which we will discuss now.
To instill the FOMO in your customer’s minds, you need to create a sense of urgency. You can show a scarcity of products, launch a limited period offer, or limit the discount coupons, and so on. These tactics will trigger your audience to act immediately. Many big brands from Amazon to Samsung, Huawei, etc. use FOMO marketing. For instance, Huawei offered free gifts to its first 100 customers on the purchase of their Honor 8 mobiles.
Reports suggest that 92% of customers believe the word of mouth rather than any other type of marketing. Consumers are more likely to trust their family and friends’ recommendations to purchase a product. To leverage FOMO through word of mouth, you can create relevant content that resonates with your audience so that they initiate conversations among their peers centered on your brand and products.
User-generated content makes your customer feel a part of your brand. You can encourage customers to share their experiences of using your products. Then, post their content on your social media to showcase how your brand is positively impacting its consumers’ lives. By creating that happy consumer persona, you will aspire others to live the same experience. Thus, creating a compelling FOMO for your audiences.
It is proven that FOMO rises when we see someone else looking for exactly the same thing as we are. If the product is available in a limited quantity, then it creates competition between your buyers as to who lay their hands on it first. It pushes your customers further to buy your product immediately. To do this, you can share the number of people looking for the same product as your customer is. You can tell the number of products left in the stock. By doing this, you will also create a sense of social proof and credibility that people are trusting and buying your product.
FOMO gets triggered by exclusivity. When you offer an exclusive deal to a customer, he/she feel special. This preferential treatment makes them more inclined towards purchasing from you. Brands can also charge more for the exclusive offers and hence earn more revenue. For instance, Amazon with its Amazon Prime concept offers exclusive deals to its prime members, who in turn, pay a premium fee for it.
A strong message is crucial to create an impact on your audience. For an effective FOMO marketing campaign, brands should use compelling visuals with bold colors, designs, and other elements to leave a powerful impression. Include words like “Limited Stocks Left”, “Offer Ends Soon”, “Don’t Miss Out”, etc. as they will create an instant FOMO on your audiences.
There are various ways to use FOMO for your benefit. But before starting, you should first understand your audience and their consumer journey. It will provide you insights about your audience instincts, which will help better plan your FOMO marketing campaigns. FOMO is a great technique to build brand loyalty, create relevant content, and boost sales. By following the above-described methods, you can generate maximum impact and return on investments through your FOMO marketing.