Over the last few months, I’ve been thinking a lot about FOMO Marketing and how it can be implemented digitally.
What is FOMO Marketing you may be wondering? It’s Fear Of Missing Out Marketing - where your target audience feels like they’ll miss out on your business/product/service if they don’t act immediately. FOMO digs into the innate fear that everyone has that they will lose the opportunity for something, and that fear can compel your audience to purchase, thus boosting your sales and bottom line.
Costco is the ultimate winner in FOMO Marketing, in my opinion. Costco stock changes so frequently, and is known to be very limited, that if you see something in the store you’re more compelled to purchase it right then - because if you come back next week, it will likely be gone.
I see a lot of brands leaning into these trends more and more, and I’m constantly wondering if they see a return on investment in the strategy. Do they alienate their audience, or does the strategy boost sales? I tested this on a client over the month of November and we received 250% more inquires for their services than the month prior. I’d say that’s a BIG win!
Below are three tips you can use to implement a FOMO Marketing strategy.
Reward early adopters
The biggest factor with FOMO Marketing is time. Time is crucial for your messaging to trigger the fear response in your target customer.
This can be easily implemented by offering a reward, or big incentive, for people to subscribe/sign up/purchase quickly. By limiting the time of an offer or giveaway, you create a sense of urgency in the minds of your audience. Staggering the reward (ie. The first 10 sign-ups get 50% off, second 10% get 20% off, etc.) can also garner a positive response.
Create Competition
FOMO rises if we realize that there’s someone else looking at the same thing and might buy it before us. If a product is available in limited quantity, you’ll have increased the FOMO factor by leaps and bounds. Some e-commerce websites have functionality built in to showcase how many people are looking at an item at one time. Many hotel booking sites and apps also use this tactic to increase the booking percentage.
Utilize User-Generated Content
User-Generated Content (UGC) can absolutely evoke FOMO in your target audience. Does your business sell products? Showcase them being used in your other customer’s everyday lives with their content! UGC can save you tons of money on photo/video shoots and can help you see your products and services from a new point-of-view. It’s a win-win for everyone!
Need a bit more help figuring out your ideal FOMO Marketing strategy? Contact us for a free consultation.