FOMO (or Fear of Missing Out) is one of the biggest social anxieties in this generation. And did you know you can use this fear to your favor? In this article, we’re going to explore FOMO marketing, one of the latest trends in marketing tactics, and how you can incorporate it in your business.
What is FOMO marketing by the way?
“You missed it” is one of the most terrifying phrases for millenials. Actually, a study from Eventbrite discovered that 69% of them, accept they have this fear. This is no way surprising, as this is a generation that demands instantaneity like no other generation has done before. While the causes are not completely understood yet, several brands have understood this fear and use it as a purchase motivator.
Users that experience FOMO tend to be users highly hooked with social media, and feel more prone to make impulsive purchases, specially relate to the fear of losing the opportunity to do it. This is the key reason why FOMO marketing strategies have proven popular with brands.
In the case of FOMO marketing, the two most used strategies to appeal to this fear are Scarcity, Urgency and Social Proof.
Scarcity, a strategy to speed up purchases
Something that makes consumers act fact, is lacking the capability to leave it for later. And considering the high acquisition cost in some industries, delaying purchases is a luxury most business can’t take. There are things that they simply cannot lose, and our business can become one of them.
Brands understand this, displaying understated stock levels. They also show alerts of other people watching this website at the very same moment (hint: you can create these type of alerts with Sidepop). These alerts can trigger FOMO as when they see other people are on the same action, they are prone to feel pressured to act, especially with stock limited offers.
Urgency: Act now or lose it
Urgency is the sibling of Scarcity. While Scarcity triggers FOMO due to the lack of availability, Urgency triggers it due to lack of time. A great way to do it is using time-limited offers or daily exclusives that will disappear if they don’t act fast. This strategy is widely used in retail, but not so much in services.
Don’t abuse this strategy. Consumers have grown suspicious of this type of strategy, especially as online shopping has become prevalent. It’s easy to open up another tab in your browser and check the prices of your competition. For this, you can always induce urgency by including a gift or giving a limited-time offer that is not related to price. If you use Sidepop, you can create Customized notifications for your website visitors that will only display until you delete them. You can use them to engage them and display exclusive deals not available anywhere else.
Social Proof: If they do it, it’s good
We all heard it when we were children. If your friends jump off a cliff, you would jump too?. Actually, FOMO prone people would (while not in the literal sense).
One of the main characteristics of FOMO prone people is looking for validation before taking the plunge. Whether it be reviews or online opinions, the truth is that when confronted with peer validation they are more prone to act. When real people do an action, it immediately validates it, and when more people do it, the better.
If we sell online, a great way to incorporate social proof is to use a widget or plugin for our website. Sadly, if we’re starting up, or we don’t have enough sells to really create Social Proof it becomes a chicken-or-egg problem.
Sidepop is a great way to solve this, as it’s the only fully customizable FOMO marketing popup. You can combine real sales with fake autogenerated sales that will provide the social proof your customers need to take the plunge. This way, you can create Social proof in your customers easily. Try Sidepop free for 7 days.