FOMO is one of the strongest motives for people to make purchases. It’s particularly true for millennials but also applies to those who aren’t a part of this age group.
Social pressure generates tension that can be used as a way to shake up sales. Because of this, we want to familiarize you with the term FOMO and show you how to use it to make more online sales.
The term stands for the acronym “Fear Of Missing Out”. This fear can be related to participation in an event or an activity, but also the risk of losing the chance to buy a product, leveraging a sales promotion, or even missing out on the latest meme that everyone is sharing on social media.
It is in our nature as human beings to aim to integrate, be up to date, and stay ahead of others.
In the golden age of social media, everyone is connected and can share their lives with others, which can make most of us feel pressured to avoid missing out on any important news or opportunities.
Neuromarketing is the driver behind all the strategies of fear-based marketing. These marketing tactics are also known as scarcity marketing.
These types of marketing efforts focus on applying mechanisms that generate urgency in the face of fear of being socially excluded or “late to the party”.
Let’s have a look at these examples that use FOMO in communication.
This message is a really powerful tool that can motivate potential customers to make a purchase. It provides social proof but also indicates that a product may be sold out soon because many customers are interested in buying it. The urgency also generates a certain amount of stress.
Not that we want to cause a feeling of discomfort for the client. Rather, we aim to discourage them from postponing a decision to buy by making them act more impulsively, without spending too much time analyzing their decision.
These types of messages reinforce the fear of missing out on an opportunity. One of the reasons why most time-limited offers work so well is that anxiety favors impulse.
If you’re going to run flash campaigns, it’s always a good idea to use a countdown to remind users of the time left to redeem the offer.
This is the moment to use a good last chance email marketing strategy or PPC with retargeting that reaches customers and reminds them about the offer. Don’t forget to display stock levels, especially when there are only a few units left.
When a customer misses a sales opportunity, don’t hesitate to let them know that they lost their chance to take advantage of it. This is something that travel agencies do regularly and can be easily implemented in e-commerce too.
A simple banner stating that a product is no longer available at a discounted price perfectly summarizes what FOMO stands for. Fear of missing out can be used to motivate potential customers to buy by showing them what they lost out on, making sure that next time they won’t hesitate to hit the BUY NOW button before an offer ends.
As mentioned previously, you can also use the power of FOMO to send out “last chance” types of emails. Let’s go through some examples that you can use in your future marketing campaigns.
There’s no rule here – you might decide to start sending last chance emails two days before a sales promotion campaign ends, or only two hours before. You know your customers and potential clients best, so decide when’s the right time to use the power of urgency based on that knowledge.
Usually, companies send either one last chance email on the day that a particular offer ends, or they organize a countdown and send out three more emails – one in the morning, one in the afternoon, and the last one an hour before the end of the promotion. It’s up to you which strategy you choose, but make sure your messages aren’t too spammy.
In most cases, you’ll want to inform as many people as possible about an offer that is about to end. This is especially true if you also plan to post information about the sale on social media or if you promote it using paid ads. However, make sure that your database is properly segmented and that you send relevant and personalized messages to all client groups based on their previous purchases and interests.
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