When you think of FOMO, what’s the first thing that comes to mind? If you associate it with a negative connotation, you aren’t the only one. According to one study, 56 percent of social media users experience FOMO, so it’s important to create a marketing strategy soothes that feeling.
FOMO, or the fear of missing out, is a psychological phenomenon that occurs when people feel like they’re missing out on an experience. Most people think of it as something to be ashamed of or a feeling they don’t want to have, but it’s much more common than you think.
What if you could use FOMO to your advantage? Instead of hating the feeling and trying to avoid it at all costs, you can use it to persuade consumers to listen to your marketing messages and pay your brand attention.
Here are three ways you use FOMO to grow your business and further its reach.
1. Create exclusivity
Whether you’re creating a blog or revamping your online store, it’s essential to make your audience feel special.
When you create an offer that only a limited number of people get to enjoy, you spark enough interest to bring people to you. No one wants to feel left out of something awesome, which is why FOMO marketing is so effective. Creating something valuable and limiting its access makes it that much more appealing.
There are numerous ways you can create this feeling, such as gated content. This is anything that requires users to give their information to gain access, such as ebooks, cheat sheets, templates, and more.
You can also create a membership site to lock your content and collect user information. Use it to grow your email list, increase engagement with subscribers, drive traffic to product pages, and more.
Leverage your local customers by holding an event to promote your brand. Only those who sign up online have the opportunity to attend, so those with FOMO are sure to enroll. The easier it is to fill out the form, the more users who will sign up, so make sure to use an optimized event registration form.
2. Use urgency
If you want to use FOMO to generate sales, promote limited-time coupons, deals, and offers that only last for a short time. If consumers know that your offer will be gone soon, they’ll be quick to make a decision, whether that’s buying a product, joining your email list, etc.
Create an offer for your customers, such as a discount, and put a time frame on its availability. Email your subscribers to let them know about your promotion and how long it’ll last.
Even if you lose money on the discounted products themselves, the sales you’ll generate by promoting a worthwhile deal will produce a healthy ROI. Remember to monitor your ecommerce analytics to ensure your FOMO marketing strategy stays on the right track and your numbers are up to speed.
Another way you can produce urgency in your customers is to run a contest. Everyone likes winning, and winning something for free is even better. Contests build excitement around your brand, expand its reach, and encourage engagement from your audience.
3. Leverage social proof
Social proof is the most popular way to garner brand credibility these days. Consumers aren’t quick to trust brands directly; instead, they look for trust factors. A whopping 92 percent of people trust recommendations from friends and family over advertising, so it’s vital to use social proof.
Social proof comes in many forms:
- Reviews and ratings
- Client testimonials
- Celebrity or influencer endorsement
- Word of mouth
- Awards or accolades
Post social proof on your social media accounts, website, and emails to show your target audience you’re worth investing in.
Create a testimonial page specifically for showcasing positive feedback:
Use real-time tracking to show website visitors people who have already purchased your products, signed up for your newsletter, and more:
Providing social proof creates trust between consumers and your brand. When they see others endorsing your products and services, it pushes them to try it for themselves.
Your turn
If you think FOMO only leads to negative outcomes, think again. You can leverage this psychological tactic to cater to your business needs and reach your goals faster. Consumers want to participate in exclusive offers, be part of a limited-time opportunity, and trust who they’re doing business with. If you can sooth these needs, you’re on your way to a successful FOMO marketing strategy. How will you leverage FOMO to further your business agenda?