What is FOMO marketing?
FOMO or fear of missing out is a marketing strategy used by at least 56% of marketers. It works out conveniently. Customers don't want to miss out on something special available for a limited time. FOMO tactics create urgency and push a customer to make quick decisions to purchase a product.
We humans follow a herd mentality(following the crowd), so the business owners implement a few FOMO techniques that enable them to pull the customers' heart strings. The FOMO centers its marketing strategies based on the following aspects:
● Specific time limit
● Social Proof
● Highlights the feeling of missed opportunity
Strategies to boost FOMO marketing strategies
Exhibit your buyer
In this FOMO marketing technique, Websites are designed to display live purchases of your product from various people from different locations. This is becoming a popular FOMO marketing strategy. When your customers see that more people are buying products from your website, it can build trust and force them to buy your products.
In another case there are room booking websites where the marketers display how many people have booked the rooms in the past 24-48 hours or how many rooms are left and then they give the customer limited, hurry-up deals.
Showing stock levels
This is another tactic to convince a customer by creating a sense of urgency. When the customer views your product, display the total number of stocks left. Many business owners make use of this tactic. Scarcity creates a fear of missing in the customers minds enabling them to complete the purchase.
Provide one shot deal with exit intent
Right when the customer is about to exit the website, offer a discount and inform them that it's available for only a limited time like they should check out by 10 minutes and pay to avail of this offer. It's a proven tactic and works for all online stores.
Creating FOMO arousing Images
Images influence customers a lot. Create trigger alert images for a sale with limited offers on a limited time. Use captions like Don't miss out! Limited offer! Only for today. These catchy texts capture a lot of attention to buy your product. This is one of the best proven Fomo marketing strategies.
Testimonials and Reviews
To sell your product, you need to build trust with your potential customer. Show the reviews of other customers' experiences. This is a common marketing strategy to enable potential buyers to purchase your product. There is another popular tactic to market your product. Suppose you are marketing baby swaddles, make the customer purchase the swaddle and encourage them to wrap their baby in the swaddle and click a cute photo, then ask them to upload the picture to your website. And the result is amazing, other customers will confidently go for the product and upload the photo. Promoting experience is a great way to boost your business performance.
Stir the Competitive Spirit
Some shopping websites display how many people are viewing the product or the number of people stocked that particular product in their bags or check-out cart. This is a great way to boost your sales. Customers will have the fear of losing out on this product and buy it soon.
Watch the Clock
This FOMO marketing strategy gives the customers time-sensitive deals. You can provide a discount on all your products but set a time limit. Every year some giant shopping sites announce the end-of-season sale by setting a date and time. Customers hog the products like the black Friday sale.nother page of the same website. It analyses the relevance, relationship and the value of the pages. This SEO technique improves your overall ranking.
On some websites, the business owners set a time on a particular day. Then they can announce prior that the first 50 customers will be getting a reward or a discount. It's a proven FOMO technique to improve sales. Business owners can send emails and announce them on social media and on their homepage about their upcoming sales.
One time offers
Give one time offers to customers. A lot of shopping sites offer first time customers a welcome discount of 10% or 30%. And provide shipping free of cost for first-time customers. Business owners can use this strategy for good sales. If the customers like your product then they will definitely come back for another purchase.
Use Influencer Marketing
Influencer marketing is a trend to accelerate your company's sales. Influencers are internet celebrities, they are brand ambassadors for your brand. Social media accounts like Instagram are a popular hub for influencer marketing. Other channels of influencer marketing include:
A recent study by MediaKix revealed that 80% of marketers find influencer marketing effective. Which explains why 75% of businesses surveyed by Influencer Marketing Hub have a dedicated influencer marketing budget in 2021. People who follow these influencers wishes to be like them.
There are 3 types of influencers
The influencer with a massive 100,000 followers. They are the most expensive type. If you market your
product with this influencer it is unpredictable that your product is likely to succeed because the audience are of different
The influencer with a micro audience has about 10,000-100,000 followers. They are affordable and they have a better target audience. So the business owner can market their product.
The nano influencer with 1000 - 10,000 followers has the best audience. The audience of this particular influencer focuses on particular content, so it's likely that this group can be the potential customers. For example, if the influencer is a mom who reviews baby products, the followers must be moms who are potential buyers.
This video elaborates FOMO marketing strategy in a simpler way- https://www.youtube.com/watch?v=gLqRqSVv2v0
FOMO marketing campaigns are proven to accelerate sales of business products. Most of the customers get influenced by this tactic. It is the best tactic to pull the emotional strings of the customer to buy the product. Some of these tactics were used before the age of complete digitalization. In the 90s, when the video home system was popular, Disney vault was selling fairy tale movies like Jungle Book and Cinderella. They would open their vault to sell these video home systems in a 60 days period. Customers would flock to order this vhs thinking that it would be over soon. Fomo is popular because we all live under societal pressure.
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