While psychologists claim that FOMO has been around since tribal times the modern onslaught of FOMO has risen in direct response to our use of social media. We see our friends traveling around the world, laughing and having fun without us and we feel envy.
That envy is something savvy marketers can tap into to increase sales.
What FOMO does is create urgency, something most marketers will tell you is an important part of sales, and a tactic that has been used for ages.
Users that take the time to consider whether or not they really need something are less likely to convert. That’s why adding a sense of urgency to your campaigns benefits sales. You’re looking to trigger a quick purchase that’s along the lines of an impulse buy.
While phrases like “Act Now!” are used widely in marketing campaigns, create a real sense of urgency by tying your promotion to a specific time frame (limited time offer). You may even consider putting in a countdown clock on your sales page to show people that the clock is literally ticking.
This is the old rule of supply and demand: a limited supply creates a greater demand.
You may perceive value in having a limited edition, or act more quickly when you see there is only 2 items left in stock.
Scarcity marketing triggers FOMO because if you miss out on it, the chance really will be gone.
Many of us are competitive by nature. We want to go farther, do better, and have more stuff than our peers. Marketers are using social media to take advantage of FOMO by showcasing the stuff your friends have bought.
Seeing several of your friends with the latest fidget that YOU DON’T HAVE! Can trigger a sense of one-upmanship: not only will you have the fidget, you’ll have the turbo version.
You may have used some of these FOMO tactics without even realizing it. The next time you run a campaign be deliberate about it, and see how your sales change by helping people understand they really will be missing out on a great thing. Need some help? We’re only an email away!