As customers, we do not want to waste money on products that do not meet our needs or match up to our quality standards. On the other hand, we are afraid that we may miss out on amazing deals. In marketing psychology, this phenomenon is called FOMO.
FOMO is short for “fear of missing out” and it is a powerful lead generation and CRO technique. FOMO marketing is all about creating irresistible deals and adapting brand messaging to push customers to make impulsive product purchases.
In this article, you will learn how to use FOMO marketing to boost sales.
Leverage Social Proof
In marketing, social proof is a theory that people rely on other customers’ opinions and experiences when making purchasing decisions. As a business owner, your goal is to show that people are buying your products and that they are satisfied with them.
There are many ways to implement social proof into your FOMO marketing strategy and below are some of them:
- Enable product ratings and reviews on your website, social networks, and relevant local business directories. Research shows that the majority of customers trust online reviews as much as personal recommendations.
- Share user-generated content. Encourage customers to take original and quality photos of your products and share them on their social channels along with your brand’s hashtag. Republish UGC on your social accounts or even create a dedicated section on your website for it.
- Encourage existing customers to write testimonials and publish them on your website or social networks. Always include a customer’s name, location, and profession to humanize your testimonials. Alternatively, you could create testimonial videos that are even more engaging and personal.
- Use a social proof tool to show who is currently creating a trial account on your website, how many sales you landed last week, or how many people are viewing your product right now. This data is updated in real-time and continuously displayed in a tiny popup at the bottom of your website. Seeing that your sales are pouring in, your prospective customers will trust you more and convert faster.
Use Scarcity and Urgency in Marketing Campaigns
Inserting scarcity and urgency into your marketing campaigns is one of the most effective ways to evoke customers’ FOMO. Knowing that your offers will not last forever, customers will end up purchasing your products faster. Now, to use urgency in FOMO marketing, you should:
- Offer time-sensitive deals. For example, Amazon does that with its “Deals of the Day” that last for 24 hours. By providing a countdown timer, it tells users when the special offer expires. Knowing that time is ticking away, customers will make a purchase faster.
- Provide early buyers with great discounts. Knowing that the first 100 customers will get a massive discount, people will rush to sign up.
- Limit free shipping. Marketing Land says that more than 90% of shoppers consider free shipping the most important incentive that inspires them to purchase. Similar to time-sensitive deals, you should set strict time limits to build trust with users and inspire them to act on your offers.
- Make your deals exclusive. For example, you could ask customers to sign up for your email newsletter to start receiving your prime content. There is something about receiving exclusive content or services that are not available to other customers.
Collaborate with Influencers
In 2020, 63% of marketers are planning to increase their influencer marketing budgets. The reason for that is simple. Influencers have a gigantic impact on online users. They have been working hard on publishing enticing content, building a recognizable personal brand, and growing a loyal follower base. For brands, working with influencers means growing reach, maximizing brand awareness, and positioning themselves as industry leaders.
Above all, collaborating with the right influencer will also help you grow your sales. Research says that 60% of customers have been influenced by social networks or popular blogs when making purchases. Knowing that the social media celebrity they follow uses your products, customers would purchase it faster.
Sure, you need to choose the right influencers to work with:
- Connect with ones in the same or similar niche.
- If there are lots of fake followers or inauthentic content on influencers’ social channels, you should avoid partnering with them.
- Choose influencers that target the same audience groups and that resonate with your customers. You do not need to work with a Hollywood superstar or a macro-influencer to boost brand awareness and maximize sales. Sometimes, working with micro-influencers may be even more effective, as they are ordinary people that share your target audience’s needs, values, and problems.
Over to You
Marketing is all about understanding your target audience’s psychology. When you know how they behave and what inspires their sales or loyalty, it will be easier for you to create brand messaging that resonates with them.
That is exactly why FOMO marketing is powerful. By making your customers feel they are missing out on time-sensitive deals or the latest trends, you inspire them to purchase your products faster.
Sure, those are just some of the numerous approaches to FOMO to apply. Test their effectiveness regularly to understand which ones resonate with your audiences the best.
How do you use FOMO marketing to boost sales?