Ever came across an e-commerce store where you saw an item you liked only to see it’s on a limited time offer? Chances are, even if you weren’t ready to buy, you most probably made an exception to buy it.
Or how about a fitness blog giving you a rare opportunity to join an exclusive or premium membership club with extra benefits and perks not found in their regular membership?
These are just two examples of what is known as FOMO strategy in marketing.
FOMO is short for ‘Fear Of Missing Out’ and it’s a strategy that’s based on the psychology of the human mind. FOMO is so effective because of its messaging- it creates an impression of potential loss or regret.
The feeling of losing out on a golden or rare opportunity is what causes us to make an impulse purchase or to act now rather than later to avoid regret.
In this post we show you how FOMO can be used to drive sales and increase conversions in your business in this digital age.
- Facebook is the platform mostly used to create FOMO campaigns, with 72% of FOMO campaigns found on the social network, followed by Instagram (14%) and Twitter (11%). [Financesonline]
- Millennials are the population group who experience the most FOMO. This is good news too because Millennials happen to be the population that spends more online than any other population group.
- In general, the posts and events that create FOMO among millennials the most are travel (59%), events and parties (56%), and food (29%). (OptinMonster, 2021)
- Around 56% of all social media users experience FOMO. (TrustPulse, 2019)
- Around 60% of millennial consumers report making a reactive purchase after they experienced FOMO, often within 24 hours. (OptinMonster, 2021)
- 41% of millennials complete quick mobile-device transactions owing to FOMO (FortuneLords)
Reviews also have a huge role to play in FOMO marketing. That’s why as a business, never underrate the importance of positive reviews.
OptinMonster reports that:
● Product reviews are 12X more trusted than product descriptions and sales copy from manufacturers.
● 92% of online consumers look at a product review prior to making a purchase.
● Customers could spend 31% more at a business with great reviews.
● Positive reviews encourage 68% of consumers to use a local business.
● 41% of consumers will be tempted to purchase a product with as few as 1 to 4 reviews.
These are crucial facts that can guide how you can use FOMO marketing to increase your qualified leads. But you also need to be careful not to over use it. The negative effects of FOMO marketing have also been highlighted.
So what strategies caught your eye? Have you already been using some FOMO tactics in your marketing? Share with us how it worked for you.