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There are few things worse than missing out on a great experience. In recent times, Fear of Missing Out (FOMO) has become a common term to enter the public vernacular, but it does not just refer to wild nights out with friends! FOMO can be used in marketing to capitalise on the desire to be a part of something special or exclusive. This has led to what is known as FOMO marketing or urgency marketing, with brands creating a sense of urgency among their target audience to increase sales. So, what are some of the best ways to leverage FOMO marketing for higher levels of success?
Time-Limited Offers
One of the most obvious tactics is to use time-limited offers. Putting a time limit on your promotion creates a sense of urgency and will encourage visitors to make a purchase now instead of dealing with their decision. Flash sales are a great example of this, and businesses often see a sharp rise in sales performance that boosts their bottom line despite the discount.
Add Countdown Times
Following this, you can heighten the sense of urgency with the use of countdown timers. Countdown timers on product pages can increase the pressure on consumers, especially as the timer starts to expire. Consumers are often indecisive and will delay making purchasing decisions, so you can give them a nudge in the right direction with the use of a visual element that indicates time is running out.
Use Scarcity
Scarcity plays a massive role in value perception and is basic consumer psychology, so highlighting the limited availability of any item can make it a lot more appealing to visitors. This will trigger a fear of missing out and encourage the visitor to complete a transaction, whether this is buying a product with low inventory levels or booking an event that is selling out. Anyone who has missed out on a product or event because they did not act in time knows just how disappointing and frustrating this can be, so scarcity is an effective tool to use when promoting goods or services.
Use Social Proof
FOMO is all about missing out, so you can show what people are missing out on by using social proof. Products with dozens of positive reviews, user-generated content, and testimonials all add social proof that will create a fear of missing out on a positive experience while also giving visitors an idea of what to expect and safety, knowing that many people have completed the purchase. This is why it is intelligent to incentivise customer reviews and encourage UGC on social media.
Create Exclusivity
Exclusivity is another effective tactic to use with urgency marketing and another part of basic consumer psychology. Everyone wants to feel included and part of something exclusive, which is why methods like members-only benefits and VIP access are so effective. Creating exclusivity by encouraging customers to sign up can drive sales while also strengthening relationships and creating customer loyalty.
FOMO marketing is a highly effective way to drive sales and encourage indecisive shoppers to take action. This is basic consumer psychology that creates a sense of urgency to improve sales performance, which can make a big difference to your brand’s bottom line.
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