WHAT IS FOMO?
Fomo is the “Fear of Missing Out,” and is one of the most common feelings we human beings get, especially millennials. But what is FOMO?
FOMO is those moments when upon touring another country, your feet feel like they’ve been killed but you continue on your tour anyway because afraid to miss out on anything else you might have not done, those moments when upon heading to a famous restaurant and you end up ordering more than you can finish because you needed to try a lot of dishes — just in case, or it is one of those moments when you needed to buy that new version of the game that everyone’s playing because you’re afraid of missing out. That is the psychological phenomenon that is FOMO.
As humans, most if not all feel the need to belong and fit in. When we see other people doing something, we would want to experience and do it too. And that is how trends emerge nowadays, with FOMO being a big factor in all of those that emerge.
Research indicates that this psychological phenomenon affects the younger generation, meaning, from millennials and even to some members of the Gen Z, particularly strongly due to their constant use of Social Media. Because they’re the generation who spends more than 6 hours on an average on their phones, and laptops per day and posts consistently.
Event management and ticketing sales website has estimated that 69% of millennials have experienced FOMO and even 33% have admitted to making posts that aim to achieve FOMO feelings from those who see them.
TYPES OF FOMO
To help better understand what FOMO really and truly is, these are different types of FOMO that are rampant nowadays in the society, and you’ll be surprised at just how common they seem to be.
Concert Festivals FOMO
You may have seen concerts or festivals that are so popular on Instagram with people wearing cute floral and hippie clothing while chilling with food and drinks over live music — that their tickets cost a kidney (or two).
Deals and Discounts FOMO
A friend posts a limited-edition pair of sneakers from one of your favorite shops. And he got it at a discount! The only problem is that because it’s limited, it happened to be one of the last pairs for your size too.
How about at a party when you’re pretty sure you look the most fashionable there, and then you find out your look was last month’s look compared to several others in there.
Experiencing FOMO with dates might be when all your friends brought their partners to your usual monthly hang out sessions and you didn’t because you don’t have any.
Perhaps one of the most common things we see is the #atm pictures where your friends or family are abroad, skiing in the Swiss Alps, scuba diving in the Bahamas, trying authentic Japanese ramen in Japan or getting the most recent makeup products in South Korea. While you’re stuck at work, lounging in your chair and waiting for 5PM to strike. It’s unfair, isn’t it?
“1 HOUR LEFT BEFORE THE 85% SALE IS OVER!” Headlines like these make us the most frantic of shoppers, as we rush to decide on what to buy and calculate if we still have the money to buy them, that is a form of FOMO that we feel.
Like the example above, over-ordering everything at a restaurant because who knows when you’ll be here next, or even: just to show my non-existent followers that I too can eat good and pricey food.
Missing Out in General FOMO
Your friends are making plans but for some reason, no matter how hard you try to fit it into your schedule, you just can’t. You will wonder how much fun they’re going to have and what things they’ll be talking about without you there. This is a form of FOMO.
MARKETING & FOMO
How does one use FOMO Marketing on one’s Business?
FOMO as well as marketing are going perfectly compatible now. As a user, you might just not realize the FOMO strategy of a company, but it can be seen anywhere. The fear of missing out is everywhere around us. By checking through one’s Instagram feed and then start to feel left out, browsing through Facebook’s feed and getting jealous, or perhaps even trying to tell us this amazing thing that happened to them and wishing we ‘d been a part of it.
Then why not use FOMO as well as the associated thoughts of anger, sadness, envy, and jealousy to the benefit of one’s business? The whole concept is also known as FOMO Marketing.
Every time you see something that says “last chance,” “only 4 rooms left,” or “today only,” all of it is part of a FOMO strategy. Using a marketing plan for FOMO will help you get higher conversions and raise sales significantly on your business.
FOMO marketing is based on the notion which FOMO can encourage consumers to:
- Purchase products which they otherwise wouldn’t have bought out of fear of losing out on a bargain.
- Invest in client pressure to keep with their friends
- Take part in a certain event right after feeling sad concerning past shared experiences they have missed out on.
Here are a few phrases where you might hear or say that FOMO being used in:
“I can’t get over your shoes. I’m experiencing some hard FOMO right now.”
“The sense of urgency came on strong the moment the timer started counting down.”
“Everyone in the squad is on a road trip right now, and I wasn’t able to go. My FOMO is out of control.”
FOMO Marketing performs effectively when you plan events, use digital platforms, and establish your site. This is what happens when you use FOMO on the following:
One of the simplest and fastest ways to use FOMO Marketing is to then host an event. For one instance, this can restrict the number of people who qualify to experience your event, generating FOMO emotions right from the very start. Whenever you advertise your event, ensure you highlight the fact that not everybody can go there. Sometimes, display the event’s great selling points, and maybe you can, give early-bird benefits.
It is indeed vital to consider certain components that users would want to post it on social media before the actual event. This is the aspect you should encourage before the actual event and during the event, you also have to let the people talk about it on social media platforms. If you make something compelling, chances are that those at home may want to get in on the action as well.
While you ‘re trying to want to motivate customers to carry in everyone’s mobile devices and start sharing their own social media experiences, you ‘re going to as well want to share some of yourself. Pick a chance to go live on Facebook or some social media platforms like Instagram. You might also feature special appearances, celebrity guests, giveaways, or whatever moment you think might have a high appeal for social media.
Be certain to connect with others that comment on your Livestream in real-time and fully grow FOMO feelings. This could trigger everyone at home to assume that they are at the event as well as wish that they’re there.
Because social media seems to be the primary cause of FOMO between youths and many others, social media could also be an efficient FOMO marketing tool for any business. Individuals are getting hooked to receiving updates through social media. Over 50 percent of the users on social media claim that they fear missing out on updates online. Here is how it will help the company develop further.
Take any opportunity to borrow a page from Apple’s playbook to tease a fresh product offering on every single one of your channels. This should encourage clients to experience FOMO before they could even reach their physical product.
Hashtagging is yet another useful tool. A smart, humorous, as well as shock hashtag, can build a lot of buzz across your brand. Also, the great thing about hashtags is that you really can monitor who uses them and modify one’s marketing strategy to that.
Or, perhaps you’d like to take inspiration out of the playbook for Snapchat and generate time-sensitive content. If you allow your online content to expire on platforms, people will notice that. Users who have missed a special offer or perhaps even a valuable bit of information since it has expired will probably be eager to come back and check the social media and so they don’t miss it again.
Other major brands have indeed been popular in private events. For instance, if you promote a private Facebook group wherein consumers could get exclusive deals as well as inside information, this would likely generate a large number of buzzes. Others who aren’t part of the Facebook community would also want to partake because they are worried they will not see what their peers are experiencing.
Eventually, offering limited samples of the brand is yet another great way of using FOMO Marketing in one’s social media strategy. Give a set of customers free samples, and afterward, show those customers on your social media pages. Eventually, give some consumers a free sample, then share its purchase code on a social media platform that has less traffic, so that the consumers will have to connect with that site.
From the very moment you begin developing your site, it’s indeed vital to begin thinking of FOMO marketing. Implement functions that display the danger of missing out with purchasing to one’s consumers.
Another way that you’re doing this would be to show consumers how many other consumers that very same day has viewed the product page. You could also display stock levels for your items. Many consumers would much rather buy right away, regardless of whether they have several hesitations, rather than regret not having to purchase when the item is out.
You also could include a countdown timer that displays whenever an offer is just about to end or end up making one last-minute bid that customers can’t refuse to build to incorporate a sense of urgency on the site. For instance, as soon as the consumer clicks away or even tries to remove a product from the shopping carts, toss in a coupon worth 10 percent off that they could only use at that time.
EFFECTIVE FOMO MARKETING TO INCREASE ONLINE RESULTS
The FOMO Marketing strategy isn’t always a hole in one, while you depend on the feelings you aim to let your consumers feel in missing out, you have to be honest and create offers that resonate with these feelings.
For instance, if you’re offering a special code for a discount that’s limited, you can’t broadcast one—or a similar one—on social media a few days later! If you’re dishonest about your offers, consumers will see right through you and smell duplicity a mile away.
Let’s have a look at Different FOMO Marketing Techniques you can use as leverage to inspire conversions and sales among your target audience.
#1: Set a Time Limit
Humans are conditioned at an early age to respect deadlines, and studies show that with shopping habits, people are more prone to spend impulsively under the pressure of a ticking clock.
#2: Quote a Celebrity, Influencer, or Authority
When someone with fame, influence, or merely a person who has a large following, your FOMO Marketing can be significantly boosted. What’s more is that you don’t even need a really big personality, although who wouldn’t want that?
#3 Social Proof
When used correctly and at the right time, Social Proof can be one of the most useful tools you have in your marketing plan. Look at it this way, if for example there are two restaurants, and you and your family need to decide which one to go to, do you go to the one where the parking lot is deserted or the one that has a few more cars there? Isn’t it obvious? The one with the more number of cars is the obvious choice since people like to go eat there.
This can work with testimonials and social proof. Post them where your online traffic can see them and watch them slowly give in to their FOMO urges.
#4 Limited Issue Lead Magnets
Lead magnets can be different once in a while. How about making one a limited edition lead magnet and offer them to your consumers until only a certain date.
While FOMO is mainly used for SALES, here FOMO is used to build leads but it generally works the same way. You want people to overcome the hurdle of handing over their contact information by providing them with something they cannot miss out on!
#5 Exit-intent Popups
An exit-intent popup gives a one time opportunity to save money to your audience as well as some other advantages. Don’t be afraid to go bold with this type of FOMO marketing. Make sure that your language, imagery, and that you induce excitement to let your audience know that they get one shot at a once in a lifetime opportunity.
Remember that these techniques do not exist in a vacuum. Combining these techniques in myriad combinations to flesh out your latest marketing campaign.
Again, FOMO is creating a situation in which your consumers have to act fast to get an opportunity they might never get again, this way, you’ll encourage sales and conversions.
Don’t be afraid to offer different promotions to different audiences. You might offer something to your email subscribers, then offer something else to your Instagram or Facebook followers. And before you know it, you’ll get to see FOMO Marketing in action.