FOMO has become a widely used phrased which in essence means the Fear Of Missing Out. It is a universal worry. What is that person doing? Am I too late? Have I run out of time to sign up? As humans, we naturally long to be kept in the loop and up to date with everything. Your business needs to stand out by taking advantage of this “attention economy”.
A 2013 study defined FOMO as “a persuasive apprehension that others might be having rewarding experiences from which one is absent.” Therefore, FOMO marketing taps into the universal desire to be “in the know”. In our hyper-connected world, your brand needs to unlock that fear of missing out in your customers in order to get them excited about your business.
But How Do You Use FOMO Correctly?
Although FOMO marketing plays on a common fear, it should still be used responsibly. This is a hard thing to grasp when the technique sort of relies on its ability to trigger negative emotions. Today’s consumers are smart and savvy, so overusing FOMO, lying or false advertising won’t work. Here’s how to use it correctly…
1. Capitalise on Things That Are In Demand
A huge part of your branding and marketing should be to keep up with the competition and emerging trends. Also, think about current events and seasons. For example, it’s now winter so you need to focus on seasonal promotions, upcoming events and of course, Christmas (no matter how early it feels!).
2. Play on the idea of “Limited”, “Short Term” and “Selling Out”
Urgency is a great way to make quick sales. Your audience doesn’t want to feel as though they’ve missed out, so if there is a deadline for your next event sign up or limited amounts of a products left then let your audience know! Set a deadline and see how your customers respond.
3. Illustrate Real-time Sales
Show your customers in real-time how popular your product is. Set up a sales countdown or just remind them of the number of spaces left at an event or physical products they can buy.
This reminder will give them the push they need to take action.
Overall, if used correctly FOMO marketing can create a strong active audience who buy into your brand. However, use this wisely. Treat your customers with respect, don’t lie and don’t put pressure on them, merely remind them of time-sensitive activities, events and offers.
