Infographic: 9 Ways to Use FOMO Marketing to Boost Sales
Driving sales based on the ‘fear of missing out’ is a real thing and it’s very effective, keep reading to learn how to use it to boost sales.
If you haven’t yet heard of FOMO marketing, you’re definitely missing out. This marketing technique uses the psychological phenomenon of FOMO, or fear of missing out, to boost businesses’ sales and achieve other favorable outcomes.
FOMO is as simple as seeing a picture of someone having fun on Instagram and wanting in on the fun. It happens every day to all of us, though millennials and young people are affected particularly strongly.
The event management and ticketing website Eventbrite estimates that 69% of millennials have experienced FOMO. But it doesn’t stop there. An additional 33% of millennials say they have purposely tried to make their peers feel like they are missing out.
FOMO has been around since the beginning of time when our ancestors needed to compete for scarce resources to survive. And it’s definitely not going anywhere. That provides a good opportunity for your business to use the jealousy, envy, or sadness that your customers are feeling and draw attention to your business.
When feeling as if they are missing out, customers often spend more or try to take advantage of a deal before it’s too late. That’s good news for your business!
You can use FOMO Marketing when you’re hosting events. If you limit the number of attendees to an event that was widely promoted on Facebook, you can capitalize on customers’ feelings of FOMO.
FOMO Marketing can also be used with social media and when building your website. Some helpful tips include letting your content expire, experimenting with influencers, or even showing products’ stock levels to create a sense of urgency.