Are you tempted to snag the latest deal in case the offer runs out? Do you find yourself making purchases solely based on your fear of missing out (FOMO)?
You’re not alone. According to a survey by Broadband Choices, the average Brit will spend a whopping £22,270 in their lifetime on things they don’t necessarily want, but buy because they’re scared of missing out.
If you regularly find yourself buying things because of FOMO, chances are your customers are too. Marketing could be the secret to capitalising on these vital sales. Keep reading to find out more about FOMO marketing and how it could boost your business.
The fear of missing out
While the term FOMO has only been in our vocabulary for a decade or so, utilising urgency in marketing is a practice that has been around for quite some time. Flash sales, last chance to buy, limited discount codes and “only X left” messages have been used across all areas of ecommerce to great success. Whether it’s a hotel room, a pair of shoes or even a software download, it provokes impulse purchases time and again.
But with social media use on the up, so too are the pressures to keep up with those we see on Instagram, Facebook and Twitter. The good news? Brands can utilise this new culture and transform people’s FOMO into sales with these 3 marketing tips.
1. Focus on experiences over products
This may seem counterproductive when you’re trying to sell a product, but promoting an experience rather than a product is a sure-fire way to engage millennials. More and more of us are starting to value experiences over products, making the promotion of events easier than ever.
Are you launching a new product? Does your product gain the buyer access to a certain experience? Will your product create an experience for the buyer? If so, you need to make sure you’re promoting this across all platforms. If your product makes life easier for a buyer, for example, promote this as a hassle-free experience or emphasise how much time it will save them for things they love to do.
2. Create a sense of urgency
Feigning a sense of urgency is a commonly-used marketing technique that has been around for many years. But it’s never been more prevalent and effective as it is now, with FOMO pushing 60% of millennials to make a purchase. We’ve all purchased things in a ‘flash sale’ because we’re afraid of missing out on a great deal, right?
Scarcity and urgency work hand in hand. By nature, scarcity creates urgency – if you think there’s only a few products left, it pushes you to make a decision. Whether it’s a product or an experience, hearing ‘act now before we sell out’ is a huge motivator for people to bite the bullet and make the purchase.
3. Utilise exclusivity
We all want to be part of an exclusive group. Feeling like you’re one of just a few members of a group or club makes people feel important and valued. It can also create FOMO and, in turn, increase customer loyalty.
Some brands have loyalty programs, offering rewards to their customers depending on how much money they spend throughout the year. So, for example, once you’ve spent £500, you may receive a year-long 5% discount on future purchases.
Up your game
Whether it’s FOMO marketing or expert web design, Fluid Digital are specialists in all things ecommerce. Our team create user centred, lightning-fast websites for clients in a wide range of sectors. For more information about any of our services, get in touch with our team today.