FOMO or fear of missing out is an immensely powerful force, specifically when it comes to Millenials, who accounts for a large portion of today’s purchasing power. Individuals who experience FOMO are likewise more active on social media and are more inclined to shop online.
If you were an online marketer, you would be missing a lot if you were still not using FOMO to your advantage. Here are some ideas:
Create a Sense of Urgency, Scarcity, and Exclusivity
Marketers have been using urgency ever since, but its effect will be better when used with FOMO. Urgency and scarcity are a good combination since scarcity (by nature) rouses urgency. Think about this: There’s a limited supply if only a handful of VIP concert tickets are available. In the same vein, the thought of having something or being a part something exclusive will encourage those feeling FOMO to act, and quickly at that. Offer samples to a select few before the official release or creating an exclusive program, like a loyalty rewards program to inspire FOMO.
Promote a Memorable Experience over your Product
Millenials today count experience as a more valuable thing than having products. People are still lining up for the latest iPhone even if they already have one. The Apple team gets people excited about the newest iPhone to the point that they simply couldn’t stand it if they don’t get one for themselves. They leverage FOMO by leaking images of the latest iPhone or potential new features. Online marketing specialists in Singapore say that you could likewise make the most of user-generated content, so you’ll have shareable content to post on your social media accounts and company website.
Drive Engagement to Enhance Social Proof
Aside from encouraging users to buy, you must foster engagement and motivate users to promote your offerings for you. This is the main reason ‘submit your photo’ contests are popular, as they have a hand in what is posted. Make sure to offer great prizes to winners so that more users will be encouraged to join.
Fear could be a potent motivator, especially if you could market a common fear — FOMO — among your target customers. No one wants to miss something that many of their peers have experienced. You simply have to make certain that what you’re offering is really something that can’t be missed.