Say you are thinking about purchasing a new watch. Not wanting to get ripped off, you have already compared brand prices and determined how much you are willing to spend. Then, you see an Instagram ad informing you about massive discounts at a local watch store. They are expiring tomorrow. FOMO is now triggering your fear that such an amazing opportunity to save money may never present itself again. Consequently, you decide to buy the watch.
Over 60% of Millennials make impulse purchases just because of FOMO. FOMO marketing addresses customers’ fear of missing out on exclusive, time-sensitive deals, inspiring them to convert faster. As such, it is ideal for startups wanting to maximize conversions and inspire brand loyalty.
Here are a few FOMO marketing tactics to apply.
1. Set A Clear Time Limit
FOMO and urgency marketing go hand in hand. They both address customers’ loss aversion. When thinking that they will miss out on a great opportunity by running out of time, your customers will make purchasing decisions faster.
There are many ways to make customers watch the clock. For example, in their Deals of the Day section, Amazon displays a countdown timer to tell customers when the deal expires. Take advantage of popular holidays, such as Black Friday, Christmas, or Cyber Monday. Offer irresistible deals, such as 30% off your best-selling products, if customers purchase them within 7 days. Build a buzz around your deal via email, social media, IM apps, push notifications, or attention-grabbing countdown popups on your website.
To make this tactic work, you need to set clear time limits and abide by them. Delaying the expiration of the offer means you are deceiving your customers. That may harm their experiences with your brand and result in lots of negative word-of-mouth.
2. Show The Number Of Subscriptions
Another immensely important aspect of evoking customers’ FOMO is social proof marketing. In marketing psychology, the definition of social proof is simple – customers conform to experiences and opinions of the masses when making purchasing decisions. Therefore, instead of saying how great you are, you need to prove that.
For starters, use a social proof tool to show how many subscriptions you get weekly or monthly. These tools track your leads, sales, and pageviews and then show this data in an attention-grabbing popup. That is particularly effective for SaaS startups wanting to show how many people have already created trial accounts on their website. To seem more trustworthy, a popup should show the names and locations of subscribers.
3. Show Who Your Customers Are
One of the most effective ways to build trust with your customers and prove your leads is to introduce them to your current customers. Many online brands provide the names and logos of their high-profile customers on their website homepages.
You could also ask customers to write testimonials and explain how your products or services benefited them. Publish them on your homepage, along with their name, location, and role at the company. To humanize your brand, you could even create testimonial videos that are more authentic and engaging.
Finally, you could create case studies that are more detailed than testimonials. They explain who your customer is, what they do, what problems they faced, and how you helped them solve those problems. Case studies should always include relevant statistics and data to back your statements up.
4. Mention Influencers
Influencer marketing shows no signs of abating. According to some recent statistics, 89% of marketers investing in influencer marketing say this tactic is comparable to or more effective than other marketing techniques.
Influencers are individuals that have grown their online image and built a loyal base of followers by publishing consistent, quality, and original content online. When collaborating with an influencer, you will increase your brand exposure, gain prospective customers’ trust, and boost your sales faster.
For example, when a social media influencer mentions your product, takes a photo of it, or reviews it, you could quote them in your marketing campaigns. You could share their reviews on your landing pages or product pages. If they review your brand on their blog, share the article on your social channels and mention them and link back to the article from your blog. Use influencers’ quotes as your email subject lines. If they mention you on social networks, you could reshare their posts on your timelines or stories and tag them.
You do not need to work with social media celebrities. Collaborations with micro-influencers are even more effective because customers can relate to them. Sure, you will need to choose influencers in the same industry that target the same audiences. Above all, before you start nurturing relationships with them, you should build a solid presence on social networks.
5. Make Your Offers Exclusive
In the noisy digital marketing landscape, your customers want you to make them feel special. They want to be a part of something exclusive that is not available to other people. And, they are even willing to pay more for such experiences.
Unsurprisingly, exclusive deals are a central aspect of your FOMO marketing strategy. For example, inspire customers to sign up for your newsletter to start receiving your prime content. Start a customer loyalty program that provides customers with exclusive promotions and discounts. Invite your most loyal customers to join your Facebook community.
Apart from maximizing leads and sales, exclusive offers also build stronger customer relationships and inspire brand loyalty. The facts speak for themselves. Let’s take the example of Amazon Prime that now has more than 101 million subscribers. People join it because they receive exclusive benefits others cannot get, such as unlimited reading, unlimited music streaming, or prime early access.
Humans are unwilling to take risks. We do not want to wake up one day, look back on our lives, and ask ourselves “What if?” When they see a chance to buy a top-quality product at a lower price, most customers will jump on that opportunity before it is too late.
That is exactly why FOMO marketing resonates with online customers. For your startup, that is a great way to enhance brand memorability, inspire brand loyalty and, most importantly, boost conversions.
Editor’s Note: The article is part of the blog series Grow Your Business brought to you by the marketing team at UniTel Voice, the virtual phone system priced and designed for startups and small business owners.