We, as humans, have an inherent dread of missing out on what other human beings are experiencing. This anxiety is known as FOMO or Fear of Missing Out, and it is not a new phenomenon. FOMO has, however, been exacerbated by the rise of social media, particularly among millennials. One study has discovered that about 7 in 10 millennials have experienced FOMO many times in their lives. As an eCommerce marketer, you can use FOMO to build your brand and ultimately increase sales.
In this piece, I’ll reveal to you five ways that you may employ FOMO straight immediately to your future marketing initiatives.
What is FOMO marketing, and how does it work?
FOMO is a psychological trigger that we, as humans, find extremely difficult to overcome. The feeling of regret that comes with missing out on a great opportunity is known as “fear of missing out.” Because of this fear, they’d rather seize the opportunity, even if it’s uncertain than regret not doing so later.
So, how does this affect you? As a website owner, you can leverage this human psychology behavior to raise brand awareness and, eventually, sales.
Here’s how to do it.
Techniques for utilizing FOMO on your eCommerce website that work.
1. Set a deadline for your offer
If you reside in a western country, you must have heard of the pumpkin spice latte. It’s one of Starbucks’ most popular drinks. The only problem is that this drink is only availablee during the holidays. Apart from its great taste, this limit in availability is another reason why the pumpkin spice latte is so popular.
Now, you may take a page out of Starbucks’s marketing textbook and provide seasonal products or exclusive products just for certain periods of the month or year. The 5th, an eCommerce watch store, sells a range of timepieces that are only available on the 5th of each month (thus the name of the store). They even have a countdown timer on their homepage until the watches are available.
2. Mention the opportunities that were missed
Consider the time you placed an order at a restaurant and the server surprised you by saying, “I’m so sorry, we’ve run out of that dish today.”
How did you feel? If you’re anything like me, that dish becomes much more appealing. It’s amazing how knowing that we can’t get something makes us want it even more.
Here’s how you can take advantage of this psychological reaction to induce FOMO in online shoppers. On your website, mention missing opportunities.
What you need to do is notify your website visitors of all the fantastic discounts that have sold out on your site; these are the deals that they have missed out on. On top of that, instead of having your site visitors arrive on the particular product page just to find out that the product is out of stock, let them know upfront which products are sold out on the main category page.
Instead of simply letting customers leave with a “Sold Out” or “Out of Stock” message, you should encourage them to leave their email address so that you can notify them when the product is restocked. And you can also refer them to similar products on your website that they might be interested in.
3. Have a countdown timer
A countdown timer should be included with every great deal. Why? What is the sense of acting now if the arrangement will remain in place indefinitely? Putting a countdown timer in front of your customers provides a sense of urgency, and they’ll understand that if they don’t move quickly, the offer will be lost forever.
4. Show real-time activity
Showing real-time events that are happening on your website is one easy-yet-potent technique of inducing FOMO. A lot of times, online shoppers hesitate to take action because they don’t have enough trust in the seller. They might be wondering if the seller is the real deal or if anyone has bought from this store before.
What can you do now? Demonstrate what’s going on in your store. Let them know that other people are buying from you too, so their worries are unnecessary.
5. Show Stock Levels
If a certain product is running out of stock, let your customers know. They will be compelled to act rapidly as a result of this. Your stock level, on the other hand, should not be generic. “Only a few in stock!” is not a good phrase to use, because who the hell knows how many “a few” are?
If you’re going to tell your website visitors about your inventory levels, be as explicit as possible. Customers aren’t stupid, and they realize that “only a few” doesn’t mean anything (especially if you keep repeating this term all the time and everywhere). Especially if you keep using this phrase all the time and everywhere. So, either be specific about the number of items left in stock or don’t say anything at all.