What is FOMO marketing and how do I live with it?
The last few units of the product always sell faster than the first ones. This is a fact that we have encountered dozens of times in the agency. And today I will share the most effective tactics to motivate an instant purchase.
Surely you know what the northern lights are. You can only see it in a few parts of the world, at certain times and with a clear sky. In other words, even if you clearly plan your trip, plot the right route, choose the perfect time and weather conditions … there is no guarantee that you will see it!
Let’s compare the northern lights with another natural object, the moon. This is a unique satellite that surrounds our planet. Every night, it seems to us that it changes its size and shape. It also switches between colors (white, yellow, orange, red) and has stunning patterns.
But it’s not often you meet a person who says, “Damn, I most of all dream of seeing the moon.”
What is the difference between them?
While the northern lights are extremely difficult to see, the moon is available almost every day.
Deficiency causes a strong psychological desire. If you manage to use his power in your marketing, you will get a cool result.
So, let’s see how you can become the Northern lights in the digital world 🙂
People have an internal psychological trigger called FOMO. Therefore, instead of hitting endless discounts and promotions, you need to create such conditions that the visitor immediately makes a decision and buys your product.
What is FOMO?
Fear of missing out — Fear of missing out.
Subconscious worry that I may miss a product (product, or service) that will benefit me. Miss it because it will soon become unavailable.
A typical example is “Black Friday”.
Only within 24 hours, Black Friday offers discounts that cannot be obtained at any other time of the year. The fear of missing out on a good deal generates a strong surge in sales for such a product.
In case you haven’t heard of Black Friday or ignored it every year, here’s an example of what FOMO marketing does to people
These people are killing each other because they have a fear of missing out on a limited offer.
I don’t condone violence in any way, but wouldn’t it be cool to ignite such a desire around your product without any fists, punches and pushes?
How can this be achieved?
Before we go deeper, I want everyone to understand how important honesty and decency are. If you fraudulently use one of these tactics, sooner or later, your customers will find out about it, word will spread around the market and your reputation will slide to the level of a gutter.
And also, earlier we wrote about the triggers of trust, which are responsible for stimulating sales. You can read about it here
So, let’s go:
THERE IS NOT ENOUGH PRODUCT LEFT
When potential customers know that only a few items of a product or service are available to them, they begin to want it more and make a decision faster.
This is a tactic used by many e-commerce companies, including the world’s largest online store Amazon.
On almost every product page, they display how many items are left in stock, and when this number approaches zero, it is made more noticeable. For example, they highlight a different color, or add the inscription “the product is running out”,
airbnb.com went on. During the search for housing for rent, there is such information: “usually this object is booked, but you are incredibly lucky and it is still free.” Or even more interesting. You go to the page of some apartments, read, look closely at them… And then the inscription pops up “someone is currently also trying to rent this apartment for the dates you have chosen.”
Such information immediately increases the conversion rate and reduces the number of rejections.
It is important to strengthen such an offer with the right calls. Buy now, book now, order now. Not later, not tomorrow, not soon, but right now. After all, if they don’t do it now, there is a lot of information to miss your offer.
Have you ever seen websites with a similar call: “order before 15:00 to get delivery tomorrow”?
This is an urgency tactic that is widely used by online businesses. And there is every reason for this. Consumers think: “I can get it tomorrow if I place an order before 15:00. Or will I have to wait 3 days if I place an order at 15.05?”
The “Order earlier” tactic encourages users to take immediate action, which ultimately increases sales.
Time-limited bonuses generate strong FOMO marketing, stimulate purchases and improve the quality of customer service.
In fact, these are free add—ons that you include in the purchase for a certain period of time.
For example, a client is considering buying your shoes. “Cool shoes,” you say. “But if you buy them before midnight, I will give you a means to care for them so that they are always beautiful and well-groomed…”
“…and if you buy them within the next hour, I will also give you these cool slippers for free.”
Coming in? Yes, the conversion to sale will be at least 25% higher.
But that’s not all. After all, since these shoes are really cool, the client received a cool offer and two nice gifts. What do you think is the probability that he will come back after a while for the next pair of shoes?
Limited bonuses are often used in the cosmetics industry. Leading brands offer free cosmetic bags, mini-packages and supplements when shopping at certain times of the year.
SPECIAL PRICE FOR EARLY BIRDS
You are launching a new product/service, or rebranding an existing product. How are you going to increase sales? Create a buzz around the novelty? Get a lot of quick positive feedback?
The special price for an early order is an excellent tactic of FOMO. More and more companies are using this tool because it speeds up the buying process and stimulates the sale at an early stage.
Many potential new buyers see promotions and are considering buying in the future. They are willing to wait. For them, such an offer will be very profitable. For you, this tactic will allow you to sell the product and earn money even before you release it.
And what happens when a customer buys something but can’t get it yet?
Expectation, excitement, furor…
It is difficult to keep these emotions in yourself. So where are they going?
That’s right, in the social network. After all, you need to tell everyone about it!
Catch also a free sundress as a nice bonus.
So, today I shared four deficit tactics. All of them have been tested on our clients and showed a really cool result. Think about which ones you could introduce into your business tomorrow? And most importantly, do it!
After all, the more potential customers who are convinced of the need to buy immediately, the less likely they are to merge.