In case you have surprisingly never heard of it before, FOMO means “the fear of missing out.”FOMO marketing is one of the most effective marketing strategies that marketers and business owners use to increase sales and conversions to unprecedented levels.
Almost every one of us harbour fears of one day looking back and regretting the opportunities we didn’t take. Intelligent marketers have leveraged this common anxiety to great effect.
Thankfully, using FOMO marketing on your website or e-commerce platforms to generate high sales and more conversions has been made simpler by Leadforza. You can create different social proof notifications to build trust and confidence in your customers.
To use FOMO marketing effectively, you must first understand what it is and how to apply it to your marketing efforts.
What is the Meaning of FOMO (The Fear of Missing Out) Marketing?
FOMO marketing describes a form of messaging or notification that appeals to customers’ desire to grab an opportunity before it slips through their fingers.
Most people would likely buy on impulse than regret failing to later on. We may sometimes want to avoid the risk of buying on impulse because we are afraid of putting our money on something that will not meet our expectation.
However, avoiding risk also means we may regret the opportunity, and most people do not want to be in such a situation.
For example, you are thinking of buying a new electronic, let’s say a television. You know the kind of television you want and the specifications you prefer and the price you are willing to spend.
The next day, you find a social media ad announcing a huge discount sale for that exact television you want to buy. At that point, you may not have committed entirely to buying a new TV, but now you have a very high FOMO.
You fear missing out on the chance to save lots of money because you are unsure if such an opportunity will prevent itself again. Triggering such psychological effects in consumers is what is referred to as FOMO marketing.
What are the Examples of FOMO?
There are several effective FOMO marketing examples that you can use to increase online results.
You can also create FOMO marketing popups for your online business with Leadforza. With more than 20 different notifications, you will be able to leverage different FOMO techniques that will deliver the best results.
Here, we will look at some of the best FOMO marketing examples that you can leverage to boost sales and conversions from your website or business.
Create a Deadline with Countdown Timer
A countdown timer on your sales or landing page is a great way to show scarcity, build urgency and make your products appear time-sensitive. It is a perfect way to trigger the fear of missing out.
You may have seen countdown timers on eCommerce stores and websites, and it is easy to create yours too on a platform like Leadforza.
Add Testimonials and User-Generated Reviews to your Sales Page
Reviews, testimonials and ratings from customers can ignite the fear of missing out.
When prospects see positive reviews from other people showing how much they enjoy a product, it triggers the fear of missing out on the benefits that these people are enjoying.
This explains why more than 72% of customers do not take any action till they have read reviews and testimonials from existing customers.
Display Live Conversions
You can also use Leadforza to design a live conversions counter that shows the number of conversions your site has made in total or on a product in real-time.
Use Lead Magnets
FOMO does not always have to apply to sales. You can also use it to design lead magnets. You can easily collect leads by advertising a limited-issue product where anyone who buys must first enter their data.
Give Early Bird Discounts
As discussed earlier, discounts are an important form of FOMO. Giving discounts to the first few customers is widely used by marketers and has proven to be very effective.
Display Missed Opportunities
Another way to leverage FOMO is by showing customers the opportunities they just missed and the ones they are about to miss.
The important thing here is to show them alternatives that are almost similar or the same to ensure they act quickly.
We see FOMO everywhere today, and as several companies and marketers use it, it represents a fantastic opportunity for your business in increasing sales and conversions stupendously.