If you are reading this, then you have at one point in time come across the acronym FOMO, and you either do not know the meaning or want a little bit of clarification or explanation.
FOMO always has and will always be a part of human psychology. More recently, marketers are using it to reap massive rewards. But we will get to that later on.
What Does FOMO Mean?
What does FOMO stand for? FOMO refers to “the fear of missing out.” It is the feeling or perception that we may sometimes have that others are experiencing better things, living better lives, and having more fun than us.
FOMO is not only the feeling that you are not doing enough, but it is the feeling that you may be missing out on something really important that other people, like your peers, for instance, are experiencing.
What is FOMO in Marketing?
The meaning of FOMO in marketing remains “the fear of missing out,” but marketers apply this psychology in a variety of ways to reap massive benefits.
We all tend to fear missing out on amazing opportunities and incredible deals. In fact, human psychology works in such a way that most people would rather make impulse buying than regret not making a purchase later on.
There are several ways that marketers create different FOMO popups. For instance, you can design a FOMO or social proof notification with Leadforza and integrate it into your website.
Does FOMO Marketing Work?
Quite simply, FOMO marketing works! As a species, humans are risk-averse. When making purchases, we fear buying products that may not meet our standards. Still, as much as our nature is risk-avoidance, we have a fear of regretting not making a move in the future.
For example, you are interested in buying a car, and you know what you want – the car type and specifications you desire.
Suddenly you see a Facebook ad that shows the same car with a limited discount that will soon end. At that point, your FOMO will rise. Although you have had plans to buy the car before, you weren’t keen on purchasing it just yet.
However, with the Facebook ad telling you the huge discount closes in a few days, you are afraid you may never get such a deal again. That sense of panic that pushes you into making the purchase is what makes FOMO marketing very effective.
Now that you know what FOMO marketing is let us look at how you can use it in your business and boost your sales and conversions remarkably in record time.
How to Create FOMO Marketing Notifications
You can use FOMO marketing in your business with social proof notifications and popups as well as social media ads.
Here are some examples:
Show Real-Time Stats
Showing real-time numbers like how many customers are currently buying or how many are currently viewing the page are great for social proof and adds some FOMO into the mix.
Leadforza is a great tool that can help you implement this into your eCommerce site. With the ‘Live Counter’ popup, you can establish trust by displaying the number of people on your site.
Set a Time Limit
Setting a time limit to show a discount on a product or a limited-time sale is a terrific way to build urgency in your web visitors. Consumers will fear missing out on the deal once the timer elapses and will likely make a purchase.
Use Customer Testimonials, Reviews, and Ratings
Another FOMO marketing technique is showing the testimonies of past customers, their reviews, and positive ratings. The fear of missing out draws its strength from the feeling that others are getting better opportunities and greater experiences.
Hence, showing how much other people like your products and are enjoying them goes a long way in convincing new customers to follow suit.
Other ways you can use FOMO marketing include:
- Showing Sold-out Product Pages: This helps you create demand by highlighting missed opportunities. This can be more effective if you offer a new deal. For instance, “you missed out on that, don’t miss out on this.”
- Quoting Celebrities and Influencers who may have used your product or said something positive.
- Creating a “First 100 Buyers” Offer
- Create Conversions Counter etc
There are several other ways you can incorporate FOMO marketing into your business to yield positive results. Leadforza, for instance, has more than 20 different social proof notifications that can help you create FOMO in customers and increase your conversions.
