FOMO or the fear of missing out is a general marketing tactic wherein websites at all levels show how visitors to a particular website interact. This method is often used to drive engagements as well as sales and show how visitors perform activities like purchasing, joining or becoming members or even commenting about or giving reviews for a particular product or service and more.
Through this method of real time engagement portrayal, developers can devise the best and most convenient methods to tell their customers how trustworthy the website’s business is. To know more about FOMO Marketing and its Examples to Boost Your Conversions, we recommend you to take a look at this article and kick start your own online business.
The fear of missing out is a term related to a feeling wherein an individual feels like they are being left out or are missing an opportunity. This psychological factor is harnessed by the social media as well as online shopping websites and other businesses who sell their services on the web. FOMO has now become a common experience which is used to trigger the inner desire of humans to be a part of a certain activity. To put this in simple words, none of us would ever like to miss out on a rewarding or amusing experience and hence we feel the urge to stay connected and involved rather than being left out or feeling alienated.
In the economic world, FOMO marketing is often used as the most effective technique of marketing a certain product by a message that triggers an individual with the innate fear of being left out thereby motivating them to take active part in that activity. A website may use FOMO to motivate their customers so as to act immediately or face the risk of missing out on a mouthwatering opportunity. As already mentioned, FOMO popups and notifications are one of the easiest ways that can be implemented buy a website to increase engagement and business. These popups are designed in such a way that they are bound to grab the attention of the user and show various activities and customer engagements of a particular website. They even show offers that the visitor might be missing out on along with displaying information that makes them take quick decisions so as to avoid losing on a good opportunity. Big fishes of the Internet like eBay and Amazon use notifications that are crafted in such a way that they effectively lure buyers to purchase a certain product which they would have otherwise not purchased due to their hesitance.
With great developments in the field of marketing for online businesses, various applications and softwares have come up to set benchmarks of social proof marketing making it possible for any website, no matter what their undertaking is, to take the advantage of FOMO. In this sphere, automated notifications which display correct and real time information to visitors, also play an important role in FOMO marketing. This in integration with messages related to low stock availability as well as notifications and countdown timers for limited period offers, make this marketing tactic more believable.
By deploying these methods of FOMO marketing, websites can easily increase their conversion rate and bring down the number of visitors who leave without buying a single service or product. Automated notifications are an important part of FOMO marketing because they display genuine information in real-time. This makes low-stock messages and countdown timers more believable. Using FOMO notifications in the right way can increase your conversion rate and reduce the number of people who abandon their basket.
Most web developers tend to create and code their own notifications. One of the major drawbacks of such method is that since the data is not verified by an external source, the notifications give a sense of less trustworthiness than those which are verified. This downside is taken care of by the new generation apps and softwares for social proof and FOMO marketing. Instead of coding notifications, FOMO marketing softwares use a certain piece of program to draw information from a certain account on a website and generate a set of notifications which can in turn be used for the purpose of displaying on the product or main page. These applications also facilitate the display of real time and updated visitor activities. They collect information like page views or recent sign-in’s and also work in integration with other applications to display customized messages that appear as notifications automatically once the visitor is online.
While creating custom FOMO popups for a particular website or online business, one has to keep certain points that maximize the efficiency of this facility.
Building credibility – The main purpose of FOMO notifications is to build the trust factor amongst customers and also make them act on the basis of recommendations.
Generating the fear of scarcity – It should be known that FOMO notifications can be used to trigger the fear of missing out on a certain offer due to the lack of time.
Increasing conversions – According to certain researchers, it was noted that FOMO notifications could help boost sales by up to 20%.
Increasing presence on the web – With pop up notifications related to reviews on products or services, businesses can show how much their worked is admired by their existing customers.
To put this in simple words, FOMO notifications and pop ups can be greatly beneficial for businesses on the web since they trigger and harness human psychology to boost conversions of a website.
Most websites use FOMO or ‘the fear of missing out' in mainly two ways:
For the promotion of a brand - This marketing tactic is the most powerful when it comes to influencing customer choices. When people get to know data certain product or service is highly popular and is preferred by many, others try to grasp it so as to fit in.
For speeding up the process of purchasing – FOMO marketing techniques can be used to instill the feeling of urgency amongst consumers. With methods like setting time limits or showing notifications related to low stock availability, FOMO notifications help in encouraging customers to buy a product faster so as to avoid getting left out or missing out on an offer.
If used mindfully and skillfully, FOMO notifications can prove to be the most powerful way to promote products and services and boost sales and conversions. With ever growing competition in the ecommerce sector, it is important for online businesses to take advantage of all available strategies in order to become the best of the lot.
With FOMO marketing, websites and businesses can set new benchmarks and structure their notifications and messages to motivate both potential as well as current customers in making a new purchase. The psychological construct of FOMO can be the most gentle way to encourage visitors to feast on a certain opportunity that is being served by a business.
The fear of missing out as a marketing tactic refers to producing and displaying messages and notification which appeal to the customers desire and forces them to avail every opportunity on a certain product or service before the offer slips from their hands. People are known to made an impulsive purchase rather than falling in regret after they fail to avail on an amazing opportunity.
The main psychology, or we can say the driving factor a FOMO marketing is the human tendency of avoiding risks. For some people, avoiding risks would mean the passing up of a certain purchase as they may fear that they might put their money on something which might not prove to be as useful. On the leap side, for many people, risk avoidance is preventing the possibility of regretting an opportunity. Let’s understand this with a real life example.
Let’s say an individual has been looking to buy a television. They also have a general idea about their requirement and how much they are willing to spend on the appliance. But, one day they see this advertisement on the social media wherein an online appliance seller is offering a limited period offer on a better television at a competitive price. This limited period offer can trigger the individual to make a quick decision and it is probable that they might end up buying the same television. This is FOMO marketing.
For online businesses, it is not always viable to invest on video graphic advertisements. For such businesses, FOMO marketing can be highly efficient and economical to convince their visitors and turn them into consumers.
Another example of FOMO marketing is review marketing. Reviews portray the satisfaction which the customers obtained by purchasing a certain product or service. Customers are bound to purchase products that have more reviews by a higher number of people than the contrary. This is called the psychological phenomena of social proof.
Showing that your product or service is high in Demand
Web businesses like Airbnb and Thomas Cook start appearing in our inboxes as soon as the sun changes hemispheres. With the onset of summer and winter seasons, people start looking for holiday packages that help them escape the cold or heat (depending on the season). Travel companies present their exclusive jaw dropping packages along with figures that show how popular they are amongst the travelers. This is a type of FOMO marketing technique which helps businesses witness a multi fold increase in their transaction with customers who want to avail the offer on the pretext that it is being preferred by many and that if they don’t make a quick decision, they might lose a wonderful opportunity to spend their weekend in the snowy mountains or the sunny beaches.
When a business shows that something is high end demand unpopular amongst the people, it encourages new consumers to try and develop a level of interest in exploring that particular service or product. Also, the fact that such consumers know that they might lose the opportunity if they delay, also motivates them to make a purchase.
Having a limited period offer
Showing that a valuable product or service is available only in a small quantity develops a feeling of urgency which is a most common scarcity tactic that is used by businesses. As an excellent FOMO marketing technique, it makes visitors realize that with every passing minute, they are getting closer to losing an amazing opportunity that might not be available in near future. This can be a very strong incentive for customers and a brand named Soylent knows this tactic well. If a person waits for too long, they miss out. But, in order to make sure that there is maximum participation, Soylent also offers its customers to reserve spots for a later date if they are too busy to avail the offer at the moment.
The chances of visitors becoming consumers increase to a great extent once this technique of FOMO marketing is used by setting a deadline for the sale of a particular service. Assigning shelf life to a certain product can also be effective in triggering the FOMO reflex.
Showing how many people have purchased a service
Showing that people are interested in a particular product on a website is also a form of FOMO marketing. It is probable that some visitors are present on the website because they have browsed for it and have also done some research and are confident that they might find a solution to their problem on the web page.
Letting such customers know that people are actually benefiting from the services along with providing them the numerical figures of the number of people who have availed such services could be a strong motivation for such customers to buy the product present on such a website. Let’s understand this with the example of a clothing company. When visitors browse through the web page of a clothing website, they are bound to see products that are frequently purchased by customers. Passing out on such products I would mean that they are likely to miss on something which is highly preferred by many people. Hence, this marketing tactic can provide that extra bit of motivation which is required for a prospect to become a consumer.
As human beings, we all love offers that are exclusive and unique in nature. Making people aware of the available discounts and deals on exclusive products can also drive conversions. Such offers not only make us feel special, they also form a major chunk of FOMO marketing. Coming up with offers and placing products in a manner that not only attracts customers but also leaves a huge impact In relation to exclusivity.
Certain websites even offer newly registered visitors discount coupons along with exclusive offers on certain products and services which not only motivates them to make a purchase but also instills in them a feeling of trustworthiness towards the web business. Customers also appreciate when they are given offers that are not available to general public and our exclusively available to them. This can also act as a huge selling point.
Providing free shipping for a limited period
Who doesn’t love it when their product gets shipped to their home free of cost without any additional shipping charges. According to a survey, 90% of consumers have said that they prefer buying products from websites that offer free shipping. Hence we can rightly say that free shipping is the topmost incentive for buyers to make a purchase.
However, offering this facility for a limited period can prove to be a motivating factor for consumers to purchase a certain service. In many cases, free shipping becomes the decider whether a person will abandon their shopping cart or go for placing the order. Offering free shipping for A limited time interval Is also one of the major FOMO marketing techniques that is practiced by various ecommerce websites. With specific deadlines, websites are able to incline people towards purchasing a certain product which they would have not otherwise bought if there was not a deadline on free shipping.
Giving Discounts to Early Purchasers
It is a common sight at ballparks and arenas where early visitors are given free T shirts or placards along with the other props. By this method, organizers ensure that the stadiums get filled easily by encouraging and rewarding those who get there earlier. This is also a form of FOMO marketing that websites and online businesses can use for their own promotion. Although, it is difficult for most businesses to offer large quantities of discounts or free products to early buyers, the concept can still be implemented to a certain level. Let’s understand this with a relatable example.
Imagine there is a take away restaurant which is offering its first 100 customers a flat 50% discount on their purchase along with free gold rings or other eatables. If we assume that’s such a discount is enticing enough, it can prove to be a major incentive for potential buyers to come and visit the outlet. The fact that a particular service that should be availed due to its exclusivity and cost effectiveness, can be an important factor to encourage people in making quick decisions. With such discounts in place, people instead of digging time in thinking about their decisions, readily opt for such a service to avail the limited period offer.
Using Testimonials as leverage
The usage of testimonials by E commerce websites is one of the most tested marketing techniques in practice on the web. Testimonials or nothing but a simple videographic review where in a customer presents their satisfaction towards a particular product or brand. This develops a trust factor to the viewers thereby making them purchase the product or service. Overall, testimonials make people aware of what others are using and the amount of satisfaction derived by them by using a product.
A small example of this technique would be the videos shared by buyers of a product on the website along with its pictures which are sufficient to assure prospects about its quality. Also, testimonials are easily visible two potential buyers and thus heavily influences the FOMO marketing strategy of a business.
In todays competitive environment, with the evolution of cutting-edge technologies and softwares, it is important for businesses, specially for those on the web, to keep on working towards developing new methods of marketing their products and services.
In this sphere,FOMO marketing can play a crucial role since the phenomena has been magnified greatly by social media platforms and the Internet as a whole. with increasing connectivity, everyone knows what others are doing and what are the things that are trending or exclusive in nature. While the fear of missing out might instill anxiety in some individuals, it can be used as one of the most powerful and effective marketing tool. For this object, we here are Justkapture can help you by catering to you with all the essential tools and services required to boost your conversions and business by using the technique of FOMO marketing.
Try Justkapture free for 14 days