FOMO Marketing: Strategies To Boost Sales

FOMO Marketing: Strategies To Boost Sales

Fear of missing out (FOMO) is a term that is currently popular. Is an effective way to increase your online business sales, because this FOMO marketing strategy utilizes basic human psychology.

FOMO has the meaning of a psychological phenomenon where a person is afraid of missing out on things that are currently popular.

Did you know that you can find FOMO in the scope of E-Commerce. This can influence interactions, thoughts, work approaches, decision making, and purchases, as reported from the Segmentify page.

Today many associate FOMO with social media pushing people toward social comparisons around how people live their lives.

In this article, we will provide a guide on how to implement an effective FOMO Marketing strategy on your website.

Definition of FOMO Marketing Strategy 

The FOMO Marketing Strategy is an important factor for marketers because it is very beneficial to create interesting content to get the attention of the marketing target audience. 

In the world of marketing, FOMO takes advantage of a prospect's fear so they can make a purchase more quickly. Because if they don't hurry, they will lose the product. Whether it's a discounted product, a product sold in limited quantities or something else.

FOMO is actually not a new thing in the world of marketing. Since before internet technology existed, many well-known brands have used the FOMO marketing strategy. But with the advent of the Internet, this strategy has become much easier and more efficient to carry out.

The application of FOMO behavior to marketing strategies is usually associated with certain conditions.

What is the impact of consumers if they do not buy the product. Why consumers should buy these products as soon as possible.

According to Strategy Online, FOMO has a lot to do with millennials.

As many as 60% of millennials decide to buy, use, or rent something because of FOMO.

Eventbrite also emphasized that 69% of today's youth activities are actually influenced by FOMO behavior.

Fear of Missing out is closely related to psychology. Therefore you also need to understand psychology and its implications for socio-culture.

The point is in implementing this marketing strategy, you also need quite in-depth research.

FOMO is also very closely tied to certain times or events of a certain time, values, and uniqueness.

Why is FOMO Marketing Strategy Effective for a Business?

Most social media users are affected by  FOMO behavior. With over 3 billion active social media users worldwide, according to We are Social, this is an audience with huge potential that businesses can tap into in the long term. 

Focusing on the young millennial generation who have the habit of using social networks. The FOMO Marketing Strategy has many opportunities to reach more consumers and change their FOMO habits on social media into buying behavior for a product.

How to Implement a FOMO Marketing Strategy

Even though it looks easy, it doesn't mean you can apply this FOMO strategy freely. It could be that potential customers don't trust you and your conversion rate can actually decrease dramatically. Therefore, here's how to implement a FOMO marketing strategy that you can apply:

1. Give Limited Discount Time

Everyone certainly likes discounts or discounted prices. From the consumer side, buying products at a lower price than the original price is a golden opportunity that should not be missed.

However, if the discount lasts only a short time, it is certain that your potential buyers will be more willing to buy your product because they don't want to miss the discount.

This type of FOMO strategy is considered the most popular in the marketing world, and has been widely applied in the online business world. Because this sales strategy has been proven to be able to increase sales in a very short time.

2. Order Time Limit

This FOMO strategy is commonly used when booking hotels, transportation tickets, concerts, and cinemas. Generally for this type, the time limit ranges from 15 minutes to half an hour before the order is automatically canceled by the system.

3. Recommendations and testimonials

Display recommendations or testimonials from other customers who have purchased the product or service, where customers who have purchased the product or service give positive reviews about their experiences.

This recommendation can go viral and can become a viral marketing strategy, because it is proven that many feel the benefits or superiority of the products or services offered. This will give the impression that the product or service is worth buying and can increase consumer confidence.

4. Give it a Deadline!

Have you ever bought a product through a flash sale program? Yes, the concept is the same.

You can sell certain products based on the best selling or rarest by limiting the time of purchase.

You can include the purchase period and the remaining time of purchase. This method is quite effective, especially if you want to spend certain stock items.

5. Show Number of Stock Goods

The FOMO marketing strategy has a lot to do with wanting to have things fast.

Therefore, you can show the number of stock items on your product showcase.

For example, “There are 2 colors left!”.

Little things like this will affect consumer psychology which will lure them to buy your product quickly.

6. Create Exclusive Products

Have you ever wanted to buy something because the product is exclusively sold at a certain time. You could say it's a FOMO marketing strategy.

You can sell special items that you have never sold before, even your competitors sell but have a high level of consumer interest or a trend.

For example selling brand A products that are currently trending but are sold for a limited time.

Another way is that you can collaborate with certain influencers or products. For example, a bag product designed in collaboration with designer A.

7. Provide Special Service for First Buyers!

Classic, but quite effective. This is a very effective way to take advantage of this FOMO behavior. For example, giving free shipping, vouchers, or even additional items.

The first buyer referred to here is not really the first buyer. But you can limit the quota. For example the first 10 buyers to the first 100 buyers.

In addition to increasing competition between consumers, this method can also generate a lot of interaction and even conversion of certain products.