12 Hacks of Content Marketing- #6 Fear of Missing Out (FOMO)

Welcome to Day 6 of our Ecommerce growth hacking series. We hope you’ve gained an abundance of knowledge so far that you can apply to your online business. The topic of discussion for today is 'Fear of Missing Out' or often interpreted as FOMO.

FOMO is where an individual worries about not being a part of an action or experiences a feeling of guilt for missing out on an opportunity presented to them. Many shoppers would rather make an impulse purchase than regret their inaction in the future. FOMO is seen in all aspects of everyday life. For example, you may experience FOMO from not going out with peers on a particular occasion. According to a survey conducted by Mylife.com, 56% of social media users are afraid of missing something such as an event, news, important status update if they don’t keep an eye on their social networks.

Furthermore, when applied effectively, FOMO marketing acknowledges the urgency of viewers and uses it as leverage to capture the attention of consumers, get them to react and ultimately buy. If you're aiming to rapidly drive sales during a particular period such as Christmas or the New Year, then FOMO can serve as a worthwhile technique to enhance your marketing strategy.

As FOMO is a psychological matter, you must ensure that the techniques you apply resonate with customers and are not ‘too good to be true’ offers. Therefore, take caution when deciding the types of FOMO you’ll provide to customers.

Here are 5 simple techniques that can be used to create FOMO:

(1) Timer: A deadline can serve as a very convincing trigger to make people buy products or services quickly without hesitation. It's by far the most simple and effective FOMO measure to put in place. When customers notice that they have limited time to take action, more often than not, they can be forced to engage in impulse buying.

(2) Social Proof: At first, it can seem difficult to convince people to trust your brand. Providing social proof can help you build trust. Positive reviews and testimonials can make them feel like they're missing out on a good product if they don’t make the purchase. By showcasing real people who bought from your business and were happy with their decision, can influence others to follow suit. For instance, you could show pop-ups on your website every time a purchase or review is made.

(3) Packages: What’s better than selling one of your products or services? Selling more of them. That's right, by offering your target audience a special package or bundle, they will feel like it's a great value-for-money offering. For example, many broadband companies will offer TV or Phone subscriptions deals in addition to internet serivces, to incentivise customers to pay more. By reinforcing the discount and limited-time to buy, people may buy more from your business than they originally intended.

(4) User Generated Content: As mentioned several times in previous hacks, the power of UGC is insanely underrated. The testimonials or images captured by customers that purchased your products/services may finally convince others to invest in your business. A sense of FOMO may arise within customers that haven’t purchased from your company yet. UGC encourages authenticity within your brand and also leverages trust.

(5) Email: One method to maintain potential customers is to send them myriad emails along their consumer journey. Keeping email subscribers updated in their inbox will remind customers that your products/services are readily available. For example, if a customer leaves the website with a shopping cart entry, you can email to prompt them that their product or service is waiting for them. Other emails can focus around retargeting previous customers and upselling them with more expensive items.

FOMO is definitely a remarkable approach not only to increase sales, but to build your brand and its community. In this day and age, everyone seems to know what everybody else is doing through the advancements of social media. FOMO has grown to exist to some extent within every person’s subconscious mind. While it’s often a source of anxiety for many people, it is a powerful marketing tool. The techniques mentioned above can assist your business to grow and connect with consumers.