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Did you grab that end sale discount?
Have you used that free shipping voucher on your first order?
Have you booked the first show ticket with a 20% discount?
Have you used a 30% discount on End of Season Sale of that brand?
You have often heard these questions from friends, relatives, and people around you. And if your answer is “No,” you’ll likely feel like a group’s missed person.
And as humans, we like to keep connected with our friends and want to be a part of things other people do. That’s where FOMO marketing play’s a role.
And if you have ever purchased a product or service because you heard there is a discount or fear of being sold out, you’ve experienced FOMO marketing.
It’s a strategy that helps your business improve sales and stand out from competitors. It also allows companies to convert visitors into customers using a perfect FOMO marketing strategy.
So, let’s get into it! You wouldn’t miss out on this awesome post to learn about the FOMO strategy, right?
What is FOMO Marketing Strategy?
FOMO, or Fear of Missing Out, appeals to every consumer to latch on to every opportunity before missing it or it slips through their fingers. It puts your consumer’s mind into overdrive as they start thinking, “what if” they miss the offer?
FOMO is often triggered by seeing posts that offer a discount, time-limited purchase, End of season sales, and many more that make your customer decide before the chance is missed.
Why use FOMO in your Marketing Strategy?
Let’s say you want a mobile phone and have already decided on the brand and model you will purchase. And while way to your home from work, you notice a local mobile shop is offering 35% off on the exact mobile you want to buy, but due to financial constraints, you are still contemplating the decision and have not made up your mind!
However, when you see that discount, would you not feel the urge to purchase before the deal ends?
That’s precisely the sense of urgency the FOMO marketing strategy creates for your customers. You won’t believe it, but 60% of millennials make a reactive purchase after experiencing FOMO (within 24 hours).
When done right, FOMO creates overdrive in customers’ minds, and people take action by making a purchase or subscribing to your channels.
But, make sure your FOMO offer is believable by ensuring you keep the promise. If you promise, make sure it’s is, or it will break your customer’s trust if a similar offer rolls over every weekend or week.
Remember, do not overuse FOMO; limiting the use is best.
Now, let’s look into some FOMO techniques used in marketing today.
Different Types of FOMO Techniques
To understand the FOMO technique used in marketing, let’s look at the different FOMO.
Urgency is a common tactic used in the FOMO technique and is highly effective.
For example, when you visit any shopping site and see the deal of the day at their best prices. You realize that the watch you wanted to purchase for months is in today’s deal, and only a few stocks are left.
That something creates an urgency to purchase before the stocks end, or the deal gets off.
It makes the customer decide quickly or grab the opportunity before they miss it. Some common call to action to create urgency includes:
- Act Now
- Only X amount of products left
- Hurry before it’s late
- Limited spots available
Time Limit or Time Bounded
Time bounded deals are another great way to create FOMO among the customers. People would feel like there were only a few times left to make a purchase and grab that particular deal.
For example, if you want to purchase hosting for your website, you visit the hosting site and the time limit appears, showing make a purchase within five minutes and grab a 30% discount.
Now, you have two options: make a purchase and grab that 30% or keep visiting other hosting sites and lose the offer. Would you make a purchase or not?
This countdown time offer works best for selling digital products or services.
Another common FOMO technique is using Exclusive Deal, which makes your customer think, “what if they missed this good deal?”
For example, many a time, when you visit the website, companies ask you to sign-up for member-only promotions. It shows, “Sign-up to receive discount offers, new promotions, and exclusive deals only for sign-up members.”
Not only do subscribers get an offer on signing up, but also lifetime value in terms of the member’s only access to those exclusive deals and offers.
Social Proof FOMO is a way to use other people’s experiences to showcase the value of your product or service that helped them. Most of the time, people get influenced based on the review and experiences of other people.
For example, when you want to purchase any hair product, the first thing is to check the reviews on different sites. Check out reviews and what people from influencers to your friends to colleagues and neighbors, especially when the price of your product is high.
So, you got a clear idea about the FOMO; let’s dive into some real FOMO examples used by different brands -
FOMO Examples by Brands
Limited Stock or Spots
Limited spots or stock is the best FOMO example technique to promote your products or services and generate more sales.
Here’s an example from Booking.com. It shows that there is currently a high demand for rooms in the Lonavla and that only a few rooms are available to book. If someone didn’t book it correctly, they lose the best place to stay.
You do want to miss the last room, right?
Here’s another example:
Showing that only a few stocks are left can trigger FOMO but works better with perishable products. It shows that only a few inventories of your favorite snack, Cheetos, are left to make purchases. If you don’t make a purchase now, you might need to wait to enjoy snacks till stocks refill.
You don’t want to miss these snacks, would you?
A countdown timer is another way to highlight scarcity and make the traditional products look time-sensitive. You might have encountered count-down timers on several websites and Ecommerce sites.
It is the perfect way to trigger the FOMO and make a purchase immediately. It creates urgency, scarcity, value, and interest that promote sales and social media sharing. It shows how much time customers have left to order before the deals get off.
Here’s an example,
The Boat uses count-down times on the product and daily deal pages, Which creates FOMO among the customers to purchase their favorite product with the time-limited deal.
Flipkart used a countdown timer on its product page, advertising daily deals and adding a sense of urgency among the customers. The timer shows the time left to claim the deal on their favorite product.
Count-down timers can deliver results of improving sales and nudge shoppers towards a purchase. Research shows that count-down timers increase sales by 30% and is a great way to boost sales and conversion.
Gift for First Time
Try to offer freebies. These could be discount coupons, free shipping, a free trial, or a cashback.
The marketing strategy instigates FOMO among people and makes them decide faster. Offering something valuable and attractive freebies with every product sold to the first-time purchaser can boost your conversion rates.
This is especially useful in converting those people who are not ready to make a call or are new to your brand.
MagePlaza offers 10% off to their new visitors, and you can get a code to share the email address. You can purchase the subscription with the code and enjoy the discount on your first order.
Levi offers discounts to their first visitors.
Levi offers first-time visitors 20% off and free shipping on all their purchases; thus, the customer can grab the discount that improves sales. Not only does it help Levi grab the customer’s attention, but if the customers love the product, they can become a retaining customer.
The discount offer for the first-time purchaser acts as a sales promotion and builds a customer base.
Lean on Social Proof
Online reviews can help brands gain trust and influence customers’ decisions, but seeing a whole host of reviews and testimonials on the product is a great “FOMO example” among the people who didn’t make a purchase yet.
Testimonials and reviews know that other people are already using the product, and it helps them to get desired results. Do you know 72% of people read testimonials before making a purchase?
So, testimonials and reviews play a crucial role.
Seeing many reviews on the website creates FOMO of “how they would miss out on purchasing it.”
Here’s an example of Wiser Notify showcasing the testimonials of their satisfied customers.
WiserNotify got lost of Reviews and Testimonials from their satisfied customers. They display their testimonials on a specific page that helps customers to know that the product is one of the best and that people are already using it to gain desired results.
End of Season Sale
There is nothing as effective as marketing with a time-limited offer. Customers make impulsive buying decisions under the pressure of a ticking clock and early purchases.
Promoting seasonal sales like the End of Season sales can drive returning traffic to your website. Building anticipation for upcoming events is excellent for creating hype and getting people excited to purchase their favorite product.
Here’s an example from Levi,
Levi has created a popup notification of its End Season Sale offers that help visitors to know about the seasonal sale offers and thus attracts new visitors to grab the discounted offer.
Their offer not only grabs visitors' attention, but people share it with their friends, colleagues, and relatives; in turn, it improves traffic and earns more sales. It offers a great value to attract customers and perceive higher value for the brand than the discounted price they pay.
It appeals to their targeted audience at a premium pricing.
Time Limit Offer
When creating a FOMO, a time limit offer can open up your customer's wallet to make a purchase, and you get a new sale.
The easiest way is to offer an exclusive time-limited offer as Shopify does. Creating an offer for specific days, times, special occasions, or promotional purposes. Adding a simple timer or a specific date can create FOMO to make the deal hotter.
Here’s an example,
Shopify uses the time-bounded FOMO technique to grab customers and improve sales. This exclusive deal is attractive, and customers might not want to lose it. It tells the buyer the offer will end soon, and you might miss the opportunity to save some extra on your order.
Early Bird Offer
A common promotion for many events, hotels, and offers is to give away discount offers to the first few customers. It encourages people to book or purchase earlier and grab that extra discount.
This FOMO marketing example can help you improve traffic and brand value and promote your brands.
Take a look at Amazon’s Early Access Example,
Amazon provides prime deal offers and early access to its Prime members a 30-minute earlies than non-prime members. It makes people feel FOMO about getting access to these amazing deals, and they might miss out on some products if the stock gets over.
It makes people purchase Prime membership and thus increasing Amazon’s sales.
To Wrap Up
There's no doubt that FOMO marketing can be effective.
The examples in this article show how businesses have used FOMO to increase conversion rates. By creating a sense of urgency and tapping into people's fear of missing out, businesses can encourage people to take action.
If you're looking for ways to increase your conversion rates and use FOMO marketing, Wiser Notify can help you with that!
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