Did you try the new ….. ? have you heard of …….? Have you done …….? Did you buy the ……?
These are all questions that you may hear and if you answer "no", you will feel left out or out of touch.
Fear of missing out (FOMO) is social anxiety stemmed from the belief that others might be having fun while the person experiencing the anxiety is not present. It is characterized by a desire to stay continually connected with what others are doing.
For any retailer, it is important to know his customers and target audience, and It is important to know how to cash in on their FOMO.
69% of the millennials experience the phenomenon, and 60% of them will buy something just because they feel they might miss it. It's not only the millennials; according to other research, over 50% of the people using social networks (over 3 Billion people are using social media) suffer from FOMO.
During the holiday season, this social anxiety is booming. If you know what the FOMO's peak hours are, the dates, and the events, you can leverage on it.
For example, it is known that, on Amazon Prime day / black Friday and other events, heading the end it's the most profitable hours.
Knowing this, a seller can push his pricing towards these hours, push his advertising, and more.
Relevant tactics for FOMO marketing are (partial list) –
1. Show that people are buying
2. Set a time limit
3. Use social proof
4. Limit free shipping
5. Get a quotation of influencers
6. Create bundles
7. Use the competitive spirit; people hate to think others will get it while they won't
8. Reward early decision
9. Offer an upgrade
10. Leverage testimonials
The FOMO is sourced within primal roots and is being magnified by social media and the internet.
While it's a source of anxiety for many, don't forget it's a powerful marketing tool.