FOMO (aka the “fear of missing out”) is not just a recent hashtag trend on social media. It’s a well-researched psychological phenomenon that – when properly understood – you can tap into to drive more sales in your business.
In essence, FOMO is about scarcity and urgency. If customer fear they might miss out on something they want, it can provide the emotional trigger necessary to get them to take action and complete a sales transaction. Sales and marketing campaigns that are created around FOMO haver surged in popularity in recent years since they are relatively easy to implement and can provide long-term results.
While the term FOMO can sometimes have negative connotations due to extreme instances in which a person’s mental health is impaired, don’t forget that it’s mostly a fun trend, as people feel good when they experience being included in something valuable.
As an ecommerce business owner, there are several ways you can ethically leverage FOMO to increase your sales conversions. Here are 4 you might want to try:
1. Feature Special Deals with a Definite Deadline
You probably already know the benefit of creating special discounts and sales to attract buyers. If you make sure to add a precise deadline to accompany your special offer, potential customers will fear missing out on the opportunity and feel the urgency to take advantage of the sale.
If you try this tactic, be sure to do so with integrity. For example, if you announce a sales price that you will only offer once a year, be sure to wait until the next year to offer it again. That kind of consistency can transform a one-time buyer into a loyal consumer of your brand.
2. Leverage Social Proof 
Are there any celebrities or influencers who swear by your product? Can you demonstrate that 4 out of 5 experts recommend your offer? If you can legitimately demonstrate that other people love what you sell (especially if those other people are liked and trusted by your potential customer), you can get them to fear missing out on something that those others have.
Simply showcasing testimonials or reviews can sometimes be enough to get new customers to fell that lthey’d get to take part in something they wouldn’t want to miss. People love feeling that they belong to the “in” crowd – so make sure to show how your product is part of a community customers would want to join.
3. Send Reminders When a Cart is Abandoned
Your inventory isn’t infinite. So, if a potential customer abandons a cart, you can email or text them a reminder to let them know they might legitimately miss out on a product they desire if they don’t soon complete the sale. After all, once you sell out, they’ll just have to wait (or miss out entirely!)
You can combine this strategy with the deadline strategy and send them a special coupon or upgrade if they return to the cart and complete the purchase by a specified time.
4. Create Alerts When Inventory is Low 
You don’t have to wait until someone abandons a cart to remind them that your inventory is limited.
When your stock is genuinely low, creating a notification or alert is honest, helpful, and may provide the gentle push someone needs to buy. If the person would feel a sad version of FOMO if they didn’t get your product when it was available, you’re doing them a service by letting them know there is a real urgency to buy.
Are you afraid of missing out on more sales for your ecommerce business? To ensure you’re making most of your marketing efforts (and budget!) it helps to partner with an expert like JXT Group with the technical prowess and psychology know-how to entice customers to buy online.
Don’t get bogged down by marketer’s FOMO! You can call us at 718-690-7302, or just fill out our online inquiry form. Let’s get started building a partnership that will bring you more profits!
