Why do people literally say so much
Psychology behind fear of missing out
Describing the psychological basis of FOMO and how it relates to marketing.
What exactly does FOMO mean?
At some point in our lives we worry about not being able to catch up with others, and sometimes we even want to be in two different places at the same time.
While you are at Beth's dinner, there is a party at Klaus and you secretly wish that you could be present at both places…. While this is just a random example, it happens because you are afraid of missing out.
Basically, FOMO simply means the "fear of missing out". Of course, we humans tend to worry about “falling short” because we are a risk averse species.
The advent of social media has contributed to a dramatic increase in the fear of missing out. That's because so many people post the glamorous part of their lives on social media, which leaves other people feeling like they're missing out if they can't live up to the standards set by these glamorous people become. What many forget, however, is the fact that people are only showing you what they want to show you on social media. They leave everything else aside and you don't get to see the imperfect side of their life.
What does FOMO have to do with marketing?
While FOMO literally has to do with the fear of missing out, it is actually a form of marketing that can be used to your advantage as a businessman.
What is FOMO Marketing?
FOMO Marketing is a form of marketing where you capitalize on consumers' desire to seize every opportunity that comes their way.
What does that mean? In marketing, the only thing you need to do when using the FOMO strategy is to make sure that your audience realizes that they would be missing out if they didn't buy your item because people don't want to miss any opportunities.
Your goal is to make sure your audience buys on impulse rather than regret later that they didn't buy.
By using buzz words like "buy now or regret later," you create a sense of urgency that often leads to impulse buying.
Imagine you wanted to buy an expensive car, which would be almost impossible for your budget ... Just while you are having these thoughts, open your Instagram or Facebook and lo and behold! Here is your dream car, practically staring at you. You look at the picture for a while, scroll down to read the caption and find out that this car is being sold at a discount price !! Almost half the normal price ... Unbelievable! What would you do? You would be so happy and would certainly want to make the payment in front of anyone else. That's exactly what FOMO is about, it creates a sense of urgency and helps ensure you feel the need to buy in front of everyone else. This is how to take advantage of the fear of missing out.
How do you use FOMO?
- Use deadlines: When there is a deadline, people are forced to move outside of their comfort zone in order to meet the deadline. What do I mean by that? Implementing deadlines puts pressure on people and makes marketing easier. Setting deadlines means that you can put some of your items up at a discounted price with a time limit. When your consumers found out that you are selling for a limited time at a discounted price, they would buy because they see it as an opportunity they don't want to miss. When setting deadlines, you have to be serious about making sure there isn't an extension because your audience will not take you seriously when they realize there would always be an extension.
- Use Social Proof: Another great FOMO strategy that works every time is the act of using social proof. This can be in the form of a product review or recommendations from your previous consumers. Most people feel more inclined to support you because they have proven that you are not out to cheat on them. If they knew what others are saying about your brand, you would definitely make more sales. The important thing is that people want to know what others are saying about your brand. This is why so many people would never buy a product until they read what others have to say about such a product. This is the same reason some people read reviews before downloading certain apps from the Play Store and Apple Store. A bad review can tarnish your brand's reputation, just as a good one can bring more leads to your brand. "If that person bought and someone else bought this product too, if I don't, I'm going to be missing out." This is exactly what your reviews tell your audience, it helps and makes your brand credible easier for your audience to trust you.
- Quote celebrities and influencers: Lately, using influencers to market your brand has been a great idea. It works well because these influencers are people who have built a strong follower base and they have earned the trust of their audience as well. The benefit to your brand is that when these people help promote your brand, you will make more sales. How does FOMO come into play here? You can quote any of these celebrities or influencers when promoting your brand. FOMO works here because people would think that if their favorite celebrities and influencers endorsed your brand they are missing out. To move forward as a brand today, you should definitely be partnering with an influencer because they are literally influencing people to buy from you and helping you make more sales. The idea is to create a sense of urgency in your audience's minds.
- Take advantage of discounts: A great FOMO strategy that everyone knows about is using discounts. While the idea of using a discount is well known, not everyone knows how to use it for good ones. How can you use discounts to your advantage? There are several ways to use discounts in FOMO marketing. All you have to do is make your audience feel special. How can you make them feel special? One of the methods of making your audience feel special is by telling them that only the people who follow you on a particular platform would get a special offer. You could say, "These bags typically sell for $ 150 each, but I would only sell to my Instagram followers for $ 100 each." Or you could say that only people on your email List at half price. When you make offers like this, your audience would feel really special and buy on impulse because it is an unusual offer. However, you need to know the rules when using this method. There are rules for each method, if you break these rules you will not get the results you want. The rule here is to be completely honest, don't make an offer to your audience just to back down and not keep your promise. If you tell your audience that only your email subscribers would be eligible to receive a particular offer, never make that offer available to anyone else. Building trust as a brand is really important, if your audience thinks you are a dishonest person it would destroy your brand credibility and reduce your sales as well. While the point is to create a sense of urgency, one should never come across as a dishonest person.
- Promote your message: As a brand, the type is and The way you reach your audience is very important. The decisions your audience makes about your brand is entirely up to you and the way you approach them. The idea of FOMO marketing is to support impulse buying; the message you are sending out there is "buy it now or regret it later". To do this, you need to make sure that you are getting the right message across to your audience. The only way to do this is to make sure that you are communicating with your audience in a way that gets your message across to them. First you have to work on constructing the correct sentences, not saying one thing and meaning the other. When creating content for your brand, you need to get your content noticed, in the first sentence you want to get your audience's attention. This FOMO strategy has nothing to do with magic, it all depends on the type of message you are sending out there. You need to let your audience know why they need to buy your product and why they would regret not making the decision. You can use this FOMO strategy to your advantage if you are good with words and your words can always hit the right nerve. "You don't want to miss this offer, grab your copy now, it's a once-in-a-lifetime opportunity." Make sure your words create a sense of urgency. If you are not able to create this content for your brand yourself, you can enlist the help of a professional content creator.
- Make targeted use of the competitive spirit: Humans are by nature competitive; it is a fact that when we learn that other people want what we want, our interest increases. FOMO works in this case because people are afraid of missing out on an opportunity if they feel like they are losing something of value to other people. You can use this to your advantage as a brand, all you have to do is let your audience see that other people are interested in what interests them too. When people realize this, they want to be the first to buy this product so as not to lose it to other people. Some hotels and other brands understand how this works, they create awareness about a product and make sure they let you know that other people are currently reviewing the same thing you are interested in. This will help you make your purchase on time. When you make people feel like they are competing for a product, they get more serious about their purchase. You can also tell your audience that you only have a set number of a particular product. Telling people that they only have two or three products would definitely create a sense of urgency.
- Highlight missed opportunities: Another strategy from FOMO that always works is this particular one. It's a great idea to remind people of the opportunities they have missed in the past. The advantage of this is that it reminds them that they don't want to make the same mistake again. How do you do that? This can happen when a consumer shows interest in a particular item, but ends up losing that product to another person because it was traded too slowly. If the same consumer is showing interest in a different product, it would be good to remind them that they lost the previous one to someone else. "You've already lost this, don't make the same mistake twice." The fear of missing out works great here and you should take advantage of it.
FOMO is simply the fear of missing out, it explains the theory behind why so many people are afraid of missing out on opportunities. People would rather take risks than live with the guilt of “what could have been”.
Using FOMO in marketing has to do with harnessing your consumer interest so as not to miss an opportunity that crosses their path.
This marketing strategy can be used wisely if you set a deadline, which consists in making certain offers available for a short period of time only. Setting a time limit will help people make impulse purchases and also you as a businessman to get more sales.
Another method of FOMO marketing is the act of using social proof, which helps people know what others think of your brand.
Quoting celebrities and influencers is also a method of FOMO marketing that helps generate more sales.
Giving discounts, improving your news, and targeting the competitive spirit are all ways to use FOMO marketing to your marketing advantage.
Hope you have learned how to use the Fear of Missing Out (FOMO) to your own advantage in marketing.
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