How To Boost Sales By Introducing FOMO

Are your sales figures a little lower than you’d like? If so, FOMO (fear of missing out) could be the answer to your problems. In this post, we start by introducing FOMO, then show how you can use this psychological concept to entice prospects to make a purchase.

While there are many potential reasons for a slump in sales, failing to offer the right message that entices leads to act now could be the biggest issue of all. Introducing FOMO, short for Fear Of Missing Out, which can help you overcome this problem by creating a sense of urgency to generate a significant boost in sales.

Better still, FOMO can help streamline the path to conversion, resulting in fewer lost sales to competitors. Here’s how your brand can use FOMO to its advantage with six simple steps solutions.

How to use FOMO to stimulate conversion

One: sell the experience

Modern consumers don’t just want the right product; they crave a winning experience. In fact, most are willing to pay more for a positive experience. Given that FOMO also triggers a need for recognition and inclusion, the association with your brand can be as powerful as the product itself. Consumers won’t want to miss out on those positive interactions.

To create a consumer experience that truly stands your brand out from the crowd, you must look beyond the product. Packaging is the first thing that a user sees and feels when receiving their goods, so opting for professionally designed custom mailer boxes is a great move. Consumers want excitement in opening the product for the first time.

Mailer boxes also work well as the consumer knows what it is as soon as the item arrives. This spike in excitement will see them associate your brand with positive feelings, which can yield future purchases. It is a particularly wise move if looking to sell subscription boxes that turn one-time clients into monthly customers. Nobody wants to miss that source of joy.

Two: tap into social proof

FOMO often stems from not wanting to miss out on what everyone else is doing. It has been true for generations, which is why we see trends in everything from fashion to home decor choices. When consumers see that other people are using your products and services, they will naturally want to join the party. Again, it links back to the concept of inclusion.

In today’s landscape, social media is the key to leveraging success through social proof. Teaming up with influencers can be very rewarding. Their followers will be inclined to buy (or at least learn more) about the products their favorite influencers promote. Once again, if unboxing videos impress due to fancy mailer box designs, the excitement grows further.

The vast majority of consumers will also read reviews before making a purchase. It helps them verify the legitimacy of your business while also offering deeper insights into how the product improves a customer’s life. Try to get more reviews from happy clients, perhaps by offering a discount on their next purchase, and you should see an upturn in sales.

Three: realize that scarcity sells

If you truly want to tap into the power of FOMO, you must create a sense of urgency. After all, if a customer thinks “ah, I’ll just buy it in a few months” there is a strong chance that the delays will continue indefinitely. Conversely, if you force customers to make a decision now, some will decide against a purchase but many others will convert.

Highlighting limited stock or availability is the most commonly used tactic. For a hotel, this could mean including “only five rooms left” on the booking page. For retailers, “last few remaining” or “limited to X copies” may have a similar impact. The goal is to make prospective customers know that it’s either now or never for their purchase.

To do this, you will need to use real-time stock management systems, which could be as simple as a website plugin. When consumers know that their opportunity to buy the product will soon pass, it forces them into a decision. It should result in quicker sales while those who miss out may even purchase an alternative product. Perfect.

Four: show clients that now Is the best time to buy

Missing out on the product altogether isn’t the only way to introduce a sense of urgency. Another very popular method is to sell the fact that this is their best opportunity to get value for money. If completing the purchase today will save them money in the long run compared to waiting a few weeks, the chances of a quick sale increase.

Limited-time sales are the ultimate choice. This could manifest as a 20% discount on the purchase, free delivery, interest-free repayments, or providing a free bonus gift. Either way, giving them a limited time frame of 24 or 48 hours to make the purchase tells them to take action. If they are going to buy the item, they’ll want to do it now while the value is there.

The perceived downside of this tactic is that you sacrifice a percentage of your profit margin. However, this is easily compensated for by the fact that the cost per acquisition is reduced thanks to lower ad spends. Other solutions include giving a special discount to the first X amount of customers. Or send a short promotional code for repeat purchases.

Five: highlight the popularity of a product

Most brands can benefit greatly from promoting their best sellers while they’re still hot. Even if stock levels are far from limited, focusing on your top-selling goods can be the quickest route to new sales. It is a tactic that combines aspects of social proof, the experience, and perceived scarcity to establish a clear sense of FOMO.

As far as eCommerce is concerned, you can achieve this with live tracking tools on your website. Showing “purchased by X amount of people today” or “viewed X times this week” shows that a product is popular. In turn, the consumer may be enticed into buying as it is clearly something in high demand. Having the product everyone wants boosts self-esteem.

Emails and SMS messages along the lines of “people like you have purchased X” can have a similar influence. For in-store interactions, sales teams can advise guests about what products other people have been buying. Again, if a person can see that a product has been good enough for others, they’ll be more eager to make a quick purchase.

Six: utilize the consumer’s need for speed

One of the key features of FOMO is that it doesn’t just make the consumer want a product. It makes them want the item now. So, one of the easiest ways to embrace this and encourage a faster purchase is to add details of how quickly a delivery can arrive. For example, a message stating “order in the next two hours for guaranteed next-day delivery” works well.

Research shows that 80% of executives cite same or next-day delivery as a way to boost revenue and reduce costs. Likewise, the majority of consumers now expect these options while those that don’t still respond positively. When they know that they can have the product ASAP, it builds the excitement levels. In turn, this incentivizes them to complete the order.

Extending FOMO to the idea of missing out on a quick delivery rather than the product alone will boost sales. After all, if someone sleeps on the decision, there is a good chance that they will back out of the purchase. On a side note, if the user completes a purchase now, there is no threat of them opting for your competitors.

The final word

FOMO is a powerful psychological tool that can transform the future of your business by making your brand unmissable. Get it right with the tips above to boost new conversion and repeat purchases for a far smoother path to sustained success.

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