FOMO, or fear of missing out, is probably one of the most common psychological phenomena around. If you’ve ever spent a couple of hours on Instagram seeing what your friends were up to, and wished you were there, you’ve gotten a big dose of FOMO.
Everyone has experienced this universal fear of missing out, though young people tend to experience it more strongly than other age groups due to their high exposure to social media. Eventbrite estimates that 69% of millennials have experienced FOMO, and 33% have purposely tried to make others feel FOMO.
This feeling of missing out on something goes back to the beginning of time when the earliest people had to fend for scarce resources to survive. And FOMO is likely not going anywhere.
Your business should look at the ways it can use this envy and jealously that your customers are feeling to drive traffic to your website and ultimately boost sales. Chances are, when customers feel they are missing out on something, they spend more!
You can use FOMO Marketing when you’re hosting events — by limiting the number of people that can attend and by live-streaming prize giveaways. You can also use it in your social media plan and when building your website if you let your content expire, experiment with influencers, or even show products’ stock levels to create a sense of urgency.
Check out this infographic created by Fundera for the best ways to capitalize on customers’ FOMO in your business.
Please include attribution to fundera.com with this graphic.