5 Ways To Increase Conversions With FOMO
What Is FOMO?
You know that feeling you get when you open your Instagram app and your newsfeed is full of people doing amazing, cool things such as travelling the world, going to concerts, and attending parties?
That feeling is FOMO. Or, in other words, you're experiencing a fear that you missed out on something everyone else is enjoying.
It's not a great feeling. And it usually motivates people to be more adventurous, either by saying yes to an upcoming trip... or by clicking a link that will send them to a limited time offer on your website.
Why Social Media Marketers Should Start To Use FOMO
People are more inclined to make a purchase if they're experiencing FOMO - especially Millennials. In fact, 60% of millennials said that they purchased items because they worried that they would miss out on a deal or an experience.
5 Ways To Increase Conversions With FOMO
1. Describe Scarcity And Urgency: Marketers have been using this tactic for years - and it still works! If you have a limited amount of products, definitely share this fact. Or if you’re only offering it for a limited amount of time, share that, too!
2. Create Products That Will Only Be Available To Certain Customers: Tell your loyal customers that a certain product will only be sold to them. Exclusivity is a great way to generate FOMO amongst your audience. Not only will this tactic make your loyal customers feel special, but it will make people who aren’t loyal yet feel like they’re missing out on some great offers. The result? More loyal customers!
3. Give Rewards To Early-Birds: You ever hear the term “first come, first serve?” Yeah, this works to increase conversions, too. It will cause people who were thinking they will buy the product eventually (which also means they might not even buy it), to wanting to get the product before other people do.
4. Offer Incentives And Awards: Do you ever notice that some stores adopt a policy in which the 10th or 20th item a customer purchases will be free? Pizzerias, for example, will sometimes say that the 10th time someone orders a party size pizza, their order will be free of charge? These are effective incentives and awards to encourage customer loyalty. People will buy from the same pizzeria (not because of lowered price or better food), but because they know they’ll end up getting a pizza for free. Create incentives and awards like this that will keep your customers/clients coming back.
5. Share Amazing Customer Experiences: Your audience is more likely to believe your customers/clients than they believe you. Why? Because your customers/clients have nothing to gain when other people purchase from your business. So what should you do? Start posting product and service reviews! Once people see how much others have benefited from your offerings, they’ll want to benefit, too.
6. Include Social Proof: But it’s not only hearing about how beneficial your product/service is that can cause FOMO, it’s also seeing how great of a relationship your business has with customers/clients that can cause FOMO. Go find reviews and testimonials from people who had a great experience with your business and share what they said on your social medias! And if you don’t have those yet, encourage customers to comment under your post about what they think of your products/services.
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