Understanding a customer’s fear of missing out (FOMO) is far from a new marketing phenomenon. Still, the last few years have truly put this spending habit into overdrive. With concerns about shipment delays, product availability, and even a business’s ability to open, buyers are still shopping with worst-case scenarios in mind. Even as the holiday season comes to a close, knowing how to make the most of your customer’s FOMO ensures you don’t miss out on critical sales opportunities.
Display Product Quantities Online
Displaying product quantities online is an easy way to communicate that inventory is limited. Small stock numbers tell customers that they need to act quickly, especially if the product is in high demand. Sites like Etsy also inform customers when other buyers already have a product in their cart. This strategy motivates customers to act quickly and can play a role in reducing cart abandonment.
Offer Limited-Time Deals
Limited-time deals are a FOMO strategy you’re likely already familiar with. Many e-commerce sites, for example, keep a banner at the top of their homepage with a countdown for whatever the current deal is. Others stick to language like “limited” or “this week only.” While vague language can increase curiosity and draw people in, it’s good business practice to clarify when a sale will end. Providing an exact date and time is especially important for online sales.
Empower Customers With Early Access
Offering early access to deals and products might seem like the opposite of FOMO, but giving loyal customers a way to hear about deals first provides a business with many benefits. Customers who sign up already prioritize being the first to buy so they aren’t competing with a crowd and missing out. Early access channels like texts or email notifications are incredibly valuable marketing tools as well.
Prepare Your Business Accordingly
It’s important to consider one significant disadvantage of playing to customer FOMO. FOMO played a unique role in the 2021 holiday season, as buyers started shopping earlier than years prior due to delay concerns. This elongated shopping period may lead to increased returns in 2022 if customers aren’t satisfied with the purchases they made in a rush. If you market with FOMO in mind, prepare your return channels the same way you scale your business for anything else.
Working to make the most of your customer’s FOMO mostly affects your business’s marketing strategy. There’s a good chance that you’re already dipping your toes into the world of FOMO by running campaigns that involve words like “now,” “today,” or “last chance.” The goal is to find the right language to give customers a sense that they have a special opportunity in front of them, and if they don’t take it now, it won’t be there later.