Have you ever felt alarmed that you might have missed out on something?
Of course you have – we all have!
As humans, we are innately wired to want to be included, to feel part of a group, and to not miss out when opportunity knocks. Why else do so many of us buy lottery tickets week after week, despite knowing that the likelihood of it ever paying off is negligible? Why do so many people line up for hours for the latest iPhone model?
This instinct is known today as “FOMO” – and it presents striking opportunities for marketers.
Let’s delve into and explore this phenomenon – and how brands and marketers can exploit it!
What is FOMO?
FOMO or “fear of missing out” refers to the anxiety associated with not being included or that you are missing an exciting event or opportunity.
FOMO is the feeling that you are excluded from something fundamentally important; this is often not even something you necessarily want or need, but you just don’t want others to have access to it if you don’t. The fact that it is “for” others is enough to create distinct feelings of unease.
FOMO is based on the perception that others are:
- Having more fun
- Accessing better opportunities
- Enjoying more luck
- Experiencing better outcomes
- Living better lives than you are.
At worst, FOMO involves deep feelings of envy and, depending on the specific circumstances, it can negatively impact one’s self-esteem, mental health, and overall wellbeing.
While FOMO can apply to anything in life (e.g. not being included in a conversation, being unable to attend a particular event, missing a TV show, not hearing about (or being eligible for) a new job opportunity, having a friend or family member going on an amazing vacation, etc), it is especially triggered by what others post on social media (and with more than 5 billion of us using social media globally, that’s a LOT of potential missing out!). This can cause significant stress and dissatisfaction with one’s life – after all, if someone else seems to “have it better”, envy is (sadly) a natural response for most people.
Is this Phenomenon New?
While there is evidence of people’s fear of missing out even in ancient texts, FOMO was first studied formally (as it applied to marketing) in 1996 by Dr Dan Herman[1], and it was he who coined the term “fear of missing out”.
Social media has vastly accelerated the FOMO phenomenon.
“Comparison is the Thief of Joy” – Teddy Roosevelt
Social media is arguably a platform for broadcasting and bragging; it creates scenarios where we are each compelled to compare our everyday lives with the curated highlights of others’ lives. This skews our sense of what’s “normal” and how “happy” other people actually are – even though most of us also carefully curate what we share on social media!
This tendency did exist before social media but to nowhere near the same extent.
How is FOMO an Asset for Marketers?
The psychology of FOMO presents outstanding opportunities for marketers to capture audiences and drive action.
By exploiting a real or invented sense of exclusivity or scarcity, marketers can create a buzz, anticipation, and sense of urgency around products, services, and other opportunities. This compels target audiences to impulsively act on their own FOMO, driving conversions.
Emotion drives consumer action and FOMO is a catalyst of both desire and urgency – playing on the human anxieties associated with missing opportunities and not being part of something that everyone else is.
FOMO marketing uses the psychology of social comparison and consumers’ emotional triggers and responses, capitalising on the tendency to quickly act to avoid missed opportunities. It also effectively convinces consumers that they actually do want or need something they’d not otherwise consider.
IMPORTANT: You must balance your approach to scarcity, exclusivity, and urgency with transparency and authenticity. Failure to do this may result in negative brand perception and consumer mistrust.
Examples of FOMO Marketing
- Exclusive Member Access
This is a fantastic way to make your existing VIP customers feel seen and special. It appeals to the human desire to be part of an exclusive group with access to something others don’t have. It is also a great way to encourage brand loyalty and reward/VIP program subscriptions/sign-ups.
- Flash Sales
Great drivers of consumer action, flash sales are time-sensitive and spontaneous. They tend to feature unique offers or significant discounts and motivate immediate conversions.
- Real-Time Sales Updates
Have you ever visited a website (or social media in-app shopping page), looked at a product, and seen a feed or pop-up stating how many other people are looking at the same item “right now”? Or “Mike from Doonan just purchased this item”? Or “Just three pieces left in this size”? These real-time alerts, live visitor counts, and popularity nudges drive a sense of urgency and tap right into FOMO to trigger quick decision-making and conversion.
- Limited-Time Offers
These place an end-point on the specific sale or deal. By creating a clear deadline and emphasising that the offer is for a limited time only, you can effectively reduce the length of the customer decision-making process and motivate swift action.
- Social Media Teasers
There’s nothing like a sneak-peek preview of products, events, or other promotions that are “Coming Soon”. It piques interest, builds curiosity, anticipation, and excitement, and readies target consumers to act when the opportunity to do so arrives.
- Giveaways/Contests
Everyone likes the chance to get “something for nothing” and giveaways and contests have limits on both deadlines and prizes. They effectively boost brand visibility, drive engagement, and, after the contest has ended, may trigger conversions in people who missed out on winning but who have been convinced they want to enjoy the prize for themselves regardless.
Top Reasons to Exploit FOMO for Your Marketing
- Create a sense of urgency around your offering
- Boosts engagement
- Enhances your brand reputation
- Drives more sales
- Social validation
- Increases customer loyalty
9 Quick Tips For FOMO Marketing
- Create deadline-based Special Offers
- Highlight Limited Availability/Limited Edition/Limited Spots Available offers
- Provide Exclusive Content to drive subscriptions/signups
- Increase email open rates with FOMO content (e.g. “Don’t Miss Out!”)
- Suggest scarcity
- Reinforce urgency by showing “Expired” or “Sold Out” offers
- Exploit “Free Shipping” as a limited offer
- Use a visible countdown timer
- Offer a Free Gift for first-time buyers
Harness the Power of FOMO with Dot-to-Dot Digital!
Capturing the attention of your target audience is just the first step in marketing – you also need to drive action.
Scarcity or urgency – even the mere suggestion of it – motivates action and sells!
A curated social media marketing, email marketing, or search engine marketing campaign can help you harness the power of FOMO in your target audience for the benefit of your business.
Dot-to-Dot Digital is here to help.
Based in southeast Queensland and working with clients nationwide, Dot-to-Dot Digital is a team of experienced, expert digital strategists. We proudly offer a range of insightful, creative digital marketing solutions. These deliver tangible results for brands and businesses.
No matter what industry, sector, or niche your business or other organisation occupies, we can help! Book a digital strategy session with us today to learn how we can help you boost your brand and business outcomes.
