FOMO stands for the “fear of missing out.” Nowadays, with our constant access to the goings-on around us, we see this emotion often.
FOMO depends on timing and placement. It depends on consumers being aware that there’s another desirable experience, relevant to their interests, taking place nearby.
FOMO can work with you or against you, depending on how you treat it. Being aware of FOMO is the first step towards making sure it doesn’t get the best of you.
The downside to FOMO is that your competition can use it to steal away customers quickly.
Remember, involve your customers. Announce reward program offers whenever you’re interacting with them, to encourage customer loyalty.
Use It to Keep in Touch
Just because they’re at your event and loving it doesn’t mean they’re immune to another business’ FOMO.
Customers can experience FOMO even when they’re enjoying themselves. So let them know what other events are coming up.
Give them something from your own company to look forward to, like deals and new merchandise.
Give them enough to focus on so that they won’t have their attention stolen by the competition. Whether you’re hosting an event or just welcoming your customers into a brick-and-mortar location, be engaging.
Use It to Capture Customers at the Right Moment
FOMO can also, of course, be used as your own weapon. You can turn consumers into your customers by catching them at the right moment.
You can tailor your marketing to appear based on location. Give them updates when they’re in your area, so that they know events or deals are happening with your brand.
Use the Technology at Your Fingertips
Generic marketing messages received on a mass scale are a thing of the past. Target your audience based on location, experiences, timing, etc.
When they’re at your competitor to make a purchase, give them a message about the discount you’re having at your own store.
Social media is a major player in the feeling of FOMO. Not just in marketing, but in the lives of people today and on a daily basis.
Many consumers use social media to stay up to date on what’s going on around the world, exactly so that they don’t miss something.
Imagine the attendees of your event are tweeting out live updates about the amazing time they’re having. Those consumers have friends and family who may share interests.
Their followers who didn’t know about your event get to see in real time what they’re missing and make a decision not to miss it again. This can lead to more followers on your page and more customers and attendees at your next event.
The language you use around your sales and events can also make a great difference in how consumers receive them.
If you use phrases like, “Don’t miss out,” and “Limited Edition,” customers will feel an urgency and be more likely to react.
Practice using FOMO at your next experiential marketing event, and begin to reap the financial rewards!
Fostering and Fighting FOMO
The Fear of Missing Out (FOMO) is on the rise. Your brand can utilize marketing techniques that take advantage of FOMO to boost awareness and generate financial gains.