How to Use FOMO Marketing to Drive Customers to Your Business
Over the past few years, FOMO has replaced YOLO. While YOLO means “you only live once,” and is used to describe actions taken now so you don’t regret missing them later. FOMO is the “fear of missing out.”
FOMO occurs when people choose to attend certain events over others or choose events over staying home because they don’t want to miss out on something big. For example, people will attend a music festival because FOMO makes them worried that they will miss their only chance to meet their favorite band. Attendees often sacrifice time, money, and other events because of FOMO.
Strategic marketers are tapping into FOMO for their promotion strategy – especially for event marketing. Here is why FOMO should be part of your event strategy and how you can tap into FOMO marketing.
Why Is FOMO Important for Marketers?
FOMO is important because it drives customer behavior.
FOMO makes people put aside their concerns or objections with a particular action and instead make a purchase, attend an event, or say yes to an activity. FOMO in adulthood isn’t very different from peer pressure in childhood, and it can be used to describe events (like missing out on an awesome party) or missing out on a cool trend.
For example, YouTube star Jojo Siwa launched a line of bows that are incredibly popular with young girls. These bows have even been banned in some UK schools because students who weren’t able to afford them felt left out. Parents were running out and buying bows because of FOMO for their kids.
FOMO has a real impact on our society and economy. This includes spending money on events, experiences, food, alcohol, electronics, and other items.
How Can You Tap Into FOMO Marketing?
FOMO is powerful, and you can use it to promote your brand, event, or business. Start by following these seven steps to use FOMO marketing to drive people to your store, party, or nightclub event.
#1) Encourage Check-Ins and Shared Posts
The best way to tap into FOMO is through social media posts. Encourage customers to check-in or share photos in order to receive a discount or potentially win a contest. This increases the buzz around your brand and makes people think that your business is cool.
FOMO is based on a snowball effect. If everyone is participating in something, then those who aren’t feel left out. You can use these social media check-ins to grow the number of people who are aware of your brand and turn brand awareness into customer conversions.
#2) Share Photos From Events and Important Nights
FOMO is important leading up to an event, but it can also be used after. Hire a professional photographer and bring a photo promotion to your business and share pictures from popular events that you host. This will make your customers wish they were at your store and participating in your events.
The next time you have an event at your business, followers who missed out before will be more likely to buy tickets early so they don’t repeat their mistakes.
#3) Create Guest Lists for Your Events
Make sure you share your guest list or make it clear who is attending your event. This allows your fans to see which of their friends will be attending your event or visiting your business. FOMO is highly friends-based. If multiple friends are attending an event, it must be cool.
You can also encourage people to post on social media when they RSVP to an event or encourage them to invite their friends. You want everyone to think that this event is incredibly cool and popular. Peer pressure and FOMO marketing are great ways to accomplish that.
#4) Create a Dedicated Social Media Hashtag
The goal of FOMO is to convince customers that everyone who's anyone is shopping at your business or attending your events. If you are not cool, or interesting, or important than you are not invited. One way to do this is with a dedicated hashtag.
If everyone who engages with your brand uses the hashtag, then it can be found everywhere. Suddenly, people who aren’t engaging with your brand feel left out. They will want to visit your business so they can post about it and show their friends that they are cool.
#5) Limit the Number of Event Attendees or the Ticket Window
If you are trying to promote your event through FOMO, make sure you specify how limited the event is. This will make people run out to secure tickets ahead of time before they sell out. You can also use different ticket levels to sell a certain number of tickets early before raising prices. This process helps you make money before your event and gauge the levels of demand ahead of time.
#6) Promote How Limited and Rare the Events or Products Are
FOMO marketing is a powerful tool when customers risk missing out on a certain product or event. You can use FOMO to promote a limited time offer or a product or service that you are only offering for a short period of time. FOMO is ideal for specific products as well. When customers think you only have a limited inventory, they will run out to secure their items before someone else does.
#7) Up-sell Existing Customers or Shoppers
FOMO isn’t just about getting people to your event or bringing in new customers, it also means getting existing customers to spend more. Airlines do this by promoting the experience of first class and other upgrades. Encourage customers to spend more and upgrade to more exclusive levels through FOMO marketing.
Discover Other Ways to Use FOMO Marketing
These are just a few great examples of how brands can use FOMO marketing to promote their events and grow their brands. If you want to learn more, reach out to the promotions team at MyArea Network. We can provide suggestions for promoting events related to your brand and using the FOMO to drive interest. Contact us today and request a free consultation.