Exploiting Fear of Missing Out (FOMO) in Marketing: Fifteen Methods Proven Effective

In the ever-evolving world of retail, a new marketing strategy has emerged that taps into our most primal impulses: the fear of missing out, or FOMO. This strategy, known as FOMO marketing, is being adopted by a growing number of brands to drive sales and engage customers.

One app leading the charge is Target Circle. By offering limited-use coupons with usage caps, such as "First 5,000 redemptions only," Target Circle creates a sense of urgency that encourages customers to act quickly. However, it's crucial to use these tactics carefully, as constantly reminding customers that only a few items are left can lead to a loss of trust if the countdowns persist even months later.

Fashion Nova, a popular fashion retailer, sends app-exclusive push notifications for limited-time, sitewide discounts that aren't advertised on their website. This strategy, when executed effectively, can be a potent FOMO trigger, reducing cart abandonment by encouraging customers to make a purchase before the offer expires.

Mobile apps aren't the only platforms leveraging FOMO marketing. Brands like The Body Shop offer exclusive rewards, such as free mini body butter with orders over $50, but with a caveat: supplies are limited. This creates a sense of scarcity that encourages customers to act promptly.

However, authenticity is key in FOMO marketing. Inflated claims can erode customer trust. Instead, brands should rely on authentic proof, such as reviews, testimonials, or waitlists, to build credibility.

Brands can also use FOMO marketing to reward loyal customers. Glossier, for example, occasionally includes surprise mini products in app orders without always announcing it, providing a delightful surprise for those who have made repeat purchases.

To measure the success of FOMO tactics, brands can track metrics like abandoned cart recovery rate, push notification click-through rate, and average session duration post-FOMO trigger. By analysing these metrics, brands can refine their strategies to maximise their impact.

As with any marketing strategy, it's essential to approach FOMO marketing thoughtfully. Gaurav Parvadiya, the founder and CEO of Twinr, a tech entrepreneur with a decade of experience, emphasises the importance of using authentic deadlines and limits to build credibility and action, while avoiding overuse, which can lead to customer disengagement.

In conclusion, FOMO marketing, when used judiciously, can be a powerful tool for brands to drive sales and engage customers. By tapping into our fear of missing out, brands can create a sense of urgency that encourages customers to act, ultimately boosting their bottom line.