In the fast-paced world of marketing and sales, understanding the power of urgency can help businesses move ahead of their competitors. Creating a sense of exigency among potential customers can be a powerful tool businesses employ to captivate their audience’s attention, evoke emotions, and ultimately drive sales. It triggers one of the most potent psychological triggers Fear of Missing Out (FOMO). This article will delve into the strategies and tactics that leverage urgency and FOMO, and their powers in marketing, to boost sales and create lasting customer engagement.
Understanding FOMO And Its Psychological Impact
Dr. Dan Herman initially recognized FOMO in 1996, and in 2000 he published the first academic study on the subject in The Journal of Brand Management. Fear of Missing Out (FOMO) is a pervasive psychological phenomenon that taps into people’s inherent fear of being left out or excluded from exciting or valuable experiences. This fear can be harnessed to create urgency and encourage consumers to take immediate action, such as making a purchase.
Another adjective that feeds FOMO is scarcity. When something is in limited supply, consumers tend to value it more, which also means that when presented with the proper unique value proposition (UVP), many are likely to purchase it right away, not wanting to be left out.
Here are some important statistics to help you realize the effect of FOMO on eCommerce business:
Almost 7 out of 10 millennials experience FOMO while shopping online, which is equal to nearly 69% – 70% of the whole group.
A purchase is made by 60% of millennial customers within around 24 hours of experiencing FOMO.
But why does FOMO succeed? For the most basic of motives: customer demand. We are discussing inferred supply and demand in this situation.
Customers are more driven to act swiftly when they believe that something won’t be available for very long. You can make people feel rushed to act by utilizing FOMO tactics in your e-commerce leadership strategy. This will motivate consumers to make a purchase when they observe items being limited and don’t want to miss out.
Even though this merely indicates supply and demand, the conversions you could generate are appreciated at every point in the e-commerce sales funnel and create a sense of urgency.
5+ Different FOMO Tactics Used In eCommerce To Instill A Power Of Urgency
So, are you ready to implement the power of urgency into your business with tested and proven FOMO tactics? Then check out these 7 amazing strategies you can easily implement. Start reading now.
1. Provide Limited-Time Offers
One of the most effective tactics to generate FOMO among your potential customers is by offering limited-time promotions or discounts. By placing a deadline on the availability of a product or service, businesses compel consumers to act swiftly, driven by the fear that they might miss out on a great deal. Here are the two popular FOMO tactics you can implement to create the power of urgency.
a. Flash Sales:
Flash sales are short-lived promotions that typically last for only a few hours or a day. The time constraint heightens the sense of urgency and encourages immediate purchase decisions. You can implement these special occasions, such as Black Friday, Birthday deals, or any other special occasion.
b. Countdown Timers:
Incorporating countdown timers on websites or in marketing emails visually reinforces the limited-time nature of an offer, intensifying the FOMO effect. Another creative way is to implement an evergreen timer. This way, you can run promotions for a long time, but every time users visit your website, they will see the offer is ending soon. While there are many ways of easily adding this effective time in WordPress, the easiest way to do so is using the NotificationX WordPress plugin.
2. Create Scarcity by showing Inventory Messaging
Informing customers about dwindling stock levels can create a sense of urgency and scarcity. Messages like “Only 3 left in stock!” or “Limited stock remaining” can trigger the fear that the desired item might run out, compelling consumers to purchase before it’s too late.
By displaying time-relevant information, growth alert notifications are a terrific way to use FOMO tactics when your clients are looking at any product or service. when you offer several types of things on a WooCommerce website. Additionally, you currently have a limited stock of products that you want to draw more attention to in order to sell them out quickly.
3. Showcase Social Proof and Exclusivity
So by now, you know that humans are inherently social beings, and the fear of missing out on social experiences or exclusive opportunities can drive them to take action. Here are the most popular and successful FOMO tactics for implementing social proof.
a. VIP Access:
Offering exclusive access, early previews, early bird access, or special privileges to a select group of customers can foster a sense of belonging and entice others to join in to avoid feeling left out.
You can easily maintain this by using powerful membership plugins available in the WordPress repository.
b. User-Generated Content & Customer Reviews:
Sharing user-generated content, such as reviews, testimonials, comments, or unboxing videos, can showcase the positive experiences of others and encourage prospective customers to make a purchase.
You can integrate NotificationX into your site and directly fetch reviews from ReviewX, WooCommerce, and other popular platforms. Then showcase them on your website in a stunning way. These reviews and comments will create credibility among new potential users and boost sales.
4. Generate Event-Driven Urgency
Tying promotions to specific events, holidays, or seasons can create a natural sense of urgency. Consumers are more likely to make a purchase when they feel the pressure of a time-sensitive occasion.
a. Holiday Sales:
Capitalizing on major holidays like Black Friday, Cyber Monday, or Valentine’s Day by offering limited-time deals can leverage the holiday shopping frenzy.
You can create a separate deal page, add optin banners to promote whopping discounts on the site, and so on. NotificationX will help you create stunning and engaging optin banners to grab instant attention. Here is an example of a Friendship Day optin banner:
Source: BetterDocs site
b. Seasonal Promotions:
Highlighting seasonal products or services with a sense of urgency can drive sales as customers anticipate their limited availability. Such as session fruits, winter clothes, etc. you can highlight more attractively on your site and grab attention instantly.
5. Include Abandoned Cart Reminders
By reminding them that they might miss out on the products they were interested in, sending an email reminder to someone who has abandoned their shopping cart contents can make them feel FOMO. To add even more urgency, you may even include a limited-time offer or a low-stock alarm in the email.
You can implement abandoned cart reminders with lots of plugins. They will guide you thoroughly as you implement the magic spell. Or you can custom-build the feature with the help of developers. Here is an example of an abandoned cart reminder email from the WPDeveloper store:
6. Create Some Competition Between Your Customers
Customers’ fear of missing out on fantastic chances as well as their worry that others may seize these opportunities before them is the foundation of FOMO marketing for eCommerce. Because of this, a little rivalry could create a sense of urgency and scarcity.
This can be produced by organizing a competition. Your giveaways ought to have a defined prize, a clear target market, and a clear aim. Because they don’t want to give your reward giveaway or go to someone else, your customers will take part in these contests.
For instance, you can create a custom popup with NotificationX or exit intent popups to show the winners or giveaway prizes left to count. Elementor users can use the default popup builder, while Gutenberg users can utilize the Essential Blocks block: Popups.
7. Use The Right Power Words
No matter how you create scarcity or urgency, if you can’t place the right power words the FOMO effect won’t cast a spell. That’s why using the right power word is very important. Strong copy in your ads and a compelling call to action can make the difference between a visitor making a purchase and leaving your site. Words with a temporal component are very effective at conveying urgency. Consider including some of these words in your writing:
One time only.
Before it’s gone.
Don’t miss out, etc.
Drive Sales & Start Growing eCommerce Business
The power of urgency and FOMO cannot be underestimated in the world of marketing and sales. By understanding the psychological triggers behind these concepts and employing effective tactics such as limited-time offers, scarce inventory messaging, social proof, exclusivity, and event-driven urgency, businesses can create a compelling sense of urgency that motivates consumers to take action.
However, it’s essential to strike a balance between urgency and ethical marketing practices, ensuring that customers feel empowered and informed rather than coerced. When executed thoughtfully, urgency-driven strategies can result in increased sales, improved customer engagement, and a stronger brand presence.
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