What is FOMO?
FOMO stands for the fear of missing out. And is a term used to describe the fear of apprehension of missing out on something such as a reward or an experience? In business, this can be attributed to the fear of missing out on potential sales because you hadn’t explored a certain avenue or taken a certain risk in regards to a particular business decision. It is understandable to have experienced FOMO in business. However, it is also heavily prevalent in customers and knowing how to utilise this fear within your marketing to boost your sales is heavily underused within business and today that is what we are going to be looking at.
How can FOMO help my business?
In business, there are steps and ways you can take as a business owner and as an entrepreneur to reduce the chances of feeling like you’ve missed out. Today we are going to run through some of the steps that you should be taking to minimise the likelihood of experiencing FOMO. However these are just tips, for some entrepreneurs, there will always be those thoughts in the back of their head as to why they missed out. At the same time, you will always get customers that have FOMO embedded within them as a person. It won’t apply to every customer but you’ll find on the whole that most of your customers will have FOMO as part of their frame of mind.
Using FOMO To Boost Sales
FOMO is something that also frequently enters customers' heads during their shopping experience. They, like business owners, don't want to find that they miss out. You can utilise this presence of FOMO to boost your sales within your small business. One example could be advertising on your website that there are only 3 of a certain product left. This then leads to the customer to make a decision a bit quicker than they would have had they not known that it was quickly going to run out. This can lead to an increase in sales and a faster turnaround when it comes to the customer journey on your website. Another example is where you are selling a limited edition product. This is also a huge opportunity as it leads the customer to consider that if they don’t make a decision there and then they won’t have another opportunity.
Commit To Your Strategy And Business
Utilising FOMO within a customers mindset and using this to drive sales and push them to make a decision needs to be done with confidence. If you’re going to embed this strategy within your business you need to know how to do it and when to do it. You don’t want an item constantly saying ‘only 3 left’ as this will soon lead to suspicion from regular visitors on your website. At the same time if you’re selling a product during one period only and never again you need to commit to that. It can lead to frustration if this was just a ploy to get sales and then the same offer comes back up the following month. This will lose confidence in your business from the customers perspective.
Summing It All Up
Knowing about FOMO and how it affects customers' shopping experiences, can encourage them to make a decision about a sale sooner rather than later can help your business boost sales and can also allow you to get rid of the last few pieces of stock before you have new items come into your business.
Read on to discover the other ways in which you can start boosting sales in your small business!
The PDF Version
10 Tips To Grow Sales In Your Small Business is a pretty long read.
You're busy and I don't expect you to read it all today unless you want to.
So I have turned it into a PDF which you can download for free below.
Just let me know where to send it.