The FOMO effect, or the fear of missing out, influences purchases to great effect. 60 percent of Millennials have purchased due to FOMO, mostly within just 24 hours . Here are our tips for creating a FOMO strategy to increase Black Friday sales.
50 percent of holiday shoppers have bought an item because it was on a limited-time sale or promotion.
Urgency works because customers know that whatever deal you offer on Black Friday will expire, and if they want your bargain, they must act ‘now.’
To build this sense of urgency in advance, put teasers onsite like “Don’t Miss Our Big Deal” and “60% Off – One Day Only” to give your customers a sense of what your deals will be and how they must hurry to get them.
Another great way to create FOMO is to show you have a limited supply. You’ve seen this on both travel and retail sites with blurbs onsite and in ads like, “One dress left in this size,” “Three people are also viewing this product,” and “Deal available to first 50 customers.”
Start creating scarcity this fall by saying your products are “flying off the shelves,” will be available only “while supplies last,” and “buy before the holiday rush.”
Since FOMO is all about missing out on something, offer your customers access to something with limited membership and make them feel special. Amazon Prime does this by offering free 2-day shipping (and its fastest shipping options) to members only.
You can drive this effect leading up to Black Friday by:
- Promoting member-only Black Friday or Cyber-Monday discounts
- Giving free-shipping to certain customers
- Offering gifts only to people who make certain purchases, such as those over $100
Encourage Social Proof
Pics or it didn’t happen, right? The FOMO effect is resolved by increasing your customer’s coolness factor. Encourage posting on social media so they can tell their peers ‘hey, look at me, I’m cool too.’ This also inspires FOMO in your customers’ followers and promotes your brand.
Encourage social proof leading up to the holiday-season by:
- Offering special deals when customers share their purchases on social media.
- Sending rewards and coupons to customers who refer their friends to your store.
Now that you know how to have your FOMO marketing ready for Black Friday, consider the next steps of your marketing campaign. How else can you drive your customers to convert? Where can you find new customers to advertise to? How can you continue to increase Black Friday Sales?
For tips on these and more, check out the rest of our blog or schedule a time to ask our experts.