Abbreviated “FOMO,” fear of missing out is a tactic used by countless sales people to convert more prospect, faster. The general idea is to pitch your product or service in such a manner that the prospect feels he or she would miss out if they didn't buy it sooner, than later. When presented with an offer, a prospect has one of two options: to buy or not to buy. Using FOMO can encourage prospects to buy your product or service, but only if it's applied correctly. So, how can you use FOMO to drive more sales?
One FOMO tactic that's particularly effective in sales involves the use of time-sensitive deals or promotions. Perhaps you've already used this tactic, in which case you probably know its effectiveness. By placing a time limit on your deals, promotions, etc., you'll create a sense of urgency in prospects, some of whom may buy your product or service now simply because they don't want to miss out.
When promoting your products or services to prospects, be sure to establish your business's authority in its respective niche or industry. You want prospects to view your business as THE leading figure in its niche or industry. In doing so, they'll feel a stronger drive to take action, fearing they'll miss out if they say “no.”
Limited-Time Products or Services
Countless businesses have experienced success by offering limited-time products or services. This is another FOMO tactic that can drive sales. Basically, you want to promote a product or service that's only available for a limited time. Eve if the product or service is still sold at full price, prospects may feel inclined to buy it simply because it's only available for a limited time.
Which of these FOMO tactics will drive the most sales to your business? There's no way to tell without testing them for yourself. Experiment with multiple FOMO tactics to see what works and what doesn't. Using the data collected from your marketing efforts, you can create a tailored FOMO campaign that yields countless new sales and leads.