Skip to main content

Online conversion is the top priority of every marketer today. Each one of us is looking for ways to persuade our target audience to buy our product, right?
What if I told you that there is a scientifically proven approach, backed by Nobel laureate Dr Daniel Kahneman’s research, that can help you instantly improve your sales conversions?
Well, the sales system in question is known as FOMO or “Fear of Missing Out” and, unless you have been living in a cave for the past decade, you’ve probably heard of it.
We humans are prisoners of our emotions.
FOMO leverages our customers’ deep-rooted emotional need not to miss out on something valuable to persuade them to make decisions in our favour.

“People make decisions based on the potential value of losses and gains rather than the final outcome,” says Dr Kahneman.

According to him, losses and gains are valued differently, and as a result, users base their decisions on perceived gains rather than perceived losses.

For example, most people would rather win $50 with certainty than place a risky bet in which they can toss a coin and win $100 or nothing.

However, Kahneman also found:

When faced with a choice between a 100% chance of losing $50 and a 50% chance of losing no money or $100, the same people frequently choose the latter.

Remarkable, isn’t it?

Neurobiological studies have shown that humans are bizarrely susceptible to the manner in which choices are presented.

This is called “the Framing effect” in neurobiology and effective marketers know how to apply it effectively.

Robert Cialdini in his book, Influence says, “There is a group of people who know very well where the weapons of automatic influence lie and they employ them regularly and expertly to get what they want.”

That’s all really astonishing I can hear you guys say, but how can we use FOMO as a sales approach to improve our conversions?

Here are 3 simple techniques that will radically improve your conversions:

Online conversion is the top priority of every marketer today. Each one of us is looking for ways to persuade our target audience to buy our product, right?
What if I told you that there is a scientifically proven approach, backed by Nobel laureate Dr Daniel Kahneman’s research, that can help you instantly improve your sales conversions?
Well, the sales system in question is known as FOMO or “Fear of Missing Out” and, unless you have been living in a cave for the past decade, you’ve probably heard of it.
We humans are prisoners of our emotions.
FOMO leverages our customers’ deep-rooted emotional need not to miss out on something valuable to persuade them to make decisions in our favour.

“People make decisions based on the potential value of losses and gains rather than the final outcome,” says Dr Kahneman.

According to him, losses and gains are valued differently, and as a result, users base their decisions on perceived gains rather than perceived losses.

For example, most people would rather win $50 with certainty than place a risky bet in which they can toss a coin and win $100 or nothing.

However, Kahneman also found:

When faced with a choice between a 100% chance of losing $50 and a 50% chance of losing no money or $100, the same people frequently choose the latter.

Remarkable, isn’t it?

Neurobiological studies have shown that humans are bizarrely susceptible to the manner in which choices are presented.

This is called “the Framing effect” in neurobiology and effective marketers know how to apply it effectively.

Robert Cialdini in his book, Influence says, “There is a group of people who know very well where the weapons of automatic influence lie and they employ them regularly and expertly to get what they want.”

That’s all really astonishing I can hear you guys say, but how can we use FOMO as a sales approach to improve our conversions?

Here are 3 simple techniques that will radically improve your conversions:

Technique #1: Scarcity

The scarcity principle in the FOMO marketing is “When opportunities are scarce, they appear more valuable to us.”

Have you ever gone to buy a product online only to have a ticking timer appear, counting down the seconds until the order is complete?

Your heart rate quickens. Adrenaline flows through your veins. You quickly type out your credit card information, wondering how a simple timer could have such a dramatic effect on your body?

What you’re experiencing is the scarcity technique at work.

A “once-in-a-lifetime” event appears to be more valuable than a weekly event.

A “limited-edition” sneaker is more desirable than the mainstream edition from last year.

It’s all because of the FOMO marketing and the scarcity technique.

Use this blind spot in our brains to drive your conversion rates with your Target Audience.

Technique #2: Authority

The next principle in FOMO marketing is “Authority is a fundamental component of trust. We are more likely to follow people we trust.”

Dentists in white coats are used to sell toothpaste, airline employees wear uniforms to remind us of their authority, and many email signatures are appended with a string of qualifications to increase the individual’s authority.

In the selling space, this means that while trust and credibility are important, it is also possible to gain some of that authority through the recommendations and kind words of other authoritative figures. When someone with influence or fame mentions your product, quoting that person can give your FOMO marketing campaign a significant boost.

Note that as influencers spread your brand’s message on social media, you can use their quotes in your marketing campaign. Put these messages on your landing pages, sales pages, and other places where your target audience might come across them.

The Authority technique will help you tremendously in boosting conversions if you use it effectively to build trust and connect with your Target audience. (In a virtual setting storytelling can be an effective way to gain trust faster)

Technique #3: Social Proof

The third technique of FOMO marketing is Social Proof. This principle states, “When it comes to making decisions, we frequently look around to see what others are doing before making up our own mind.”

This is basic human nature. We want to conform. When our peers recycle more, we recycle more…

In online marketing, Coursera is a classic example of this. When you are looking to enrol for a course it will say “64% people who successfully completed this course have changed careers”. This, of course, is far more effective than to simply say “this course will change your life.”

The more socially specific these types of communications are, the more effective they are.

Therefore, publish a plethora of testimonials and other forms of social proof on your website. Have customer testimonials that are accompanied by identifiable details, such as last names, photos, or even videos.

Using this principle of Social Proof or “wisdom of crowds” is the most effective FOMO marketing technique that will instantly impact your conversions.

Conclusion

The fear of missing out in sales is based on scientific research, with real-world results.
Our archaic hunter-gatherer brains have certain blind spots that the FOMO marketing technique leverages to produce phenomenal sales conversion results.
Remember, these 3 principles of Scarcity, Authority and Social Proof and apply them to your next campaign to instantly experience the magical powers of FOMO in marketing & sales.

Close Menu

 

DUTCH WEBSITE

 

THE NETHERLANDS

Rosestraat 123
3071 JP Rotterdam
+31 10 3070219

 

ISRAEL

HaTidhar 5
4366507, Raanana
+972 546823924

 

UNITED KINGDOM

London
90 Long Acre, Covent Garden
+44 7717538607

 

info@thenextsales.io

The fear of missing out in sales