Mark is a huge soccer fan, and he has been dying to see his favorite team play live. When the team announces that single team tickets are available, Mark gets excited and thinks about buying tickets. He ultimately decides to hold off on buying the tickets from the team’s website, thinking that he might get a better deal later.
However, the next day when he goes to check on the price of tickets, he realizes that the game he was interested in is now sold out. Now all he can do is wait to watch the game on television, knowing that his hesitation cost him the opportunity of a lifetime.
How many times has this happened to you? Maybe not with a soccer game, but with concert tickets to your favorite band or a chance to go to an event you have always dreamed of attending. Whenever you miss out on the chance to do something that you want to do, it does not feel great.
The same way that you hate missing out on the chance to take advantage of opportunities you would enjoy, your potential customers hate missing out, too. In fact, there is a phenomenon known as “the fear of missing out” (FOMO) that refers to this feeling and the fact that consumers will do almost everything they can to avoid it.
Take Mark, for example. If he had seen a notice that tickets were running low when he visited his favorite team’s website, he probably would not have waited to make a purchase. He would have bought tickets right away and enjoyed the game.
Here are five ways you can capitalize on this fear of missing out in order to boost your conversion rates:
Show customers using your products
A major component of the fear of missing out phenomenon is the underlying desire people have to fit in and have a sense of belonging. You can foster this by showing real customers wearing or otherwise interacting with your products on your website.
BreakingT, a t-shirt company that encourages shoppers to wear their favorite sports moments, does this by putting pictures on their website and their social media pages of consumers wearing their shirts.
When consumers see that sports fans from across the nation are buying t-shirts from this company, they will be far more likely to make a purchase themselves in order to feel like they fit in with everyone else.
Offer limited edition and exclusive products
Another way that you can use FOMO to help your website visitors convert quickly is to offer exclusive, limited edition products. If there is an item that they can only receive for a limited time before it will never be sold again, consumers will have an incentive to make a purchase right away.
For example, consider Sevenly, a clothing company that creates clothing items in order to raise awareness for and financially support different causes. In order to boost their sales and encourage people to vote, Sevenly created a limited edition t-shirt available for one day only.
Anyone who visits their site will be more likely to purchase this shirt because they do not want to miss out on a once in a lifetime opportunity to own this shirt.
Set a time limit
Just like limited edition or exclusive items encourage consumers to act, setting a time limit for different deals helps your consumers act with a sense of urgency. Consumers will know that they can only receive a certain discount if they act fast, so they will be more likely to convert right away.
Sevenly uses this tactic by offering discounts on certain items that are only available for a specific time window and on a first-come-first-serve basis. For instance, they launched a Super Tuesday special with a deal on one of their tote bags for one day only and only for the first 50 customers.
While this tote bag will still be available later on in the week, it will be far more expensive, which will encourage consumers to act quickly in order to avoid missing out on a deal.
Show product availability
When consumers know that they can come back to your site any time in the future and receive the same products at the same prices, they do not have any incentive to make a purchase right away.
You can combat this and create a sense of urgency by showing consumers your product available on your website or product pages. This way, your website visitors will know that a certain item they are interested in is almost sold out, pushing them to act quickly.
The Chicago Red Stars uses this strategy to sell their clearance merchandise by noting that there are limited quantities available of every product that they have on sale.
By doing this, they are able to capitalize on the fact that their fans do not want to miss out on buying great merch at an affordable price because they waited too long.
Show consumers that people buy your products
One of the best ways that you can use the fear of missing out to increase your conversion rate is to show your consumers that other people are buying your products. If your website visitors get the sense that several other people are buying products that your business sells, they will want to make a purchase so that they fit in and do not feel left out.
Take this business, for example, which shows shoppers pop-ups whenever people buy goods from their store.
By displaying the product that the customer purchased and the customer’s location, shoppers know that people nationwide are buying these products, which will encourage them to make a purchase so that they do not feel left out.
Just like the businesses above, when armed with these five tactics, your business can take the consumers’ fear of missing out and turn it into conversions.5