Marketing is the cornerstone of every single business. For any business to prosper, business owners and marketers need to find a way to outwit their competitors. Having said that, half of the process involves understanding the psychology behind the buying process.
Why Influencer Marketing? The boom of influencer marketing has been a constant for the past couple of years. It has been forecast that the industry will reach a $5 billion mark by 2020. The concept itself has been peeking through holes over decades in form of celebrity endorsements. The invent and the ascent of social […]
You want to know my FOMO moment?
When i first heard it!
That’s right…sometime last year this funny sounding acronym was dropped in between a conversation by a friend along with a facial expression that read “i’m judging you if you don’t know it already”. Under the desk my fingers quickly tippy-typed what i think i had heard…fommo, f.o.m.o, fomo? and there it was…
Oh! you mean the brief anxiety that i just experienced for missing out a trending word that made me feel like a dinosaur…a species long extinct from the face of earth?! True.
P.S : with all this running in my mind, i barely heard another word my friend said after that. so i’ll tag this one as a #confession 😉
FOMO is for real! For most of us this fear is triggered by social media posts, tags and notifications that don’t include us. The thought of missing out on the plenitude that is happening out there, the fun, entertainment, experience, selfies and gossips that is now second hand information on someone else’s timeline…is atrocious. But good news, FOMO can actually act as a bait for marketing your brand or product especially if your target group is the millennials. There’s no doubting the fact that psychology plays a big role in making successful campaigns and FOMO is one such psychological strategies that companies adapt in their social media campaigns to make their products/offerings irresistible.
Here are 5 ways to use FOMO in Marketing:
#1 Promote Experience NOT Product
This time of the year Halloween is everywhere right from coffee flavor to home decor. Riding the experience of this scary night to promote discounts on costume is marketing done right. This ad by Shein is promoting the scariness of the costumes along with the savings that you will make shopping with them. People fear missing the experience that comes along with buying the product or service and therefore luring them through a promising experience is the key to receiving their positive response.
#2 Sense of Urgency
Creating a sense of urgency, as shown in the examples above, is not new is marketing. in fact it is a hackneyed tactic because it works! enticing the consumers by highlighting that a product they like might be running out soon, or is available at a special price just this day or even hour kindles their FOMO for obvious reasons. Attaching a limited period timeline makes the consumers give in to this fear and act faster in making the purchase.
#3 Play the Exclusivity Card
Exclusive offerings are a concoction of gestures solely meant to make your selective customers feel special. And if you’ve got it you certainly do not want to miss it! making exclusive offerings that draws a line between mundane and privileged evokes the same fear of missing out (FOMO) the bounty in store that only selected few can have access to. It adds an aspirational edge to it and makes your target audience act instantly. companies use this tactic to create loyalty groups, memberships cards and clubs for consumers to engage into more than just buying.
#4 Plant the Thought of FOMO
Not all brands are relevant to consumers’ FOMO in an obvious manner. Tuborg in their ad above are associating their product to an outcome of socializing (an experience) that has the missing out factor to it. Well a beer bottle can be very well enjoyed indoor in solitude while eating take out food and does not necessarily need a pub environment to get the desired outcome. But you see consumers will not fear missing staying home alone with your product and they might not know it as well. Hence, associating your brand to an experience and planting the FOMO in the consumers’ mind is another way to do it right.
#5 Notification Knocking
Unless you are Apple, you’ll need more than one announcement to create the FOMO you are looking for. Email marketing and push notifications are the best way to constantly remind the consumers on what is happening. Making other consumers share their experience on social media also acts as the stimulus for the remaining to join the bandwagon. A well articulated sales report, page visits, shares along with a timer not only shows the impact generated but fiddles with the psychology of the consumers who have yet not participated.
While playing with someone’s fear is a mean thing to do, my justification is that the word “fear” is an exaggeration here! so we are good 🙂 So next time do not shy away from incorporating these psychological baits in making your marketing campaign a success and bringing new customer on board.
This summer I finally realized my dream vacation to France and the UK and traveled from Paris to London in a Eurostar that goes from under the English Channel. Yes!! I was super charged to soak in every bit of this experience that I had been planning since I can remember, and most importantly take a much deserved break from work (or so what I thought). But I guess, as a marketer you cannot stop appreciating the different and most creative ways in which companies are reaching out to their customers.
This is where I want to share my overwhelming experience both as a marketer and a consumer while taking the metro (in Paris), train and tubes (in London).
Gare Du Nord Station (Paris)
St. Pancras station (London)
Euston station (London)
Notes from my travel diary:
- Taking a metro or a tube is an inescapable part of everyone’s life here…be it a resident or a tourist
- It is much more than a journey; it is an experience!
- Interestingly, each station and train journey leaves you with a different experience
- You are certainly not alone…there is so much to observe
- Between the hackneyed sequence of thing, you have time and some attention (beyond your phone and laptop) to spare
BAM!!! That for me sums up as: A pool of audience, under one roof, literally waiting to be entertained.
In Paris, I started talking to a fellow passenger named Clara who was generous enough to share her views me with. Very honest, she said “glad it’s Sunday today…or else I would have been wearing my earphones and reading a book”. I asked her if that’s how she prefers to be while commuting and does that allow her time to look at the company/product ads. She said, ” I look at them all the time, you can’t not look if you know what I mean. For someone like me who travels every day, I wish they would change these ads more often”.
This interaction which did not even last for more than 6 minutes because I had to get down, left me with statement that was deep – You cannot NOT see them! That is so true…it is everywhere, it is bold, it is funny, it is asking questions and it is provoking you to act. It is solving your problems, it is giving you a better price, it is sharing your concern and it is all true!
In London, I bugged another co-passenger named Sashi (yes, I am like that stranger who talks…a lot J) but he was also quite generous in sharing his views. “taking the tube is like a ritual for me”, he said. “when you spend so much time commuting, you get attached even without realizing. Be it the people, the newspapers, the hoardings…the whole atmosphere actually. I once booked a holiday trip after looking at an ad, you can say it was a compelling ad”.
So here are my thoughts…
- Outdoor branding in stations has evolved from being ‘stuck in a place’ to being ‘travel companions’. The language, visuals and overall feel of the ads have embraced the different components of a commuter’s life.
- It is much more than awareness and visibility now! Station ads can easily become a dinner table conversation topic for a family which for me is important engagement.
- There is space for everyone here. Your brand can shine beside another because you relate as you are. Surely brands are becoming more creative in indulging with the commuters but everyone has their space that fills a void for someone if not all.
- It’s upbeat and it’s digital. One is looking forward to the next thing that will be on the screen and enlighten them. For creative agencies it is like a blank canvas to make something that no one has ever seen before.
- As a brand you will disappoint and also be disappointed if you miss the gala. Maybe there is a pair of eyes staring in the blank and you could have been there.
Loyal customers are the biggest asset any brand can have. Yes, one needs to grow their customer base, add new markets and target groups…but that one bunch of “we love you for what you are” customers will always be special for more than one reasons;
- They share an emotional connection with your brand
- They are more than happy satisfied customers, they are your brand evangelists
- They are willing to spend more on your brand
Customer loyalty programs highly interest me as a marketer who is trying to woo customers for our brand. I came across this amazing read which truly is an ultimate guide for professionals.
Customer loyalty reflects a customer’s willingness to buy from or work with a brand again and again, and it’s the result of a positive customer experience, customer satisfaction, and the value of the products or services the customer gets from the transaction.
Since the vast majority of Google’s profits come from AdWords advertising, these high CPC keyword categories are responsible for a large part of Google’s profits. The results of our research are illustrated in an infographic of the most expensive keywords.