Did that title draw you in? Are you here now reading this post because it’s a so-called limited edition? Gotcha! You have become the perfect example of what we’re about to talk about.

(Also, by the way, this blog is not a limited edition, and can be accessed any time, anywhere, forever and ever, because — you know — the Internet. But it worked right?)

Have you heard of the phrase FOMO? FOMO stands for Fear Of Missing Out. You might be thinking that FOMO is a relatively new concept with the rise in social media usage. People will see their friends out having a good time and be jealous they’re not having as much fun.

However, marketers know that FOMO has been around for much longer than any social media platform.

Perhaps a better definition of FOMO for marketers is Fear Of (a) Missed Opportunity. Marketers use messaging to create a sense of urgency: “Get this before we run out of stock!” or “50% off, today only!” This entices their audience to act — now — before the opportunity disappears.

A great example of this is a flash sale. Looking through promotional emails in your inbox at any given time, you may have quite a few about flash sales. Flash sales typically last for “One day and one day only.” The idea here is that people would rather make an impulse purchase on that one day, so they don’t regret making the purchase when the flash sale is over and they’re paying a higher price. For that exact reason, flash sales are a great tool to thin out inventory that doesn’t sell well.

The key to using FOMO marketing is communicating that (a) there’s a valuable opportunity, and (b) that the opportunity won’t last — whether that’s an inventory clear-out, a limited time BOGO sale, or a seasonal offering. Like we said, for flash sales specifically, consumers don’t want to regret missing out on the chance to buy the product for a cheaper price. They would be afraid that the opportunity would never come back. Again, all of these are creating that sense of urgency that’s so powerful in effective marketing.

Another example of FOMO marketing occurs when your product becomes really popular. When consumers see everyone around them purchasing and using a specific product, they want to be able to enjoy it as well. Because again, they don’t want to miss out.

FOMO marketing is all about creating a situation where the audience has to act fast before they miss the opportunity. As with all marketing offers, it’s extremely important to do your research beforehand so that you will be targeting the right group of people with the right offer — one that they care about and will make use of. For example, frugal customers will want a lower purchase price. Another great example is you! Our loyal blog readers. We created a situation where this blog was positioned as available for a limited time, and look who’s reading it now! You took the time to read this post now, so you wouldn’t miss out on the opportunity.

Just kidding ;)