Did you know that you may be falling into the trap of fear of missing out(F.O.M.O.) on weekend discounts as a customer? But the question is, why is it so effective, and how many brands use this technique to make profits, especially during weekends? Let’s find out!
What is Fear of Missing Out (F.O.M.O.)?
F.O.M.O., or the Fear Of Missing Out, is a feeling or perception that one is missing out(F.O.M.O.) on skills, events, exciting opportunities, information, etc. The F.O.M.O marketing strategy takes advantage of introductory human psychology. Big companies use this psychological fear to drive sales on ordinary days and specific occasions. Diwali, New Year, and Christmas sales are a few examples of F.O.M.O-driven discount shopping bonanza offers that most brands follow.
What is Fear of Missing Out (F.O.M.O.) Marketing?
F.O.M.O. marketing is when a brand leverages the customer’s desire to buy any specific products or lures them to purchase any products by making them fear that they might lose the opportunity if they don’t act upon it now. F.O.M.O. marketing is about getting customers to make an impulse purchase instead of regretting inaction later.
It works because humans are, by default, risk-averse. We don’t like to lose out on an opportunity. Here is an excellent example of F.O.M.O marketing: You see an ad for a beautiful watch available at a massive discount for a limited period. The deal ends in a few minutes, so you must act fast. If you like the look, it is okay. But even if you aren’t interested in the watch, the prospect of a heavy discount may lure you into buying it. That’s F.OM.O. marketing at its best. It helps brands generate massive profits, especially during weekends and special occasions.
How do brands use Fear of Missing Out (F.O.M.O.) to their advantage during the weekend?
Brands use F.O.M.O. marketing tactics to increase sales, especially on weekends.
Here is how they use various Fear of Missing Out (F.O.M.O.) principles to their advantage to boost sales during weekends:
- The scarcity principle: We value products in limited quantities far more than those available in abundance. Brands exploit this psychological trait the most. For example: ‘Hurry Up! Only five left in stock.
- The urgency principle: People forcefully act quickly and don’t get the time to weigh the pros and cons of a product and think through the decision to buy. For example: ‘The offer ends in 7 minutes and 54 seconds.
- Peer pressure: This marketing technique puts the following thought in your mind: “If so many people are buying it, I must also buy it.” Or, if you put it another way, we are likely to follow others’ actions.
How do brands take advantage of the discount offers over the weekend?
Offering discounts on purchases are among the most efficient ways to draw customers into your store. Anytime you tell a customer that he can save some money, you are likely to get his attention and time. Discount offers reflect urgency, and this urgency increases sales. The fear that the discount offer will only last a short time pushes customers to buy. Thus, discounts may be one special ingredient that will help you boost your sales and bring you success. Your business will experience more traffic if people get to know that the discount is only for a limited time. It is an excellent way to boost your business organically.
How do buyers take advantage of the discount offers over the weekend?
- A brand can build a loyal following by displaying sales and attracting customers. Stores tend to attract more customers during sales and discount periods.
- Shopping at a discount enhances a shopper’s satisfaction. Therefore, discounts and sales can improve customer satisfaction.
- In addition to the savings opportunity for the buyer, the store owns the customer’s loyalty, making it a win-win situation for both.
Tips for shoppers to make the most of weekend discounts
- Keep track of the brand’s discount offer dates. Ensure you know the exact dates of these discount offers to get some quality products.
- Start shopping early during the weekend. Friday evenings are a good day to check out such offers.
- Most discount offers are subject to ‘buy one and get one. Therefore, strategically plan which products need to be teamed together for maximum benefit.
- Some discount offers are also subject to buying full-price items, and others are free. Make sure you buy all the products at equal prices.
How to overcome the fear of missing out (F.O.M.O.)?
F.O.M.O. is addictive and contagious. Still, it is not impossible to overcome. Here are some ways to overcome the fear of missing out (F.O.M.O.) completely:
- Relish feeling out of the loop: Accept that great things are happening and you can’t participate in each of them. Just admit that you are missing out, and there is nothing you can do about it.
- Take a hiatus from social media: Try staying offline or inactive on social media for a week. Read more books and try to avoid social media as long as possible. You can also try deleting some social media platforms to overcome the fear of missing out (F.O.M.O.).
- Use various software to enhance your productivity: Hundreds of apps will help you overcome F.O.M.O. and help you stay more productive all day. Apps like Forest for iOS, Space for Android, RescueTime for Windows, etc., work well to make you more productive and help you keep away from F.O.M.O. For those who need more radical solutions, many internet-blocking websites and Chrome extensions will assist you in preventing unwanted distractions and staying focused.
F.O.M.O., or fear of missing out, is an effective marketing technique that helps brands book huge profits and revenues, especially during weekends and special occasions. It uses psychological fear to trick customers into buying their products through this technique by luring them with heavy discounts.