The fear of missing out, most commonly referred to by students as ‘FOMO’, is a feeling we have all experienced.
Whilst the term hasn’t been around too long, it’s definitely something we can all resonate with which makes it a great marketing technique to drive more immediate sales from the student market.
It wasn’t the digital age of sharing everything online that created FOMO; the fear of missing out has been a concept present throughout students’ entire lives whether that be not being invited to the cool kids birthday party or not getting the latest mobile phone.
Now that you understand what FOMO is, how can you use this in your marketing to stir up interest in your brand?
Everyone loves a good sale or limited edition release; it’s the sense of urgency it delivers that makes this sort of marketing such a success. By making customers aware that you have limited numbers of items left in stock, it will increase the likelihood of customers buying due to FOMO. If it is a product students have been eyeing up for a while, they won’t want to miss out and will impulse buy.
Visual impulses such as a countdown clock reminding the customer how little time left there is to bag some great deals, a classic example is how many people are also looking to buy them concert tickets, are extremely effective by giving the customer a limited time to complete an action. Students are heavily influenced by their peers and often lean towards copying their actions as they deem them to be the right thing.
How can you use FOMO offline? Promote your brand at on campus events with exclusive one day only offers! Right here, right now, or you miss out – simple as that.
Its human nature from when we were children to feel frustrated when we’re told we can’t have something; it’s this instinct that helps exclusive deals work so well at not only increasing sales but also sign ups. We want what we’re afraid we’ll miss out and can’t have, making the deal or opportunity even more desirable and beneficial to us…even when they’re not.
An effective FOMO driven student marketing campaign strives on exclusivity which is why loyalty programs work so well. Students will feel special by signing up to your program and having access to your exclusive content and deals which will also lead to some underrated word of mouth advertising on their part.
Want to use FOMO as part of your student marketing strategy? Start targeting one of the most influential age groups by contacting one of our marketing experts at British American Group on 0121 616 2211 or email us at firstname.lastname@example.org.