FOMO – an acronym for “fear of missing out” – is a powerful tool that B2B sales reps can use to push their products and services. The general idea is to create a sales message that convinces your sales leads to take action now, fearing they will miss out on this amazing opportunity otherwise. FOMO can be used in all sales, though it's particularly effective in B2B sales.
One of the ways that FOMO can increase B2B sales involves time-sensitive promotions. Whether it's a 10% off if you purchase in the next 48 hours or recieve free service or training if a purchase decision comes by the end of the month, you can drive more sales with time-sensitive promotions such as these. The key thing to remember is that you should emphasize the expiration time on your promotion.
Limited Supply Promotions
Another common FOMO tactic used in B2B sales is limited supply promotions. This works in a similar manner as time-sensitive promotions, encouraging prospective buyers to take immediate action. Rather than offering a special price/deal, however, it involves a limited number of products. If you promote a B2B product while telling prospects that only XX number is remaining in stock, you'll have an easier time selling them. Of course, you should only use this tactic if you truly have a limited supply of the respective product; otherwise, it can hurt your business's reputation by instilling distrust in prospects and customers.
Last but not least, FOMO is closely associated with the quality of a B2B product or service. If you have a high-quality product or service, prospects may feel they'll miss out if they don't buy it now. So, try pitching your B2B products or services while telling how the product or service will benefit the user. If the prospect views it as being superior quality, they'll naturally feel more inclined to buy it.
These are just a few ways that FOMO can increase B2B sales.