Abbreviated “FOMO,” fear of missing out is a sales leads tactic taught by sales managers and used by sales reps to convert more prospects and sales leads...faster. The general idea is to pitch your product or service in such a manner that the sales lead or prospect feels he or she would miss out if they didn't buy it sooner, than later. When presented with an offer, a sales lead has one of two options: to buy or not to buy. Using FOMO can encourage prospects to buy your product or service, but only if it's applied correctly. So, how can you use FOMO to drive more sales?
One FOMO tactic that's particularly effective in sales involves the use of time-sensitive deals or promotions. Perhaps you've already used this tactic, in which case you probably know its effectiveness. By placing a time limit on your sales promotions, you'll create a sense of urgency in prospects, some of whom may buy your product or service now simply because they don't want to miss out.
When promoting your products or services to prospects, be sure to establish your business's authority. You want the sales lead to view your business as THE leading figure in its industry. In doing so, they'll feel a stronger drive to take action, fearing they'll miss out if they say “no.”
Limited-Time Products or Services
Countless businesses have experienced success by offering limited-time products or services. This is another FOMO tactic that can drive sales into the sales funnel. Basically, you want to promote a product or service that's only available for a limited time. Even if the product or service is still sold at full price, prospects may feel inclined to buy it simply because it's only available for a limited time.
Getting More Sales Leads to FOMO
As a sales manager, you want to give your sales reps as much of an opportunity to generate more sales as possible. But what happens when you move a few sales leads through the pipeline? The pipeline has a few empty spots. To show as much activity as possible by filling the funnel, working its way through the sales funnel to additional closes, you need quality sales leads.
The best course of action is to call a few of the recent sales leads that our researchers have developed. You'll get to experience the quality sales leads and know exactly what you're buying. Our sales leads are researched by our high quality staff before notifying you. Once we do, as a sales manager, you want to be sure these sales leads are followed up on with statuses. Once it's developed a bit further, and you've identified the need...create a FOMO to get them sold.
Which of these FOMO tactics will drive the most sales to your business? There's no way to tell without testing them for yourself. Experiment with multiple FOMO tactics to see what works and what doesn't. Using the data collected from your marketing efforts, you can create a tailored FOMO campaign that yields countless new sales and sales leads.