These types of questions terrify many investors. So much so that it has its acronym: FOMO (fear of missing out). According to research, FOMO has been more prevalent in people aged 18 to 35. FOMO is a popular term in the cryptocurrency community, which has become associated with irrational and sometimes rash trading decisions. So, how can new startups use crypto FOMO to their advantage?
Create urgency
The concept of urgency isn’t new to marketers, but it’s a must-have because it works! Consumers consistently feel more pressure to act quickly, from flash sales to limited stock items. Including a sense of urgency in your communications will heighten your consumers’ FOMO and motivate them to act before time runs out.
You can use visuals such as an interactive countdown timer or send reminders as a sale or discount nears its end. Your recipient will be more motivated to work, click, or make a purchase if you give them a short window to take action and receive their discount or reward.
Run a user-generated content campaign
Despite FOMO’s age-old quality, its modern incarnation is deeply rooted in social media. According to a recent study of Canadian millennials, 68% made a reactionary purchase due to FOMO triggered by witnessing someone else’s experience.
The secret to gaining consumer participation is to design a campaign that captures their attention and gives them the impression that they have worked collaboratively with your brand.
Inviting your followers to engage with your brand and share content about your service or product can induce FOMO in your clients. It’s a strategy that can help increase brand awareness and loyalty while attracting new customers!
Cultivate exclusivity
Everyone likes the idea of a secret club. From childhood treehouses with “No Girls Allowed” signs to the legendary ancient Freemasons, nothing attracts attention like exclusivity.
Making your campaigns feel exclusive can activate the recipient’s FOMO. Your recipient will feel special for receiving the content you’re offering if you give the impression that they are a part of an exclusive club.
Encourage your customers to join your loyalty program by promoting the unique benefits they will receive. Use imagery such as a velvet curtain or words such as “elite” or “private” to activate their FOMO and ensure they sign up.
Flip FOMO on its head
While the fear of missing out is a powerful motivator, any human interacting in the digital sphere will tell you that it can also be an exhausting, anxiety-inducing process.
Profit from the trend by turning FOMO on its head and inviting your customers to unplug and interact in person.
At a millennial-heavy event like a music festival or spring break celebration, an anti-FOMO zone where digital products are left at the door and customers are invited to interact with your product or service in person would be a great experiential campaign.
Aligning against FOMO is a trendy move that will demonstrate to millennials that your brand “gets” them, increasing brand awareness.
Notify them
Nothing beats a well-timed notification for relieving FOMO. Sometimes an Instagram like or a quick text from a friend is all you need to know that your life is just as enjoyable as those you see on social media. Notifications, such as a ping from a shopping app informing you that a product you had viewed is almost sold out, can also cause FOMO.
This campaign is ideal for in-app notifications and triggered emails with interactive content. Inform your customers if they are running out of time to get a deal or if the stock on a limited item is running low. They will be motivated to act because they are afraid of missing out.
Conclusion
That concludes our discussion of how new startups can benefit from crypto FOMO. FOMO existed in various forms long before cryptocurrency was invented. It can be harmful with cryptocurrency due to the possibility of losing the entire investment. Investors can avoid the danger and influence of cryptocurrency FOMO by following guidance with discipline. Contact SmartOSC if you need help in blockchain development.
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