Fear of Missing Out (FOMO) is a relatively recent phenomenon.
FOMO is fueled and intensified by technology and social media. People take action based on perceived social pressures and fear of being excluded or not ‘in the know’.
Businesses can leverage this phenomenon and encourage a more rapid sales cycle by:
1. Fostering FOMO – battle the status quo by providing a well laid out case for change. Identify the problem your prospect has and highlight the impact of not acting quickly. Attaching a time limit or expiration date to your estimate can help encourage the prospect to act quickly as well.
2. Help the customer feel smart – with so much data circulating, it is hard to know what information is true and impartial. Sharing success stories of customers who had similar apprehensions or problems can help the customer feel comfortable making a decision. Provide the customer with information that will help them see the value that you offer.
3. Focus on the customer experience – buyers want to feel confident that they made the right choice after the sale. If you believe they have made a right choice, tell them! Prospects purchasing from a fear mindset may feel buyer’s remorse, and you do not want the thought of making a mistake lingering in the back of their minds. Thus, it’s particularly important at this stage to provide educational content so that the customer can successfully onboard, incorporate your product into their workflow, and attain the maximum benefit from it as quickly as possible.
Successfully selling in a fear environment can create customers that turn into brand advocates. Focusing on the customer and their needs will make you the clear choice in a crowded market.
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