It might be astonishing to know that fear can be a great motivator for humans. It is an inherited feeling in humankind. People always fear from missing something out. They are not willing to miss out on a good deal or an opportunity. Missing opportunities might cause them feelings of regrets or being left out, which leads them to act quickly. As humans, we naturally want to be part of things and always to know what’s going on around us.
This is what psychologists call Fear of missing out. This phenomenon can be of great benefit to marketers and advertisers. Many marketers use the Fear of missing out in their campaign to boost their sales and profits. Indeed, It is a well-established concept in consumer behavior and is widely used in social media marketing context.
So, If you want to know more about this phenomenon and how to use it in your marketing strategy, continue reading this article!
First, let’s try to understand what the Fear Of Missing Out in marketing is?
Many researchers have tackled this topic and tried to define the concept of Fear Of Missing Out which is sometimes referred to as FOMO.
Speaking from a psychological aspect, it can be explained as the anxiety people feel when excluded from a new experience or social event. We can say that FOMO is characterized by the desire to always stay connected with what others are doing.
Applying this concept on marketing, it can be defined as J. Walter Thompson (JWT) Worldwide, FOMO mentioned:
“the uneasy and consuming feeling that you’re missing out, that your peers are doing, in the know about, and in possession of more or something better than you.”
In addition, other researchers stated that Fear Of Missing out is a fear that other people might have better experiences and rewards, which encourages people to use certain products in order to not miss out on whatever others have.
Actually, FOMO is considered a powerful consumer motivator that influences consumers’ purchase decisions. That’s why many advertisers acknowledge this fact and try to take advantage of it to capture the audience’s attention and encourage them to buy.
Here is what usually happens in the Fear of Missing out process:
When a shopper finds a discount that won’t last for long, he will experience anxiety and uncertainty. He would think, what is the right decision to make? Am I going to miss out on this deal if I don’t make a purchase now?, what will I miss? is it a good opportunity?!.
When this shopper starts thinking like that, this means he is experiencing a fear of missing out. Usually, this feeling will urge him to purchase (taking into account the efforts and incentives that you as an advertiser will give him to reinforce this feeling) so that he won’t feel any regrets in the future or that he lost a good opportunity.
Now, because statistics can give an insight into how important FOMO is for your marketing strategies, let’s dive into some numbers!
- 56% of people are afraid they’ll miss out if they don’t stay on top of what’s happening on social media.
- 69% of millennials experience FOMO.
- 60% of millennials make reactive purchases because of FOMO
- According to a survey, 60% of people made purchases due to exclusive offers and discounts for fear of losing the opportunity more than their need to own such products.
- 48% of millennials have spent money they didn’t have to keep up with their friends.
- Forbes mentioned that If consumers are offered a 30% discount, 66% of millennials will switch brands.
All these statistics can help you better understand the importance of integrating fear of missing out into your campaigns, as it will open many opportunities for you. In addition, it can increase your conversion rate and reduce your abandoned baskets, which is considered a huge problem for many advertisers; according to some statistics, 72% of all online shopping carts are abandoned.
The use of Fear of missing out marketing can be seen in many marketing efforts and e-commerce websites such as Noon, Booking.com and Shein. They usually tend to add stock availability to encourage consumers to buy the product before it is out of stock. This technique is an example of FOMO usage.
Still, how exactly can you use FOMO in your marketing strategies?
In this section, Affsquare will provide you with some ideas to integrate FOMO into your marketing!
Usually, the FOMO marketing strategy focuses its messages around the following criteria:
3- Missed Opportunity
These three criteria can be used through different methods:
1- Limited-time Offers:
You can promote discounts and offers that will last for a limited time. Also, you can use a countdown timer on your website or the offer landing page to create a feeling of urgency and scarcity. According to statistics, The presence of the timer alone made an 8.6% lift in conversions. Also, it was found that when consumers experience scarcity conditions, they often tend to have an urgency to buy.
2- Highlight Stock availability:
Highlighting the limited supply of a product can encourage consumers to take action. Humans are competitive by nature, so feel free to make use of this competitiveness by displaying product availability. This will show your consumers that other people are buying the same product as them, which will indicate its popularity. Also, this will stress the scarcity of the product, which will make it more valuable and create a sense of urgency as they will feel that they might miss out on this opportunity.
3- Social Proof:
Using social proofs can act as a booster shot. You need to pay attention to using Reviews and User Generated Content. It was found that 90% of consumers look at reviews before making a purchase, and customer reviews influence 67.3% of purchasing decisions. So adding consumer reviews to your website or Social media accounts can be beneficial because product reviews are 12X more trusted than product descriptions.
On top of that, You can incorporate UGC in your social media feeds or your e-commerce website because 92% of consumers trust word of mouth. And UGC can act as word of mouth. Also, it was found that over 60% of consumers seek out UGC before making a purchase and 84% of millennials stated that UGC has some influence on their buying decisions.
At the end of the day, using these testimonials will let consumers feel that they are missing out on something others have.
In addition, social proof can include notifications that show your shoppers what others are doing on the website. Showing how many people visited this page or purchased this product can create feelings of scarcity and competitiveness.
4- Using Affiliates to create Feeling of missing out:
You can use Influencers to create FOMO campaigns. According to a study conducted by (Dinh and Lee, 2021), It was found that consumers usually tend to engage in a social comparison process. They compare themselves with influencers and try to imitate them. The interaction between influencers and their followers promoted upward social comparisons, which motivated materialistic possession and the anxiety of missing out on trendy products.
It was proved that influencers using FOMO could positively impact consumers’ purchase intention and increase advertisers’ sales.
Influencers are your perfect method for your FOMO marketing because consumers always look up to their favorite influencers. They fear that they might miss out on endorsed products if they don’t try or buy them, which will lead to missing important opportunities from their point of view. It was found that 60% of people purchase products within 24 hours of seeing an endorsed product by an influencer.
Another way of using affiliate marketing to implement FOMO can be through the previously mentioned methods. You can promote your limited-time offers and show that your products will be out of stock through different types of affiliates.
Keep in mind!
Everything has two sides. Although Fear of missing out has many benefits and advantages for your business, you can’t overlook its other side.
You need to be cautious when using FOMO in your marketing. Consider it a chemical experience in which every step should be calculated and taken with extra care. Why?
Because too much FOMO might backfire on you and give the opposite results. An Academic study found that If you push too much fear of missing out campaigns on social media, this might cause social media fatigue and change consumers’ attitudes to negative ones. Ultimately, this will lead to losing your consumers because of the intrusiveness and content overload.
Furthermore, you need to weigh your FOMO usage from an ethical perspective. As the core of FOMO marketing is to induce negative emotions in the consumers. That’s why you need to handle it wisely. Based on some statistics:
- 39 percent of people felt envy
- 30 percent felt jealousy
- 21 percent felt sad or disappointed
This shows that FOMO marketing sometimes creates a sense of unease for some people. That’s why you need to use it with the right intentions, As consumers now are more savvy and intelligent and can usually sense whenever you are trying to exploit or manipulate them.
Integrating Fear Of Missing Out into your marketing strategy can boost your sales and profits. Combining this with affiliate marketing may be the missing puzzle that will give you the perfect strategy. We at Affsquare understand precisely the importance of such a phenomenon. We always tend to know more about consumers in different industries and study them and their behavior to get accurate insights to help our advertisers and affiliates.
JOIN US NOW and benefit from our affiliates who implement Fear of missing out and much more in their strategies and BOOST YOUR SALES!
Finding the best method to deliver the message to your consumers efficiently and unobtrusively can be a hassle. Most advertisers are now trying to find an efficient strategy to achieve their goals and connect with their customers. With the increasing number of savvy consumers and the cluttered advertising world, advertisers are struggling to stand out and deliver their message to the right audience at the right time. So, How can advertisers overcome these obstacles?
Native Ads are the answer!
Here in this article, you will get the chance to learn about native ads and why they are essential for your business.
First, you need to understand. What native ads are?
Native ads can be defined as a type of paid media designed to fit and match the content of a media source they are placed in. In short, we can say that they’re ads that fit in.
They usually don’t look like advertisements. Instead, they appear as informative and fun content as they blend well with the rest of the page and help users experience a seamless transition from consuming organic content to consuming advertising content. This unique feature of native ads reduces the risk of consumers’ frustration or clicking away.
Moreover, native ads are usually used to target users, keep them engaged, and connect with them emotionally. They provide consumers with relevant and valuable information that doesn’t appear as an ad or spam. According to Statista, it was found that 41% of consumers have a positive perception of the ad when it is placed around a relevant content. Using native ads in your advertising strategy could be a clever move as it was proved by many studies that native campaigns beat banner blindness.
To show you the effectiveness of native ads, let’s have a look at some vital statistics:
It was found that:
- 53% of consumers look at native ads more frequently than display ads.
- 70% of the people would like to know about the products from the content of the website articles, rather than traditional ad methods.
- Native advertising spending is expected to rise by 372% from 2020 to 2025, according to a global analysis.
- 72% of customers only engage with ads personalized to their interests, and native ads enable you to make more personalized ads in a personalized context.
As you have been introduced to what native ads are, it’s time to know more about their different types!
Types Of Native Ads!
According to The Interactive Advertising Bureau (IAB), Native ads can be classified into 5 types:
In-feed native advertising units are ads that appear in your social media feeds, such as sponsored posts or on a website. They’re paid placements that appear directly in line with other articles, posts, or editorial content.
Paid Search Units
Native advertising is also a popular advertising method for search engines. When you bid on ad placements on top of the search engine results pages, you are technically using native ads cause these ads are designed to look like the organic search result.
Another spot where you’ll find native ads on publisher sites, social media, and even search engine results pages, is in recommendation widgets. These ads usually appear at the bottom of an article or at the sides of a web page; they usually appear as recommendations for additional content that you might like.
This type of ad usually appears on e-commerce websites; they are presented in a list to match the rest of the site’s organic listing. The main difference between them and the rest of the site lists is that when a consumer clicks on them, he will be redirected to an advertiser’s landing page.
Display Ad With Native Elements
This type of native ad looks like a standard ad; consumers may even see them in an ad container or banner. However, what makes them native is that they are contextually relevant to the site they appear on or the content they appear next to. For example, a restaurant or a food company might place an ad containing their recipe on a recipe website or a blog.
Now, you know the basics, so let’s get down to business!
Why native ads might be beneficial for your business?
Delivering the message at the right time and at the right place to the right audience is considered a dilemma for most advertisers, they exert an effort to achieve that. This is where the role of native ads comes. Using native ads can enhance your targeting process, as it will help you place your ad in a context that you know it’s relevant to your target audience. In addition, integrating native ads into your strategy is capable of improving your brand awareness and will make you connect with your consumers on a personal level. Many studies have shown that native ads generate higher engagement than traditional ones, although people are aware that the content was paid for.
Exploiting their distinctive disguise feature will eliminate the risk of intrusiveness that most traditional ads face. In addition to this, the ad’s contextual relevance means that native advertising can produce a high Click-Through Rate (CTR) and boost conversions, as it was found that native ads are likely to convert consumers more than twice than traditional ads. This could be because The content can be consumed naturally and intuitively by users’ regular media consumption. Till now, we’ve mentioned bits and pieces of native ads’ benefits, so let’s dive deeper into its advantages and get into more details!
1- Increase purchase intention
Native ads have an impact on consumers’ purchase intention, according to a study conducted by Stanford University. It drives 18% higher purchase intent compared to traditional display ads. This might be because of the smart placement of the ad, the added value it gives, and the non-intrusiveness.
2- Grabbing attention
Advertisers compete to grab their audience’s attention, and native ads can give you that on a plate. Because of its soft approach, Native ads can capture your audience’s attention, as when done well, it is purposefully relevant content that fits within the page’s content. According to Acquisio, It was found that native ads generate 53% more views than traditional ads.
3- Higher conversion rate
Converting potential customers is very important for any advertiser, Native ads don’t just increase audience engagement and your brand presence, they also can give you a hand in increasing your conversion rate, as it was proved that they can drive a 40X higher CTR than traditional display ads.
4- Ad-block Friendly
37.5% of global internet users block online advertising with an ad blocker tool, according to Hootsuite. Also, Statista reported that 71% of people use ad blockers because they find websites more manageable without banner ads. So, with so many ad blockers on the rise now and many users are becoming less forgiving of ads, Native ads come to the rescue. As they are unobtrusive, read like standard content, and don’t disrupt a user’s experience. They actually offer an excellent way to reach and not irritate your target audience.
5- Building trust
Building trust with your customers is a very critical point. Native ads can aid you in this aspect, as Adweek reported that 90% of consumers like custom content from brands and over 65% of Gen X and Z consumers trust branded content more than they do with traditional ads.
Programmatic native ads:
Native advertising is one thing. But what if we told you that there is more than that?
Programmatic native advertising is using the full potential of native. Using programmatic native ads can enhance your ROI and reach. Native ads are built and then are shown to a site’s visitor after a process called Real-Time-Building (RTB).·
So how exactly does it work?
When a visitor enters a website, a request is sent to an ad exchange with information on the website and the visitor’s data. This information is then matched against available advertisers, and a real-time auction takes place.
It might sound complicated, but Let’s explain it more: for example, if you are a beauty and cosmetics retailer, you can target your consumers through different websites. If a consumer visited your website then visited another website, let it be a news website, you can display your ads based on the information that this visitor previously visited your site, but how?
You can state that you only want to display your native ad on this news website but only to the visitors who previously visited you. Then the news website starts collecting data on its visitors and does a real-time auction among different advertisers; the winning bidder gets to display his ad on the website after it takes the feel and look of the rest of the website. This process happens in a matter of seconds while the website is loading at the user’s end.
Affiliate marketing and native ads
According to the Interactive Agency Bureau (IAB) 2020 survey, 59% of advertising agencies in the Middle East are shifting into performance-based campaigns. Combining affiliate marketing with native ads can give you the best results you are aspiring for. In addition, many affiliates now are using native ads to have a more effective strategy to boost their sales, Utilizing those affiliates in your marketing strategy can maximize your profits.
Using native ads that mimic the look, feel, and function of a medium’s content can be your best practice to reach your audience, make them trust you, and increase the purchase intention. Applying that in your strategy, along with getting the best out of affiliate marketing, can guarantee you the best results. Here at affsquare, 40% of our affiliates integrate native ads in their strategies.
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The world we live in has been moving towards a future where AI is becoming more and more integrated into our lives. As a result, the need for intelligent and quick systems has become a necessity.
Have you thought about your plan after black Friday?
Whether you achieved your sales goals during this black Friday or not, don’t worry, cause the opportunity is still here. You can boost your profits after black Friday, as there are many chances to seize starting from Cyber Monday till the end of December. According to Criteo statistics, 76% of companies will limit promotions to the weekend of Big Sale Friday (41% only 1 day), which means that you can stand out and be unique by exploiting the post-black Friday period. So, prepare yourself as you’ve got a whole season to plan for.
Black Friday is the biggest and busiest shopping day of the year.
According to Adobe Analytics Statistics, Consumers Spent $9 billion on online shopping in 2020, and this amount increases every year by about 22%, so this year it’s expected to reach $11 billion!
Here are some tips to help you make the best of it, maximize your profits and make your brand break through the clutter!
Consumers now are bombarded with various e-commerce retailers. Companies are competing to grab their attention in order to increase sales and profits. One way to stand out from the crowd and increase your e-commerce sales is by using Coupon codes and discounts.
Affsquare will provide you with more information about coupons, why you should use them, and their effectiveness in this article.
Affiliate marketing is the future of digital marketing today. Guaranteed results and the concept of numbers /actions talk reflecting on your business sales growth and ROI.
Moving towards affiliate marketing has been a global shift in recent years in the marketing industry; however, the history of affiliate marketing goes back to 1994 when an American company launched its first commission program, followed by Amazon Associates Program in 1996, which is now one of the most extensive affiliate programs in the world.