Fomo

🕐 How to run *actual* limited time offers 🕐

If you're reading this, you probably work in technology.

Which means the product you sell -- a web app, widget, computer chip -- scales by definition.

Yet limited time offers, or the indulgence of scarcity, are often leveraged by tech companies to increase sales.

In this post, we'll discuss how scarcity in an infinitely scalable paradigm contends with honest marketing.

➡️ How scarcity works

Loss aversion is a psychological principle that states we are more akin to avoid "losing" something than we are to endeavor gaining something.

Cue the "50% off until Friday" sales technique. Nobody wants to consciously pay 2x next week when they could pay less today. So the prospect bites.

This is well and good, until the marketer does another deal after promising the first one "wouldn't come back anytime soon."

➡️. It's simple

Don't run limited time offers or leverage scarcity to boost sales, unless you actually have limited availability and won't re-run the offer in the near future.

➡️. Limited time offers, the honest way

We get it. You want to experiment, try different pricing schemes, and modify your business model on the fly until you find what works.

Luckily, this is not incongruent with ethical behavior.
On the rare occasion you give Prospect A a great deal, and Prospect B complains, simply honor the deal.

Companies who offer one-time daily deals are faced with this often.

You can play coy and pretend it never happened. You can flood your unhappy customer with a litany of legal terminology from your T&S. Or you can simply apologize and honor the belated deal for them, too.

This may leave a dent on trust, but that can be rebuilt later, with more honesty next time.

via honestmarketer.com (Fomo's partner)

“Just use it. It is motivating for both customers and members, as well as employees.”

CycleMasters has been using Fomo for five months now, and to them, Fomo is a no-brainer.

And when asked what prompted them to install Fomo on their website, this was the answer:

“It is a nice way to create reliability and give a feeling and emphasis that you are joining a community when you sign up.”

So what about sales? You may ask. The community is a crucial side of the business, but an online business needs to sell.

This is what CycleMasters had to say about the results they are getting by using Fomo:

“Sales of our spin bike have gone up within the last month.”

Click the link in the comment section to read the case study, and learn more about CycleMasters, an indoor cycling app with a growing range of live and on-demand workouts.