So you might have heard of something called FOMO… it’s an acronym for the Fear of Missing Out.
And when you’re trying to create urgency that drives someone to pull out their wallet and buy from you right NOW — not sometime in the fairy tale future — FOMO is your best friend 🙂
So if you’ve been in sales conversations or sales calls lately or if you’ve been trying to sell on a social media platform and you keep hearing and seeing things like:
- I need to think about it.
- I’ve got to ask my partner.
- Let me do some research and get back to you.
- Can I have a few days to make up my mind?
Then chances are you’re not creating enough urgency or FOMO.
They Can’t Stop Thinking About Those Bad Apples
We’re all busy and life just seems to get busier all-the-time.
So it takes a huge investment for someone to drop what they’re doing and focus on your product…
And I’m not just talking about money.
It’s also an investment of energy and time and when someone is thinking of committing those things to you and your product, they really want to be sure that — when they do the work — they’ll get the results they’re looking for.
So here’s the tricky part…
Most people like to delay their decision around purchasing something or signing up for something.
And it’s because they’ve had experiences where they’ve invested in a program or course or service and it turned out to be a bad apple.
Basically, they ended up with buyer’s remorse and they want to avoid going through that again at all costs.
So what’s happening is that every single one of your potential clients and customers are looking at your offer through the lens of everything they’ve bought in the past…
All those buying decisions where they said yes, when they should have said no.
According to the American Psychological Association most people are procrastinators and a full 20% of all humans are chronic procrastinators.
This means most of us procrastinate on making ANY decision at all because we’re afraid of making the wrong decision!
And it’s why you MUST create urgency around your offers and services if you want people to make a decision and commit to you and your product.
What Happens When They Take Action… And When They Don’t
Now that you know creating urgency is critical, you need to understand that not all urgency is created equally.
There’s actual 2 different kinds of urgency in marketing — real urgency and manufactured urgency.
So real urgency is why it’s important for someone to take action right now in their life and that’s done through 2 things:
- ROI and that’s the Return on Investment of your product
- COI and that’s the Cost of Inaction
So the ROI is what they get out of the product, what they’re going to be, do, feel, have, overcome or achieve.
And that has to be much bigger — ideally 10x bigger — than all the investment of money, time and energy that they’re going to put in.
So your promise has to draw your prospects forward and that’s simply about making a great offer.
Now, the other part of real urgency is COI, the Cost of Inaction and this is basically the cost of waiting and it’s going to be something they don’t want to happen.
So, for example, with my program, the Experience Product Masterclass, I make a promise, which is that I’m going to teach people to design, market and make $2000 or a whole lot more from their Experience Product in 10 weeks or less.
But I don’t stop there…
I also talk about the Cost of Inaction and what’s going to happen if they wait which is they’re not going to have great sales, a successful business and happy, satisfied clients and customers.
And this applies whether I’m talking to someone who’s never created a product before, or they’ve got a product that’s not selling the way they want it to or they have a successful product that they just want to make that much more successful.
You Only Have 24 Hours to Get This…
When most people think of urgency, they immediately think of manufactured urgency.
Now, this is when you see things like countdown timers and ticking clocks on sales pages.
And it’s not just ticking for the end of the opportunity to buy, It might be ticking for an early bird bonus…
You only have 24 hours left to buy this.
If you buy this right now, you get this bonus or that bonus.
These are all the ways you can manufacture urgency by creating scarcity, a deadline or limited availability.
So both types of urgency are important — real and manufactured — and you want to include urgency in everything that you do.
I’ve done webinars where I forgot about urgency and I sold way less — like less than 50% less — of what I sold on webinars where there was urgency.
People just thought, “I’m going to buy that later” and they never did!
So it’s super important for you to understand how to create both real and manufactured urgency because people will say yes when they have FOMO, and when the pull to buy is much stronger than the potential for buyer’s remorse or making the wrong decision.
It’s the difference between seeing hardly any sales or having to wait until the very last minute to see sales come through.
And you don’t want to be in that feast and famine cycle or psychologically wondering where the next sale is going to come from.
You want to have the ability and the skills to make sales on demand, and that, my friend, will completely crack open your business and help you reach the next level of income and impact.
Over to you…
How are you going to create real urgency or manufactured urgency for your next product or service? Let me know in the comments… I read and reply to each one 🙂