FOMO, or fear of missing out, is a powerful psychological trigger that can motivate software prospects to buy your solution faster and with less hesitation. But how do you create FOMO in software sales without sounding pushy or desperate? Here are some tips to help you leverage FOMO in your sales process and close more deals.
One of the easiest ways to create FOMO is to show your prospects that your software is in high demand and that they might miss out on a valuable opportunity if they don't act soon. You can do this by emphasizing the limited availability of your product, the expiration date of your offer, the number of customers who have already signed up, or the benefits they will lose if they wait too long. For example, you can say something like:
- "We only have 10 spots left for our beta program, and they are filling up fast. If you sign up today, you'll get access to exclusive features and a 50% discount for life."
- "This offer is valid until the end of the month, and we won't be able to extend it. If you want to lock in this price and get a free consultation, you need to sign the contract by Friday."
- "We have over 500 happy customers who are using our software to boost their productivity and revenue. Don't miss out on joining them and getting the same results."
- "If you delay your decision, you'll miss out on the competitive edge that our software gives you. Your competitors are already using it, and they are gaining market share every day."
FOMO is a REAL thing. Fear drives a lot of decisions. Fear of being late to market, fear of having an inferior product, fear of missing out on net new opportunities. These are all real fears. The good news is that you don't have to allow fears to make your business decisions. There is help out there for your organization. TDSYNNEX can alleviate any fears about technology, GTM or finding net new customers. We partner with companies to co-sell with IBM to expand into new markets through distribution. We provide product development and sales support with added value to minimize complexity.
A strategy that is easy to remember and works well to create FOMO in sales presentations: ?You are simply the Narrator in your sales story. ?Develop characters to connect with your audience and drive emotional responses. People care more about others say about you than what you say about you. So... give them what they want with characters who demonstrate your value for you. Example: Narrator: Our CRM was created to help clients like you close the 38% of deals lost by the average Mid Market Sales org. Client 1: With your CRM, we've closed 30% more deals this year. Client 2: Your system helped us build stronger relationships pre-sale, decreasing sales cycle length by 15% and increasing ARR by $10MM in 2023.
We cannot and should not (ethically) create FOMO. WE can, however, highlight urgency by uncovering business problems and their impacts on the overall organization and the org's goals. The larger the gap, the more urgency exists. No gap, no urgency, no sale. GAP must be quantifiable and measureable. Numbers drive business and it is what primary stakeholders care about.
If you are sales-led the best way to create urgency is to focus on 'COST OF INACTION'. This means you highlight what it means for prospects to stick to the status quo. What are the negative implications of not changing your solution to fix their current pain points? To do this properly, you need to do a good discovery to get a clear understanding of: - the current state - what they don't like about it (pains) - Why this is relevant for them - What it means to not fix it (negative implications)
Another way to create FOMO is to show your prospects that your software is trusted and endorsed by credible sources, such as industry experts, influencers, media outlets, or other customers. This can help you build trust and credibility, as well as appeal to your prospects' desire to belong and follow the crowd. You can do this by sharing testimonials, reviews, ratings, case studies, awards, logos, or endorsements. For example, you can say something like:
- "Don't take our word for it, listen to what our customers have to say about our software. Here are some of their testimonials and ratings."
- "Our software has been featured and praised by leading publications and experts in the field. Here are some of the articles and quotes that mention us."
- "We have helped hundreds of businesses like yours achieve their goals with our software. Here are some of the success stories and results that we have delivered."
- "We are proud to be recognized and certified by reputable organizations and associations. Here are some of the badges and certificates that we have earned."
Social proof is a must-have for your customer-facing communication. Here are 3 ways to add social proof to your homepage: - logo section - case studies - testimonials / quotes On top: - you can increase trust by adding badges of third party review platforms like Google, Capterra, G2.. - include media/press (e.g. featured by New York Times, Techchrunch, etc.) - add your investors ('backed by XYZ')
A third way to create FOMO is to make your prospects feel special and valued, and that your software is tailored to their specific needs and preferences. You can do this by offering them exclusive access, privileges, benefits, or discounts that are not available to everyone else, or by personalizing your communication and demonstration to show how your software solves their pain points and goals. For example, you can say something like:
- "As a valued prospect, we want to offer you a special deal that is not available to the public. If you sign up today, you'll get a free trial, a bonus module, and a dedicated account manager."
- "We have created a custom demo for you that shows how our software works for your industry and use case. You'll see how it can help you save time, money, and hassle."
- "We have a limited number of invitations for our VIP webinar, where you'll learn from our experts and get insider tips and tricks on how to use our software effectively."
- "We have a special offer for you that expires soon. If you refer a friend or colleague to our software, you'll both get a 25% discount on your subscription."
By using these tips, you can create FOMO in your software prospects and persuade them to take action faster and with more confidence. FOMO is a powerful sales tool, but remember to use it ethically and honestly, and to deliver on your promises and expectations.