The FOMO effect: powerful tactics for boosting event ticket sales

You're probably familiar with those early bird offers, exclusive presale sign-ups, and special discount codes, right? We've all been there, trying to jumpstart those purchases at the beginning of the sales process. But here's the million-dollar question: do they actually work? The answer is: yes, if you know how take advantage of FOMO. If you're not familiar with this term yet or you're just curious to learn how it can significantly boost your sales, you're in the right place.

Back in 2013, British psychologists defined FOMO as "pervasive apprehension that others might be having rewarding experiences from which one is absent" (National Library of Medicine, 2021). Let's simplify: FOMO, or Fear Of Missing Out, is the sense of unease we experience when we believe others are enjoying fulfilling experiences while we're left out. When it comes to events, FOMO appears when we check out an event page, only to find it's already sold out. Then, watching everyone else have a blast at the event we missed out on just rubs salt in the wound, making us feel excluded.

This psychological phenomenon is increasingly shaping consumer behavior, especially in marketing, and the event industry has also tapped into it by using scarcity.

“The scarcity principle states that the scarcer something is, the more people value it. And while most products are produced to meet demand, live events are always constrained by capacity and the fact that an artist can only be in one place at one time.” (Queue it, 2023)

So, bottom line: nobody wants to miss out on the event of a lifetime, and that fear alone can drive customers to make a purchase. Plus, we should see FOMO as more than just fear; it's about generating excitement, fostering anticipation, and giving people a sense of belonging to an exclusive group. When we believe we have access to something others don't, it brings a deep sense of satisfaction (Charles Lange, 2023).

In fact, according to research on discounted coupons, oxytocin, known as the love and happiness hormone, spikes when people use a coupon, even more than when they receive a gift (Business Wire, 2012). Discounts, my friends, equal happiness!

So, how do we take advantage of this FOMO phenomenon? Two words: exclusivity and scarcity. Let's break it down using 8 marketing tactics:

• Limited-time offers: offers only available for a brief period of time, maybe just 24 hours or a few days. "Don't miss out! Special prices available for 24 hours only."
• Limited tickets: exclusive offer with a restricted number of tickets on sale. "Act fast! Only 300 tickets available—grab yours before they sell out."
• Last tickets available: urgency tactic indicating tickets are selling quickly. "Hurry! Last tickets available—get yours before they're all gone."
• Early bird offers: special treatment for those who purchase early. Normally 10-25% off standard pricing (Social Tables, n.d.). "Be an early bird and save! First tickets now on sale.”
• Countdowns: creating suspense and encouraging early action with price increase in the following hours. "Time is running out! Prices increase tomorrow—buy now and save!"
• Exclusive presale: special-priced or with a special condition, for those clients who register and leave their data. "Get exclusive access to presale tickets at a special price!”
• Flash sales: spontaneous sales events offering discounted tickets for a short period. I’d say: the more spontaneous the better (everyone knows there will be a special sale on Black Friday). "Surprise! Flash sale happening—grab your discounted tickets today."
• Secret codes: give a special discount codes to a select group of clients (this is a great loyalty action), providing them with access to exclusive ticket pricing. "Thank you for being part of our community. Use code 'FAMILY' to grab the last tickets with a 10% discount before they're gone."

But let's not forget, communication is key! Spread the word far and wide—on your website, across social media, and why not, get those influencers involved too. We want everyone in on the action. Bonus points if you can sell out that first tier quickly, it'll amp up the FOMO factor even more. Just keep it real, fans will notice if you've only allocated a couple of tickets for that tier. Push sales, but be smart and honest with your clients.

And that, my friends, is the FOMO effect in action. Have any other strategies up your sleeve? Feel free to share them in the comments below or message me.