5 Promos to Drive FOMO - Fear of Missing Out

The Fear Of Missing Out - also known as FOMO - has become a ubiquitous term in marketing circles because it works. At the core of the human psyche, people want to participate and not miss out. They want to feel good, included, cutting edge and in the know. If marketers --- or businesses --- can create FOMO, people are more likely to ‘bite’ or buy to ensure they don’t miss out. FOMO promotions offered by Farmers can be highly effective and compelling; Farmers are fortunate to be selling food versus items that are superfluous. Food is an essential item, making it easier in general, for Buyers to convince themselves of a purchase than if they were electing to buy a new watch or extra washcloths. 

As an ecommerce platform serving Farmers across every state in America, we know that the most successful Farms use promotionals on an ongoing basis - often rotating promos week over week.  And, the data proves it - promotions compel Buyers to act. 

Here are 5 Promos to Drive FOMO attracting new customers and increasing sales for your Farm.

1. First-Time Buyer. 

This is by far the most common form of promotion that is designed to attract and capture new customer details. Specifically, to claim the promotion a first-time buyer must offer their email address in exchange for the promotion. Why? Because emails are gold - they offer your Farm the ability to engage in regular communication with a new buyer.

Samples include: WELCOME10, HELLO10, FARMNAME10. Typically Farms offer 10% off any purchase by a first-time buyer. It is not uncommon for Farmers to implement a minimum purchase value too (e.g. 10% off your first order of $50 or more).

2. Minimum Purchase.

This form of promotion can help increase sales across all products, when Buyers perceive they are “saving money by spending more.” A minimum purchase promotion is commonplace in retail goods, but even more effective with food. Why? Because everyone eats and has a family budget set aside to spend on food. Setting a minimum purchase amount to get a discount or to earn free delivery or shipping, also ensures you cover your margins before going the extra mile for a buyer.

Samples include: BOX20, BEEF20, FLOWERS20, FREESHIPPING. A discount of 20-25% is sufficient to attract potential Buyers to make a larger purchase. Examples of what we see across Farmers includes promotions to incentivize a large upfront payment for a CSA, Flower Subscription, or Protein Bundle Box (e.g. 20% off any purchase of $250 or more; Free delivery on orders of $250 or more).

3. Limited Time Only.

This type of promotion is often affiliated in retail circles with holiday deals or special events (e.g. back-to-school). In Farming, we see ‘limited time only’ promotions typically for holidays, but also for seasonal items. The time constraint could be short-term availability or the recent harvest of a product (impacting quality or freshness). In any event, be certain that the limited-time nature of your promo is understood by your Buyers - or it may fall flat.

Samples include: TURKEY10, BERRY20, TULIPS10. A discount of 10-20% is often the range for a limited-time only promotion. Any more than 20% may spur Buyer caution about the actual urgent nature of the promotion. 

4. Single-item.

This promotion is super helpful for Farmers seeking to move inventory  by dangling a steeply discounted “single-item” promotion to every customer. In lieu of discounting all of your inventory, Farmers can use this promotion to attract Buyers to make a purchase of a given product, knowing they’ll likely add more items to their order. We see this promotion used for moving bumper crops, and emptying full freezers.This promo is often tied to a dollar-amount (versus a percentage of sales).

Samples include: FREEZER10, TOMATOES20, SAUSAGE7 A dollar amount equivalent to 50% of the price of your inventory items is often coveted - but only if it is limited (e.g. Get $10 off your next purchase of $20 or more of ground beef - use FREEZER10).

5. Limited # of items.

This is the hallmark of FOMO promotions and perhaps the most effective. This promo is most effective when narrowly tailored to a specific, highly desirable product in your current Farm inventory (car dealerships limit to a single car VIN#). Offering a limited number of items for a steep discount to the first ten (10) Buyers can spur a race that helps Farmers attract new Buyers and move specific inventory quickly. Your goal is to capture loads of new Buyers. Think hard about the best online Channels to share this promotion, asking yourself where potential new Buyers may be (e.g. community Facebook pages, shared through a partner or influencer, dropped into Instagram with hashtags).

Samples include: BACON25, SHITAKE40, ARUGULA25. A steep discount of 20-40% for an already desirable product is often effective - provided the quantity is small enough to compel a race (e.g. The first 10 Buyers get 25% off their next bacon purchase with our limited promo: BACON25). 

The above forms of promos are proven to be effective - helping your Farm to attract more customers, increase sales and acquire more emails. Effectively, the cost of your promo is the value of your marketing dollars to spur customer engagement. And, staying top of mind is critical on email and social media.

Read this ebook: Send Email Like your Farm Depends On It 

Read this ebook: The 3 E-ssentials for your Farm to be Awesome on Facebook 

Avoid Steep Discounts on Everything. Remember, your Farm is in the business of selling Food - not commodity retail goods. As such, be cautious about using promos to offer steep discounts broadly across all your products - it will diminish your Farm brand and Buyer confidence in the quality of your products. It’s a balance. 

Ultimately, your Farm can compete on four vectors: (1) price, (2) quality, (3) brand, and (4) convenience. Price is just one avenue of competition. Use promotions strategically based on your Farm’s products, seasons, inventory, activities and events. Promos incentivize purchasing but should not diminish your brand. If you are a Farmer currently served by Barn2Door, then reach out to your Account Manager if you want to discuss further or check out your Learn Center for videos on topic.

Watch this 5:40 video to see how Barn2Door could support your Farm. 
We also offer a number of FREE resources online if you’re researching marketing best practices. We would be delighted to learn more about your Farm.