(0:58) There's a concept in marketing known as the Moment of Truth, developed at Proctor & Gamble in 2005, defining two critical moments of a consumer purchase. The First Moment of Truth (FMOT) is when the consumer encounters a product on the shelf and makes the decision to purchase. The Second Moment of Truth (SMOT) is the experience the consumer has after they have bought the product. For a product to survive it must be successful in both Moments. For years the principles surrounding these Moments of Truth have been followed by successful companies.
(0:47) Google took a fresh look at this concept to determine what impact the internet has had on a consumer's Moment of Truth. They realized that with the wealth of information available to consumers today there is another Moment of Truth and called it the Zero Moment of Truth or ZMOT (pronounced ZEE-mot). Jim Lecinski of Google wrote a terrific digital book, Winning The Zero Moment of Truth. Given the origin of this concept, it is steeped in consumer products. However, there are many examples of its use across markets. I believe the applications to the marina market are many.
(0:34) I'd like to take a few Minutes to introduce you to some of the concepts because I believe they are critical to success in the new information age that we all live and work in. Here are his major conclusions:
* The buying decision journey has changed. ZMOT is a vital new addition to the classic three-step process of stimulus, shelf (FMOT), experience (SMOT).
* What was once a message is now a conversation. Shoppers today find and share their own information about products, in their own way, on their own time.
* Word of mouth is stronger than ever. For the first time in human history, word of mouth is a digitally archived medium.
* No MOT is too small. If consumers will do research online for houses and health care, they'll also do it for Band-Aids and ballpoint pens.
* The MOTs are meeting. Our mobile devices are MOT machines. As mobile usage grows, the zero, first and second moments of truth are converging.
(0:06) I delve into more detail in the following Minutes and try to relate some of the concepts to the world of boating. It's a new world which means new opportunities for those willing to adapt.
(0:02) And that's the marina minute.