Tuesday, August 7, 2012

ZMOT - The Rules Have Changed

(1:19) Even before we had a name for it, consumers were using two moments of truth when making purchasing decisions. The first moment was when a consumer made the buying decision, selecting one product or service over another. The second was when that product or service was used and the consumer was pleased, or not. There was a time when success in these two moments meant success for your business.

(1:06) That is no longer the case. Today when a consumer hears about a product or service or even a political candidate, their first reaction is to go online for more information.

(1:01) ZMOT (Zero Moment of Truth) is that moment when you use your laptop, mobile phone, or some other device to research a product, service, or virtually anything you are considering buying, using, or voting for.

(0:54) We have access to information virtually any time, virtually anywhere. Hundreds of millions of times a day consumers are using their mobile phones, laptops, and other devices to seek out information. It has created the Zero Moment of Truth where marketing, information, and consumer choices happen. These moments can mean the difference between success and failure of your business.

(0:42) According to Google, 70% of Americans now say they look at product reviews before making a purchase, 79% of consumers now say they use a smartphone to help with shopping, and 83% of moms say they do online research after seeing TV commercials for products that interest them. This is the new reality and it is spreading from consumer products, to services, to healthcare, even to politics. It is how more and more boaters are making their own decisions too - at that Zero Moment of Truth.

(0:27) ZMOT changes the rules. Of course, consumers still need to pick your product or service and then have a good experience. However, today consumers have often formed their first impressions and even made their final purchase decisions during ZMOT and if you're not there you won't win.

(0:18) To successfully navigate your customers' ZMOT you need to understand what information they are looking for and where and how they will find it. You no longer have the choice of simply presenting them the message you want them to hear. Consumers want real information, in real-time, whenever they want it. Provide them that and you can win.

(0:08) The first step to doing this is to understand the new process consumers use to make these decisions. You will find it familiar because you likely do it everyday with your own buying decisions without evening thinking about it.

(0:02) And that's the marina minute.