Zero Moment of Truth (ZMOT) – Shoppers access multiple information sources before deciding.
In marketing terms when we talk about the ‘zero moment of truth‘ we talk about smart buyers and this has all come about because of the internet revolution. Let’s explain…
For many years marketing had a 3 step process, or mental model if you will, which detailed the thought processes of the ordinary everyday consumer looking to purchase a particular product. These steps are as follows:
Step 1- Stimulus
Firstly the consumer has to be switched on to, or gain knowledge of the product. This was generally done through a glossy magazine advert or a sleek TV ad.
Step 2 – Point of Sale
The customer then sees the product on the shelf in the shop and it’s at this juncture that the consumer decides whether or not to make a purchase. This is known as the ‘first moment of truth’
Step 3 – Product experience
After purchasing, the consumer took the product home and experienced it. Then good or bad they shared those experiences with friends and family. This is known as the second moment of truth.
Smart and savvy shoppers
|The onset of the internet has opened up a whole realm of possibilities and has drastically changed the way that people shop. In the post-internet age, potential shoppers are smart. They will read product reviews, do research, match best prices and even look for money off coupon deals to make sure that they are getting a great product and the best possible price.
If you put this into perspective, a recent survey carried out by Shopper Science using 5000 shoppers found that the average person looked at no less than 10.4 sources of information before they finally made a ‘buying’ decision. This method of ‘pre-shopping’ is known as the ‘zero moment of truth‘ and applies to many products and services across a wide area of the market. This is the pivotal point that can turn an indecisive visitor into a decisive buyer, so it cannot be underestimated.
So how does “Zero Moment of Truth” affect marketers?
In essence, marketers have to seriously think about the modern buying behaviours of potential customers and whilst the 3 step marketing process is still applicable, the ZMOT (Zero Moment of Truth) method is now used by over 87% of shoppers looking to make a purchase that is anything other than everyday buying. Therefore a skilled marketer needs to keep this in mind when planning their campaigns. Any company that is not considering this is missing out on a trick.
The zero moment of truth is probably the most important aspect of the ‘buying cycle’ and the best SEO/marketingcompanies will plan campaigns based around this. WSI is one such company so if you want to turn your online visitors into cash-paying buyers then contact ePresence to discuss your internet marketing needs.