Back in 2005, Procter and Gamble had defined the term “First Moment of Truth” which represents the moment in which a consumer makes a decision about whether he/she will buy a product. The FMOT takes place when the consumer enters the shop. He/she then sees the product and decides to purchase the item or not.
Nowadays consumers’ behaviour has changed. First of all, 30% of the World population has access to the internet. Then these 2 billion people buy more and more online via secured sites making online shopping easier and faster than traditional shopping. Buyers now have the opportunity to check and buy products online, read reviews and compare prices. It’s become a tough challenge for businesses as there’s no more room for mistakes. But in reality, it’s a win-win situation for companies as they can also target their audience in a more efficient way using online analytical tools, analysing search queries and examining internet users’ behaviour. So everybody should be happy, right? It’s not so simple though.
This evolution among the buying community has also changed the way consumers make a purchase decision. Today the Moment of Truth takes place before even entering the shop, it’s the Zero Moment of Truth. Statistics show that the ZMOT affects 84% of American shoppers and keeps increasing (obviously this data could be applied to other global markets). This means that companies have no other choice but to convince buyers in the very first moment they see their product online. Not always an easy task with the increasing amount of competitors who are always more prepared to tackle these problems.
In this article, they explain how the ZMOT took over the FMOT. It’s quite interesting to see how the whole buying process has changed. Here is an example they give:
FMOT : A consumer would get to the shelf, pick up a bag of chocolate chip morsels and follow the recipe on the back of the bag, possibly keeping the physical bag to keep a record of the recipe.
ZMOT : Consumers are going to the internet and researching the cookie recipe in advance of buying a bag of morsels from a store shelf.
This is so true and it’s an important variable to keep in mind. If you’re an entrepreneur, you must take this parameter into account. How can you prepare your company? Well there are loads of options available such as implementing a strong social media strategy using social networks like Facebook and Twitter, creating an appealing and original online advertising campaign in order to become viral on Youtube, etc etc.
Google explains the ZMOT effect in more details on this site. There is also a video where major business owners explain how they are experiencing this new phenomenon and a free ebook (apparently you need to enter your credit card details…). Below you will find the trailer:
Now, are you ready to win the Zero Moment of Truth?