The first is to save money. It involves looking for the best price for a certain SKU or product.
The Zero Moment of Truth: What Is It & Why Should You Care?
In other cases, I may have a budget in mind. I may be looking for the best alternative at my given budget. The third motivation is, as Jerry mentioned, saving time. Knowledge Wharton: Right. But coming back to a point you raised earlier, Jim, is the concept of ZMOT more relevant for some products and services than others?
For example, if a consumer wants to buy a new house, she may spend hours or even days searching online. But is online search relevant if she wants to buy bread, which she may buy far more frequently than a house? Lecinski: We examine this in the book. The research that we commissioned in partnership with Shopper Sciences looks at this question across a dozen categories and 33 subcategories. No doubt for some of the higher ticket items, there might be more searching involved.
The point is that you need to be there if you are the bread marketer, and it is less relevant that there are more or less searches for bread than for houses. Lecinski: I think it has the potential to deeply change it.
As Professor Wind said, it challenges their existing mental models. The existing mental model of marketing is: Build a great product, then build a great ad campaign to tell everybody about it and then win at the shelf or at the point of purchase. We often use the analogy of the guy spinning the plates on top of sticks. We are suggesting there is now a fourth plate of equal importance, and that is what happens after the consumer is exposed to your ad and knows where to go to buy [your product].
The challenge for marketers is: Are you prepared on all fronts? Are you staffed for it? Are you budgeted for it?
Do you have experts or partners to help you win the Zero Moment of Truth? Knowledge Wharton: Jerry, this leads to a related question. As the volume of information available to consumers explodes, how can companies make themselves heard above the noise and attract attention to their offerings? Wind: Let me go back to an earlier question you asked in terms of type of product and service because I think it relates to what companies can do. The way I look at it, this is not so much a type of product, but rather a type of buying situation.
One is a new task. When you are buying something for the first time — whether it is a house or it is a small, frequently purchased product — you are looking for information. There is a lot of uncertainty, and you need the information. The other extreme is the straight rebuy. There is no need for you to [do an] elaborate search. The third category is the modified rebuy.
What is The Zero Moment of Truth (ZMOT)?
These three types of buying situations have direct implications for the marketer. There is one other complexity, which is that an increasing segment of consumers are becoming more empowered. They want to be in control, as opposed to the manufacturer who typically had the control.
The strategy for the marketer is to create platforms to allow the consumer to engage with the company and with others [through] social networking and the like. Is it a straight rebuy? Is this a modified rebuy? Is this a new task?
Is Your Business Winning the Zero Moment Of Truth?
In any one of these situations, the reality is that the information and the tools make it easier for the consumer to get it. The successful marketer will be the one who employs these tools at the right time, at the right place, with the right information and makes it easy for the consumer to use…. The marketer has to rethink the traditional strategy. Lecinski: I think that is exactly right. If you are a marketer and you are used to communicating in an information asymmetric situation with your potential buyer, but now there is information symmetry, what does that mean for you in terms of how you communicate?
Wind: Jim, how about challenging it? How about the asymmetry exists, but it is now the consumer who has more information than the seller? Wind: That is very common now in the medical area. Knowledge Wharton: Clearly, these are very interesting times. Jim, one of the points you make in your book is what was once a message is now a conversation. Could you comment on what that means, especially in terms of the role of social media and word of mouth in shaping ZMOT? Lecinski: As you have seen from the data in the book, conversations [have] always been important in buying decisions.
Where before I could only talk to my friends, family and neighbors, now I essentially have the whole world, right? There are billions of people online who I can have that same conversation with. As a brand, what does that mean to you? Before, your job was to put out a message.
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Michaela Peck, Datamonitor , 14 February Against a backdrop of financial uncertainty, and growing digital connectivity, a seismic shift in consumer influence and power has taken place in the personal care industry since the onset of the most recent economic recession. To do this, manufacturers will need to understand how online consumers are using the digital space to find them, their brands, and categories, and also determine exactly what they are saying.
Beauty brands must then optimize the Internet, their digital assets, and marketing strategies accordingly. Clinique is one brand that appears to be setting the standards when it comes to identifying and capitalizing on the ZMOT.