Continuing our thread on information overload and the power of information in our lives, I had the opportunity this weekend to read a recently published book, ZMOT, Winning the Zero Moment of Truth. It was written by Jim Lecinski. Jim is the managing director, US Sales & Service for Google. He works with many major brand marketers and media agency partners. His book is brilliant and articulates clearly just how much has changed for consumers because of technology, information, Google and mobile devices.
You can download the book for free at www.zeromomentoftruth.com. Today’s blog will highlight some fascinating statistics about behaviors and influences in our lives. Please download the book and read it. A fast read, full of great nuggets and game changing to your business. If you are not thinking about ZMOT, you better start.
Here are some initial nuggets:
- 70% of Americans look at product reviews before making a purchase
- 79% of consumers use a smart-phone to help with shopping
- 83% of mom’s do on-line research after seeing TV commercials for products that interest them
ZMOT, or Zero Moment of Truth, is Google’s definition of the critical moments that lead to an individual’s decision to purchase a product or service. Since we are now connected almost all the time through high bandwidth connections, we now have the ability to learn about products that interest us whenever we want; watching a ball game, in the store, walking down the street or engaged in a conversation with our friends. We can now be experts whenever we want – well we can certainly believe we are experts anyway!
- As consumers, we are in charge
- We get smart on stuff quickly
- We engage in multiple conversations with friends, strangers, marketers, websites and experts in real time
Think about how your behavior has changed. Would we ever consider buying a car without extensive research on quality, price, options, availability or comparing brands? Nope. This same behavior has now cascaded down to everyday products such as groceries, school supplies and gas prices. Mom’s are leading the charge, but we are all doing it.
People are now asking three questions before making purchases:
- Will it save me money?
- Will it save me time?
- Will it improve my life?
Hmm, tough battlefield to compete on. You bet. The reality is if you are a selling a product or service the ZMOT is becoming more and more critical to being considered. If you are a business owner, start learning. If you are a consumer, enjoy the power that you now have. It will only continue to grow.
I have only scratched the surface on this topic and will dig in a little deeper over the upcoming weeks. Read the short book though – it does a terrific job of identifying what is going on and what has changed.
Let me know what you think about this blog and about the book when you can.
Have a great day.