Article Review
To explain the Zero Moment Of Truth, it is about the evolution of technology in the buying process
LATEST STATS FROM GOOGLE:
79% of consumers now say they use a smartphone to help with shopping
70% of Americans now say they look at product reviews before making a purchase; Nielsen Research projects that fifty percent of the US population will own a smartphone by the end of 2011, with two thirds of them researching products and prices online while in stores.
83% of moms say they do online research after seeing TV commercials for products that interest them Consumers today are now looking to reviews.
Pre-shopping before buying – consumers are going to search engines (a lot from their smartphone as stats above indicate) and getting information from the internet in many different ways. They learn and decide…………and this is the Zero Moment of Truth.
The three things a person looks for before buying are
Will it save me money
Will it same me time
Will it improve my life
So what are consumers Googling? Typically they take a brand and perhaps a code or model number of what they are looking at. They then type in words like “best” or “review”
Other areas include
• Consumers talking directly through email, social networks, chat and instant messaging, or posting videos on YouTube and other sites
• Reviews on sites like Epinions, TripAdvisor, DealerRater and Yelp
• Comments and ratings that show up next to businesses on applications like Google Maps
• Message boards on corporate and retail sites of all kinds
• Online community sites where moms, golfers, chefs or skateboarders compare notes and share information
• Seller ratings in search results (search for “kids bikes” on Google and you’ll see the stars right at the top)
This is the new digital shelf. Consumers arrive there, 24 hours a day, ready to engage. They’re anybody’s to win or lose.
Here is an example of Google Places and mobile in action. A person isn’t feeling well and decides he needs a decongestant. He takes out his mobile and does a search for “best decongestant” or “decongestant reviews”. He reads the reviews of experiences others have had with the products and also views offers around them. At this point he has decided what to buy and because a local store has a coupon offer for one that would be acceptable to him he decides where to make his purchase
Innovative retailers are racing to create compelling reviews of their products and wrapping offers around these products by way of mobile coupons or offers onto mobile phones.
In a recent study done by Google, 84% of the shoppers said that ZMOT shapes their decisions. It’s now just as important as stimulus as First moment of Truth (FMOT) in moving consumers from undecided to decided.
For larger items such as cars, when people buy, it turns out that 64% say they look for price, 44% say vehicle performance and 37% say styling. The interesting thing in Google’s survey was that many were asking those questions online four months before they bought their car!
At a time of recession when money becomes tight, research IS being done before buying locally. In the past as coupons came in newspapers or through a door, they would be torn out and kept. Now if someone wants something they are more inclined to take out their mobile device and look for what they want and look for offers around it – on their phone!
It is expected that by mid-2012 more people will be looking at websites on their mobiles than on PC’s
An article in the Wall Street Journal earlier this year stated it’s well known that consumers research expensive products like electronics online, but coming out of the recession, consumers are more scrupulous about researching their everyday products such as diapers and detergent, too. More than a fifth of them also research food and beverages, nearly a third research pet products and 39% research baby products
Question: So what should marketers do now?
Answer: As a matter of urgency, mobilise your website!
Google did a survey of their top advertisers and were shocked to learn that only 21% had mobilised their websites. If it isn’t mobilised and easy to navigate you WILL lose business
Just because you can see your site on a smartphone doesn’t mean it’s easy to navigate and use. Try calling your site up on your own mobile device right now. When you pinch it to view it and move it around with your finger, can you find things easily? What are the key actions that mobile shoppers and researchers will want to take on your site? Get a quote? Look at product information? Those things should be easily available in a format that suits a small screen and big fingers.
Answer: Ensure that when someone does a search for what you are offering on a mobile, you are at the top of the results
Answer: Don’t forget video! Mobile phones display video well, in your mobile website display a short video Brand consumers are usually looking for two kinds of videos, product showcases and demos and how-tos and expert advice
Finally, and this is with thanks to Google, here are definitions used for the Google/Shopper Sciences, Zero Moment of Truth Study conducted in the U.S., published April 2011
Stimulus
Noticed advertising while browsing online
Saw/tried product at the house of a friend/family member
This is a brand I grew up with
Looked at/read magazine advertisements
Saw an ad on an outdoor billboard
Read magazine articles/reviews/information
Saw an ad in a newspaper/newspaper insert
Read newspaper articles/reviews/information
Looked up brands/retailers in the Yellow Pages
Attended a show or event where product were featured
Received mail at home from a brand/manufacturer (e.g., catalogue, brochure)
Received mail at home from a store/retailer (e.g., catalogue, brochure)
Read information in an email received from a brand/manufacturer
Read information in an email received from a retailer/store
Tried a sample/experienced the product at a special event
Heard it discussed on the radio
Saw advertisements on television
Watched a TV show that featured the product
ZMOT (Zero Moment of Truth)
Talked with friends/family about the product
Searched online, used a search engine
Comparison shopped products online
Sought information from a product brand/manufacturer website
Read product reviews or endorsements online
Sought information from a retailer/store website
Read comments following an article/opinion piece online
Became a friend/follower/”liked” a brand
Watched videos about product online
Read/visited a blog that discussed product
Searched the web for information with my mobile phone before shopping
Talked to a customer service representative online
Searched the web for information with my mobile phone in the store
Saw product mentioned on a social networking website like Facebook
Received a referral notice from a friend online
Commented on a product mentioned on a social networking website like Facebook
Received a coupon or pricing information from someone on a social networking site
Commented on a blog that discussed product
Searched for a coupon with my mobile phone before shopping
Saw an ad/coupon sent to my mobile phone
Looked for coupons on a retailer/store website
Received a text from a brand/manufacturer on my mobile phone
Searched for a coupon with my mobile phone in the store
Looked for coupons on a product brand/manufacturer website
Participated in a chat or discussion online about product
Used my mobile phone to scan 2D barcode/QR code in the store
Read/visited a forum/message board about product
Talked to a customer service rep/salesperson via email
Commented on a forum/message board about product
FMOT (First Moment of Truth)
Tried a sample/experienced the product in a store
Talked with a salesperson or associate in the store
Talked with a customer service representative on the phone
Looked at the product package in the store
Read brochure/pamphlet about the product in the store
Used product coupon I got at the store
Used computer in the store to look up information on product
Used a loyalty card/frequent buyer card
Redeemed a gift card/rewards card
SMOT (Second Moment of Truth)
Mentioned it to friends/family
Mentioned it to a co-worker
Took a survey
Wrote a customer review on a website
Wrote about it on a Facebook page
Posted Tweets about it
Wrote about it in a blog
In the future companies will employ a Zero Moment Of Truth manager, remember where you read that first!