Why Every Entrepreneur Should Understand the Zero Moment of Truth
Corey Quinn is Vice President of Business Development at The Search Agency (http://www.thesearchagency.com). In this video he discusses why every entrepreneur should understand the zero moment of truth. Understanding the zero moment of truth will help small business owners understand their consumers.
- Moment of truth: stimulus- discover product 1st- purchase product 2nd- experience product
- ZMOT: occurs after stimulus, when a consumer researches product online
- Actively participate in ZMOT to reach consumers
Every entrepreneur should understand the concept of ZMOT which stands for the Zero Moment of Truth. ZMOT comes from a sort of a traditional marketing model which is that used to be three steps. There’s a stimulus, there’s a first moment of truth and then the second moment of truth.
The stimulus is when you decide you want to buy something. The first of moment of truth is when you’re in the supermarket for example and you have the product in your hand you buy it. If a marketer can get you to buy their product, that’s the first moment of truth.
Second moment of truth is when you take the product home and you experience it firsthand. Well with the advent of the internet, what’s happened is that there’s a new moment of truth called the Zero Moment of Truth.
The Zero Moment of Truth happens after the stimulus, you want to buy a product but instead of going straight to the store people will go on into the internet and what they’re doing is they are doing researching reviews, they’re doing searches on Google and Yahoo and Bing, they’re talking to their friends and their social networks and for a marketer to be successful they really need to focus on that Zero Moment of Truth and make sure that they’re part of the conversations that are being held online about their brand, their products and their services. ‘Cause they’re happening either way whether or not they participate.
So it’s a great opportunity for you to make sure that your products and services are found on search and on social and in review websites. Be there. Be active so that you can win that Zero Moment of Truth so that you can get them to the isle, to the first moment of truth and second moment of truth.