When I heard about Zero Moment of Truth, I had to go back and read what are other moments of truth that any marketer or product owner would consider. As I found out that first moment of truth is when customer looks at the product on the shelf and digests all the information including price, brand, utility, description etc from the label and makes the decision to buy or not. The second moment of truth is when customer buy the product, goes back home and make a decision whether he/she likes it or not. Any company needs to win both moments to win the customer.
In today's world, customer comes online and searches for a product and makes a decision online on what are the next steps. Pricing, description, reviews, places to buy and others can be researched within less than a second ( as Google shows the total time it takes to find the relevant information). With one search instance, user has most of the information to make next step. Direct price listing, and product reviews influence any customer to a great extent. This is Zero Moment of Truth which now any product owner needs to win in order to get sales.
In financial services, companies are reluctant to provide incomplete guide to investing and are scared of regulatory policies and compliance, making it difficult for them to use all new marketing channels. Most of the customers of any financial company are on social networks. Now, companies can combine CRM system to connect their social behavior to provide better recommendation to buy next product. Email has been most neglected form of marketing whereas it can be power marketing tool to provide recent market and social media based recommendation. Also, company owned search has to expand and include market data, current social messages, reviews and performance of recent transactions in order to influence customers' trading/buying behavior. So, let's begin to incorporate ZMOT into big corporates.
In today's world, customer comes online and searches for a product and makes a decision online on what are the next steps. Pricing, description, reviews, places to buy and others can be researched within less than a second ( as Google shows the total time it takes to find the relevant information). With one search instance, user has most of the information to make next step. Direct price listing, and product reviews influence any customer to a great extent. This is Zero Moment of Truth which now any product owner needs to win in order to get sales.
In financial services, companies are reluctant to provide incomplete guide to investing and are scared of regulatory policies and compliance, making it difficult for them to use all new marketing channels. Most of the customers of any financial company are on social networks. Now, companies can combine CRM system to connect their social behavior to provide better recommendation to buy next product. Email has been most neglected form of marketing whereas it can be power marketing tool to provide recent market and social media based recommendation. Also, company owned search has to expand and include market data, current social messages, reviews and performance of recent transactions in order to influence customers' trading/buying behavior. So, let's begin to incorporate ZMOT into big corporates.
No comments:
Post a Comment