Zero Moment of Truth-What Is It?
A closer look at Google's Zero Moment of Truth.
Whether consumers are shopping for cereal, concert tickets, or a new car, the digital space has changed how consumers make their buying decisions. And, with these changes, marketers now need to change their strategies to keep pace.
With the addition of the digital channels, consumers have more ways than ever to obtain information on products and companies, including social media sites, websites, reviews, and blogs. What’s more, every consumer now is a digital explorer, seeking out online ratings, social media-based peer reviews, videos, and in-depth product details as they move down the path to purchase. In fact, 70& of Americans now say they look at product reviews before making a purchase.
In light of these new consumer behaviors, all types of marketing strategies, including automotive marketing strategies, have to evolve to meet the changing shape of shopping.
Here are some mental models to help illustrate this point.
Traditional Mental Model:
The difference between the two mental models depicted above is the Zero Moment of Truth (ZMOT). Google ThinkInsights defines the Zero Moment of Truth as the “time when consumers do their research, get smart about reviews, look for promotions and specials, and comparison shop,” all before making a purchase.
Most importantly to you the dealer, the study found that 97% of car buyers are influenced by the Zero Moment of Truth – more than any other industry.
So what does this mean to you and your dealership? Stay tuned for our next blog when we dive into what ZMOT means to dealers.
Download the free ZMOT book at http://www.zeromomentoftruth.com/ (PDF, eBook).
Watch and share the videos:
Zero Moment of Truth – Trailer: http://www.youtube.com/watch?v=UmM9qfzfzhw
Zero Moment of Truth: http://www.youtube.com/watch?v=g40rrWBx2ok&feature=relmfu
Automotive Zero Moment of Truth: http://www.youtube.com/watch?v=IIFBwIAdpu4