— Rishad Tobaccowala Chief Strategy & Innovation Officer VivaKi
1st Moment of Truth: visit store or visit commerce site; the purchase decision
2nd Moment of Truth: buy and then use the product ----> experience and then engage with the product
3rd Moment of Truth: customer Feedback, relationship maintenance, customer service engagement
First moment of truth: When a customer is confronted with the product in-store or in real life.
Second moment of truth: When a customer purchases a product and experiences it.
Third moment of truth: Consumers feedback or reaction towards a brand, product or service.
The world we live in is constantly changing and that speed is due to globalization which helped create innovation in many fields. Now a large impact we can see today is the innovation and advancement of technology which has created instant communication around the globe. From a marketing aspect this has created a ripple effect, technological advancement has been dropped into the world of marketing forever changing the old ways of doing things. Now what is one form of this ripple effect? That would be the fact we found a new Moment of Truth;
- Zero Moment of truth (ZMOT) is a term coined by Google in 2011, actually refers to the research which is conducted by a user online about a product or service before taking any action. A simple example of that would be: searching the web on your mobile device to find reviews before making a purchase. Now that is something almost anyone can relate to in 2017. We are able to do this because of the advancement in technology and marketers have realized this so they have begun targeting it. The world wide web has changed the game once again but now it has a giant presence. According to research conducted by Google, 88% of US customers are researching online before actually buying the product.
Say you want to pick a restaurant to bring someone too, what do you do? look it up online. Say you want to go to a big concert coming up, what do you do? Compare prices online. Say you are planning your honeymoon, what do you do? Look up information online. This empowers the consumer and puts the ball into their court. I believe this is the future and we are experiencing the future as we speak, instantaneous comparisons, price matching, review ratings. We are able to watch marketing grow and we are able to see it form. This Zero Moment of Truth has created a paradox of choice…. but choice also happens:
- Psychologist Barry Schwartz takes aim at a central tenet of western societies: freedom of choice. In Schwartz's estimation, choice has made us not freer but more paralyzed, not happier but more dissatisfied.(https://www.ted.com/talks/barry_schwartz_on_the_paradox_of_choice)
- "Tipping Point" author Malcolm Gladwell gets inside the food industry's pursuit of the perfect spaghetti sauce — and makes a larger argument about the nature of choice and happiness.(https://www.ted.com/talks/malcolm_gladwell_on_spaghetti_sauce)
Now this is a great debate over the power of choice, ZMOT creates choice with the consumer. I believe choice is a great thing but some individuals believe there is too much choice. So above are two great Ted Talks that will argue both view points and I believe they both have strong points. So you as a consumer can decide what you feel.
"No matter how bad you want to fight change the world is always innovating and people adapt. We are living in the age of the future and our job as marketers is to adapt or vanish."
-Lukas Watson
