FMOT…..the first moment of truth.
In the retail world, this is known as the moment a customer has an intent to make a purchase, and is standing in a store aisle faced with products to choose from. Proctor & Gamble coined this term to describe the 3-7 second period in which a consumer makes up their mind about a product on the shelf. Placement and in store marketing were factors in determining the FMOT for any given product. But that was then…..
Move over FMOT, because we’ve got something else to worry about. That, as recently coined in the retail world, as ZMOT – the zero moment of truth.
This is more urgent than FMOT, as the zero moment of truth happens before the consumer is even in front of the product in a store aisle. Google explains this as online decision making prior to making that purchase. According to the Google trailer, 84% of Americans engage in this “Zero Moment of Truth” behavior before making a purchase, with consumers using an average of 10.4 sources before making a decision on a purchase. That statistic is from 2011, so it’s likely higher than that now.
What formats are consumers finding the information they are using the make purchasing decisions in the zero moment of truth?
1. Word of mouth – friends and family
2. Online review sites
3. Retailer websites for comparison shopping
4. Social media
5. Online product searches
The trailer below gives you a sneak peek into the ZMOT phenomenon…..there is an e-book available for download from our friends at Google. Next week we’ll be sharing some highlights and what it means to make the most of the zero moment of truth.