Unless you've been living in a cave for the past decade, chances are you've heard of this little company called Google. Yeah, I figured you had. And you're right, there's nothing remotely little about them. In fact, just the opposite is true. According to netmarketshare.com, as of July 2016, more than 72 percent of all online searches worldwide are done on Google. Yes, you read that correctly. Nearly three-quarters of internet searches were done on the Google search engine platform. That means Bing, Yahoo, Ask, AOL and the rest share the other quarter of the world's search inquiries.
This fact is probably not exactly a big surprise, right? After all, Google has transcended branding and has become a verb in modern day lexicon. When a friend asks, "Know a good place to buy tires?" You might respond, "I don't know. Google it." And they do. More than 72 percent, anyway.
But just how many searches does that equate to? Try 3.5 billion per day. That's 40,000 searches per second! The number is mind-boggling. As a business owner or manager, you might be asking yourself: So what? How does any of this relate back to my business? While there are a multitude of answers to that question, perhaps the best one can be summed up in one simple four-letter term -- or acronym, to be more accurate. The word is ZMOT, and it stands for "Zero Moment of Truth." It was coined by none other than -- you guessed it -- Google. Sounds pretty serious, right? You can almost hear the "Phantom of the Opera" organ music playing in the background. The thing is, it is pretty serious. Not scary serious. Just important serious.
So what is ZMOT, and why is it so important to business owners and managers? Don't worry, I'm not going to tell you to "Google it." Though I would encourage you to do so after you finish reading this. Basically, the zero moment of truth refers to sweet-spot in the buying cycle where a product or service is researched by the consumer. This typically takes place on a search engine, which more often than not -- statistically speaking -- is Google. Still waiting for the answer as to why ZMOT matters? Here are a couple of facts that might help illustrate its importance. According to a report from IMFORZA in 2014, 93 percent of all online experiences begin with a search engine. That's more than nine out of 10 people. On top of that, according to Google's own reports, four out of five consumers use search engines to find local information -- meaning goods and services within driving distance of where they live and work. On top of that, research shows that the average shopper researches more than 12 different sources before deciding on making a purchase. Those sources include online reviews, social media sites, blogs, testimonials and websites.
There is no question that the shopping habits of consumers continue to evolve constantly. Recently, there's been a shift in the ZMOT landscape. The zero moment of truth now depends on "micro-moments" -- real-time moments in which consumers delve into businesses and brands. As consumers rely more and more on mobile devices like smartphones (Americans now spend an average of 177 minutes per day on their phones), they have taken their research on-the-go. We're a busy group, us humans. We want our information on-demand.
The bottom line is that marketing in the new digital age can be complicated, sometimes even confusing. People are spending more time online and doing more research before purchases than ever before. And they're doing it on-the-fly on their smartphones and tablets. In terms of marketing, all of that matters. But mostly what matters is being present when people are searching for items and services related to your business. Not being found in the digital business landscape is like being invisible. Imagine someone taking a large canvass tarp and placing it over the top of your business. Now imagine how many new customers would be likely to find you. Not many, right?
That's why it's critical to have a responsive website that fits any device that's optimized to help you be found on search engines like Google. A strong presence on Facebook and other social media sites is also an important aspect of doing business in the new millennium. Along with having a solid reputation management plan for monitoring and responding to reviews and online comments.
There's a famous quote by filmmaker Woody Allen that states, "Eighty percent of success is just showing up." While Woody wasn't specifically addressing digital marketing, he very well could have been. Whether its micro-moments or ZMOT, the truth is that in today's world, if your company isn't easily found online and doesn't provide consumers with easy-to-use and up-to-date information, you simply aren't where customers are looking for answers.
But, hey, don't take my word for it.
Google it.
Business on 09/19/2016