The 5 marketing ‘Moments of Truth’, its importance to your small business. (Part 1)

The 5 marketing ‘Moments of Truth’, its importance to your small business. (Part 1)

There are truths in marketing that you may not have come across, but I'll be using this article to open your eyes to them.

In ancient Greece, when people and products gathered in gatherings that were known as marketplaces, the idea of the modern company initially emerged. The century-old trade via barter system of exchange was supplanted by the Nickel, Copper, and subsequently Gold coins. 

 

To sell as many of their products as possible to the expanding urban populations at the time, businesspeople displayed their goods, courted customers, competed with one another, and bartered. 

 

In the beginning, the purchasing procedure was rather straightforward because, in ancient times, the majority of consumers could only find the one commodity or service they needed from a small number of merchants, or even just one. Unfortunately, some customers had to travel long distances by car or foot to acquire some items, and for some items even further More distance than only to the nearby town or city was needed. Buyers had very few options and were forced to acquire a select few things from a select few merchants, regardless of the physical or purchase conditions. Some of these business owners exploited the occasionally worn-out and gullible customers. 

 

However, over time, even in those days, consumers were more adept at not only spotting deals, but also distinguishing between a reputable seller and imitation products (such as jewelry and animal skin, which were more prevalent at the time). One straightforward method was what is now more commonly referred to as "buy research." A customer would ask a seller for a sample of a good so they could compare it to the original perhaps at a friend's house, was a sample she had previously seen. She would buy from the merchant as long as he provided her with goods of the same quality and quantity at the same price. If the quality was good, she would not only buy from him. 

It would be even better if he provided special rates for large orders or gave her and her family free gifts in exchange for recommending them to him. The trade prospered for all parties involved as long as the merchant kept up a positive relationship with her over time.

As a result, honest businesspeople started to establish a solid clientele and successfully expand to new places by essentially following the "happy customer" model. 

 

The way business is conducted, however, has virtually altered every 30 years or so since the Industrial Revolution in 1790, influenced by new technologies, commerce, and shifting consumer preferences. However, its practice has persisted over time, just as consumer shopping preferences and the desire to constantly make sure they are receiving the best deal for what they perceive to be the proper price have.

The internet is one of these older inventions. As a result, the typical customer journey from the past contains a variety of touch points where the customer comes into direct contact with your brand. Similar to then, these moments vary in significance, and the most crucial of them are referred to as the Moments of Truth. These moments are when a company has the chance to engage with a customer and win their true loyalty. And the internet has just streamlined the process and made it easier for customers, making it harder for businesses to grab and hold customers' attention for more than a few seconds a little period of time when competition has only gotten tougher. 

 

Each consumer, obviously, has expectations at every stage of their encounter with your business in order to retain customers faster than the competition, so it is crucial that start-ups seek to improve every customer's experience as a whole in order to expand much faster. 

 

So, we'll try our best to investigate these areas and suggest what your small business can do to make each one better. 

 

1) The Zero Moment of Truth - When A.G. Lafley, Chairman, President, and CEO of Procter Gamble, first developed the Idea for the Moments of Truth in 2005, it initially specified two moments. One of them was this.

It takes place when a customer starts looking into your product to determine its true and perceived value to them. This Moment is typically sparked by a stimulus, such as a genuine need for a good or service like yours, word of mouth, or an advertisement they saw or heard. In either case, the client has expectations and starts looking for the best value for their money to either buy or connect with. Now, with the aid of the mighty internet, they start reading reviews, asking friends and family for recommendations, sometimes even looking for alternatives online, or they go into the nearby store to see if your product is among the numerous ones on the shelf, although the perceived value is higher. 

 

Nothing should be left to chance during such a moment. The internet is a potent resource that compiles all types of information about a business, good or bad, about a product or service. It doesn't forget, neither do customers, and you shouldn't either. A negative or even neutral evaluation of your product or service can be devastating to your business's bottom line and, what's worse, it may drive clients to your rivals. 

 

Recognize that positive reviews are similar to the oil that is poured into a car's gears to make it run. Oil fluid, despite not often necessary, yet ensures a well-maintained and optimized engine, unlike fuel, money, and profits, which the vehicle needs constantly to operate increasing mileage and reducing breakdowns 

 

As a result, you must not only strive for great reviews of your product or service, but also make every effort to keep them in front of both current and potential customers at all times, using every marketing and sales channel at your disposal. Additionally, outstanding customer service is crucial and, in some situations, revolutionary at this touchpoint. Every consumer who interacts with your product should be greeted with a willing hand, even if it's an electronic response bot, though that's not always a good idea, to guide them through the crucial information needed to make the best possible decision about your product or service. They are left with more questions than answers on their decision You might very well bring about the demise of your company, if not immediately, then eventually. 

 

You only get one chance to make a first impression, so work to make it a good one. To do this, use tools that can help you measure your conversion rates because this will help you learn what influences purchases in your favor and what doesn't.


Peter Akinlabi

36 Blog posts

Comments
Esther Chikwendu 3 w

Amazing

 
 
Angela Anayo Nzeh 9 w

Nice one

 
 
Igetei Preye 2 yrs

Nice tip's

 
 
Joy Obi 2 yrs

Nice one

 
 
Chukwuemeka Obiora 2 yrs

Nice one