Here is a question for you: What happens when your potential buyers are sending buying signals & you are not there to hear it?
This is an important question that every organization regardless of size needs to ask itself and come up with an effective answer because it will have direct impact on its survival. Here is why:
I think anyone reading this post will agree that the buying process has changed dramatically in the past two decades and most buyers will start their buying journeys on their own without engaging the vendor(s) (over 60% of sales cycle completed before engaging the vendor*). Therefore my question above. The answer of course is that more than likely your competitors who are present when the buying journey started are going to get the deal and NOT YOU!
Therefore I argue that with more than 70% of B2B buyers leveraging social media in their buying decisions, organizations can no longer afford to wait and hope to hear from a buyer who has pretty much gone through the buying journey without them.
Let me give an example to illustrate the point. Let’s say you just bought one of those cool Hoverboards and cruising down the sidewalk. Suddenly you hit a bump and fall off, injuring your shoulder and experiencing a lot of pain. Now you need some medical attention! You look up and you see a clinic on the corner 50 feet away. So naturally you just get yourself over there ASAP and ask for help. Here is my question: How bad does the clinic have to be before you say to yourself “I should find another clinic”? The answer is of course they need to be really a disaster before you seek another source for help.
Same principal holds true in today’s buying journey. Someone in his/her buying journey coming across a vendor through online channels that seem to be sufficiently competent to address his/her needs is much more likely to stay with that vendor (the first vendor is 50% more likely to get the deal **).
WHAT ZMOT GOT TO DO WITH IT?
“When consumers (B2B or B2C) hear about a product today, their first reaction is ‘Let me search online for it.’
And so they go on a journey of discovery: about a product, a service, an issue, an opportunity.
Today you are not behind your competition. You are not behind the technology. You are behind your consumer.”
— Rishad Tobaccowala
Chief Strategy & Innovation Officer
If you are reading this post and your organization needs to sell something to survive and thrive (every organization does), then you MUST care about those critical BUYING MOMENTS that happen millions of times every day around the globe, often without the vendors being part of the conversation. These crucial moments are what Google team coined as the Zero Moments Of Truth (ZMOT) back in 2011 and it has become part of today’s buying model.
The ZMOT concept was introduced by google folks in an ebook that you can download below to learn all about it and why it is so crucial for every business to effectively deal with their own ZMOT if they want to thrive in the new economy.
As the leading provider of digital transformation and revenue growth service provider in Asia my company Vital Strategies Pte. Ltd, works tirelessly with our clients to help them grow their revenues and expand their businesses through transforming their sales force, delivering value and embracing the digital engagement model. We continually educate and enable our clients to identify and establish presence at those crucial buying moments (their ZMOTs).
I believe that the customer engagement channel with the best Return On Investment, broadest access, and most impact is the social media, that if used properly, creatively, and consistently it could have the biggest impact on your business.
With the new year I ask you as the business leader to take a serious look at your sales and marketing plan/strategy and honestly answer the question, Do we know our ZMOTs and what are we doing to be there? And if not WHY NOT?
I want to close by reiterating the title of this post. In today’s complex and competitive market you have to commit to BE THERE (the ZMOTs), OR BE GONE!
Let us show you how to avoid getting left out of your customer’s buying journey by building and executing an effective social selling strategy and online presence.
Contact us for a 30 minutes conversation with real impact on your business.
About the author:
Mark Ghaderi is an author, sales coach, mentor, entrepreneur and social selling evangelist with twenty five years of driving business results across the globe.
Vital Strategies Pte Ltd. Provides Revenue Growth Services to companies across the APAC region, helping organizations to grow their top line through digital transformation and improving sales execution.
contact us at: firstname.lastname@example.org