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Zero Moment of Truth

Zero Moment of Truth . Google/Shopper Sciences. Traditional 3-Step Mental Model of Marketing. Stimulus. First Moment of Truth. Second Moment of Truth. Sign insurance contract. Experience. Historical “Interrupters” of Three Moment Model. The New Mental Model of Marketing. Stimulus.

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Zero Moment of Truth

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  1. Zero Moment of Truth

    Google/Shopper Sciences
  2. Traditional 3-Step Mental Model of Marketing Stimulus First Moment of Truth Second Moment of Truth Sign insurance contract Experience
  3. Historical “Interrupters” of Three Moment Model
  4. The New Mental Model of Marketing Stimulus First Moment of Truth Second Moment of Truth Pre-shopping | In-store | In-home Sign insurance contract Experience
  5. We asked insurance shoppers… When? Purchase Timeline How far in advance do shoppers start thinking about changing their insurance or renewing? What? Source Usage What traditional and new media sources did shoppers use to help them decide on their insurance carrier? How? Influence How influential were each of the sources in the ultimate decision making? Why? Information-Seeking Why did shoppers consult the internet? What information where they looking for related to the insurance selection process? Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011 5
  6. Objectives & Methodology How is insurance purchase behavior changing in a digitally powered world? Whatrole does new media like mobile play in insurance decision making? How effective are traditional ads at changing actual purchasing? Online shopper surveys with interactive game-like construct Fielded in March 2011 in the US Adults who switched to a new insurance provider, purchased a new Auto or Home insurance policy or new Life insurance policy in the past 6 months 6 Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
  7. Purchasing an insurance plan is a very considered decision for shoppers. Length of Purchase Cycle Q1 Again, for the rest of this survey we would like to focus on your most recent transaction: PIPE IN FROM QS6. First, in TOTAL, how long were you thinking about [PIPE] before you actually completed the transaction? Base N=250 Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
  8. 11.7 sources 26% average usage Insurance shoppers used on average 11.7 sources of information to help them make their purchase decision For any one source, on average 26% of shoppers used it. Q2 When you were considering [INSERT], what sources of information did you seek out to help with your decision? Base N=250 8 Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
  9. Even among above average sources, ZMOT outpaces traditional avenues of research. Sources Used – Above the 26% Average Usage Score Stimulus ZMOT FMOT Q2 When you were considering insurance options, what sources of information did you seek out to help with your decision? Base N=250 Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
  10. Shoppers rely on ZMOT sources for insurance Q2 When you were considering [INSERT], what sources of information did you seek out to help with your decision? Base N=250 Source: Google/Shopper Sciences, Zero Moment of Truth Study – Insurance, Apr 2011
  11. consumers love mobile there are now more mobile devices than people in the US
  12. smartphone usage is now mainstream by the end of 2011, 50% of Americans will have a smart phone
  13. tablets are the fastest growing consumer device in history 1MM iPads sold in 28 days

  14. so what are people doing?

  15. we’re connecting...in entirely new ways
  16. mobile devices have become our “second brain” 5x growth in mobile search in the last 2 years
  17. finance-related searches from mobile expected to grow 20.3% 14.7% 9.5%
  18. financial consumers increasingly rely on mobile 33M use mobile to access banking info 18M use mobile to access credit card info 7M use mobile to access insurance info use mobile to access brokerage info 10M Source: comScore "The State of the U.S. Mobile Financial Services Industry," October 2011
  19. invest in a mobile site 79% of large online advertisers do nothave a mobile optimized landing page www.howtogomo.com

  20. Thank You

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