Canadian Music Trade - April / May 2018 - Page 28

0 BUSINESS MATTERS Are You Prepared for the By Michael Raine T he moment a customer sends an email, makes a call, fills out an online form, or walks into your store for the first time, that is the “zero moment of truth.” It’s the moment you, as a company, learn that potential customer exists. “Can anybody tell me the relationship with 70 per cent and the zero moment of truth?” asked web marketing expert Marcus Sheridan as he looked around a ballroom of MI retailers during his NAMM U Breakfast Session at The 2018 NAMM Show. “This is what we know: that today, on average, 70 per cent of [a customer’s] buying decision is made before the zero moment of truth. Seventy per cent of the decision is made before they call you, before they contact you, and certainly before they walk into your store.” “I personally did not come up with ‘zero moment of truth.’ It’s a phrase that people have been using for about five or more years, but I just tend to talk about it more. To me, really, this foundational shift – the amount of the decision that the buyer has made before they physically talk to the company or to a sales person – is unques- tionably the greatest shift that’s happened in business over the last 50 years. There’s 28 CANADIAN MUSIC TRADE no question at all,” Sheridan tells Canadian Music Trade after the show. He had this revelation while rethinking his own approach to business when his Virginia pool company, River Pools, nearly went under during the economic crash of 2008. Now, Sheridan’s practical approach to customer service, which emphasizes hones- ty and valuable information for customers, is featured in books, publications, university case studies – even a New York Times profile – and is the core of his latest book, They Ask, You Answer. As he sees it, for about a century, in terms of influencing buying decisions, the salespeople did 90 per cent of the job with marketing and customer service splitting the other 10 per cent. “Today, often times, the sales team or sales person has zero impact on the decision or on the purchase. That is profound,” he emphasizes. “Market- ing is the new sales, and customer service is the new marketing. Why is customer service the new marketing? Because we’re so stupidly prolific in how we use reviews and ‘shop with me’ videos or ‘test drive with me’ videos or all these things that we can do right now. You know, “play with me” vid- eos in the music space. All these things, so much of that is contingent on the customer ? service that the person got after the fact, and so this drastic shift is quite interesting and needs to be recognized by all retailers; otherwise, they’re in significant trouble.” What can a retailer do if their cus- tomers have mostly made up their minds befor ѡeٔ䁍хЁݥѠѡ)Mɥ́́)ɕѡѡȁݕͽ̰ѡЁ)ȁ役Ёѡѡѥ́չ)ѥ䁽ѡȁݕͥѕ́ȁͽ)Qɔɔٔ́ѽϊd她)ͥ́ѽ䰁Mɥͅ) )Ʌ݉) ɥͽ)I٥)]ӊé )Mѥ͙她ѡ͔ٔѕɍѕ)́́ɕ䁅Ёݼѡ聡)͕ձ̸ٕͥȰӊéЁ)ݕɥѡՕѥ́ѽ́ٔݥѠ)չ͕ɵѥɥͽ