CEO’s and CMO’s Strategic Thinking Secret
C-level Global surveyed 200 businessmen and women holding roles as Chief Executive Officers and Chief Marketing Officers, and zero, absolutely no one knew what micro-moments are. So, why do you need to know what micro-moments are and how to use them? Simply because business success means rethinking the linear marketing funnel created in 1898 by ad agency executive, Elias St. Elmo Lewis, which follows a set path; awareness-interest-desire-action. This mindset has dominated for 120 years. It’s time to rethink marketing strategy and tactics in order to successfully evolve your digital presence and go-to-market business model. Otherwise, your company will be crushed by millennial and Gen Z mindsets comprised of 140 million Americans and nearly 3.3 billion people worldwide. Competitors who understand the secret of digital presence and marketing will thrive amidst leaders who do not.
Traditionally academia thinks there are just 4 micro-moments, but they missed the 5th one. Watching quick videos for entertainment and to relax was overlooked as a means to connect with target audiences. Now, of course, marketing has found ways to advertise to us while we watch something or gather in groups. I’m not talking about this as the fifth micro-moment. Hollywood has capitalized on the fifth micro-moment though. I’ll explain what I mean and share all five micro-moments with you. I’ll teach you how to structure your business to win big.
Let’s start by knowing what micro-moments are. A micro-moment is a noun that means an intent-rich moment when a person turns to an electronic device (Often a smartphone) to act on a want or need to; know, go, do, buy, or relax. I have added relax as a fifth category, which is specifically about watching something to chill out or take a break. It’s about watching some sort of video because this is where people put aside the other four categories to just be entertained or pass the time. In these five intent-rich moments is when decisions are made, opinions are formed, and preferences are shaped. It’s also when entertainment and discovery can blend to enlighten people, shed boredom, help pass the time, and bring laughter. This blended moment can be your secret weapon to capture more of the right attention to win more customers.
As mentioned, Hollywood capitalizes on it with sponsors who pay to have product placement in movie scenes. Yes, this is just good old-fashioned advertising with a twist, however, it’s not the same as being a business that intentionally makes videos, shows or movies to entertain first and foremost yet cleverly promote their brand at the same time. This is where people can turn to a business because they want the story, show, movie, or quick video because of its entertainment value. Thus, they choose that businesses’ entertainment to watch instead of traditional sources like Netflix, Hulu, AppleTV, Etc.
Here is a quick closer look at each micro-moment.
- Know/learn: When someone wants to discover something or is researching but not always with the intent to purchase.
- Go: When someone is looking for a business, product, service, vacation destination, or restaurant with consideration where to go to make a purchase.
- Do: When someone seeks help doing something new or getting guidance on improving something such as how to do, make, or build something.
- Buy: When someone has decided to purchase something and may require help to decide what to buy, which to buy, or how to buy it.
- Relax: When someone wants to watch a video or movie to be entertained, or pass time so they can escape the world or relax.
Revenue growth and wow customer experience hinge on micro-moments. Rather the customer journey starts with a micro-moment, progresses with them, or ends with them, you need to be brilliantly prepared for interacting with your target audience’s micro-moments. This means two things. First, getting people to come your way for the micro-moments. Second, satisfying and impressing people in their micro-moments shared with you.
Answer these questions with what’s happening in your business now. Then check out the answer you need to be able to give to grow your business exponentially in the new digital era.
Q: Have you mapped your customer journey at every touchpoint that both prospects and customers interact with your technology, people, processes, delivery, and aftercare?
A: YES and leadership reviews it at least monthly as do managers, and staff.
Q: How often do you map every touchpoint?
A: Every other month we do a mapping exercise for all touchpoints to improve them.
Q: How many forms of feedback collections are taken from prospects, customers, and employees?
A: Several methods are deployed to get feedback from each group including Net Promoter Scores and various surveys in-person, online, via text, and email.
Q: How frequently do you get feedback from prospects, customers, and employees?
A: Feedback is taken daily in the various types of methods fore mentioned.
Q: How often do you do analysis, and take action with this information?
A: Twice a month teams from every level of the company meet to study and decide how to improve based on touchpoint mapping and feedback gained.
Customer journeys are increasingly more dynamic making them more unpredictable. Your market’s expectations are higher than they use to be. Buyers demand faster and greater everything. Buyers want to order anything online and ideally have it arrive right after they click the payment confirmation. Price transparency is simple enough that kids can price compare just as easy as adults. Smartphones are in the hands of nearly 5 billion people and growing quickly. To thrive in business you need to be a master of micro-moments. Mastering these six actions sets you apart to win big.
- Spend time and effort establishing target audience demographics and psychographics. Place emphasis on identifying their, “I’m curious moments,” and “I want to buy moments.”
- Capture and store customer data and contact details in your CRM. This enables manual and automated timely follow up to help build relationships and close deals.
- Figure out how to be there in those moments when your market’s wants and needs arise. Empower your staff to collaborate and innovate by making it okay to fail (Especially, experimenting with the fifth micro-moment, relaxing with video) as long as the business learns and evolves.
- Deliver content that can be consumed quickly to satisfy the market while being entertaining in the process. Consider the fifth micro-moment as a way to connect with more people turning to quick videos for entertainment to capture more leads and incorporate entertainment in your value-based content delivery.
- Measure each touchpoint with the market and retain the data to learn from it. Focus on cycle time, friendliness, ease of use, fun factor, and making choosing your company easier.
- Use the Theory of Accelerance to vest and align employees, processes, and technology to the mission-critical actions that wow the market. Reward and recognition for the staff directly correlate to customer experience success.
Make sure your staff knows what micro-moments are. Especially, the fifth one since this is leverage to capture more attention. Get all staff involved in the actions to evolve your marketing funnel into today’s constant digital access era. Drive digital touchpoints into personal interactions when it’s best for your company. Then coincide personal interactions with value-based discussions through quick content delivery. Do not forsake friendliness and entertainment for speed though. Balance value-based content, speedy, friendliness, and entertainment in both digital and personal interaction. Let your staff figure this out by empowering, rewarding, and recognizing them for wowing the market.
Micro-Moments are the perfect topic to spearhead a Renaissance in your business. Let Renaissance Methodology lead the way. Building your business to get effusive responses from buyers substantially grows revenue.