Three Moments of Truth

Tool / Marketing

Three Moments of Truth
Ed Burghard , CEO, United States

Application of this model in economic development can help communities be more competitive.

Capital investment decisions can be viewed as winning three specific moments of truth. The First Moment is winning the opportunity to compete. Success looks like a community making the short list for due diligence review. The Second moment is winning the competition. This moment is all about creating a compelling win:win proposition as an RFP response. Key is to think partnership. The Third Moment is winning the repeat investment. This is a moment where the authenticity of the community's brand promise needs to be consistently realized.

To apply the Three Moments of Truth model, create a matrix and categorize your communication tactics by Moment. Is the strategic goal of your push email effort to generate awareness among a broad target audience (First Moment), provide information about your community to interested capital investors (Second Moment), or strengthen loyalty by reinforcing the benefits of doing business in your community (Third Moment).

Most communities will find they are under invested in all Three Moments because resources are spread too thin. The solution is to either increase resources allocated to the communication effort, find cost efficiencies through participation in state or regional initiatives in the First Moment, or strategically focus on winning the Second Moment through a highly targeted (less costly) sales plan. The choice depends on the individual circumstances of the community's economic situation.

After categorizing the tactics, the key questions to ask are 1) Is the effort sufficient to win? and 2) Is the effort optimized to be effective in driving the desired behavior? If the answer is no to either question, then the plan needs to be revised.

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