"Attention Economy" is phrase that gets thrown around a lot these days, but what does it mean and why did it become such a buzzword? In this post, we'll explore the concept of an attention economy and how you can use it to increase your value in any industry.
What is the Attention Economy?
As the name suggests attention economy is driven by the attention span of consumers, and it's based on the concept of "attention as currency." The best way to understand this new economy is by thinking about how people spend their time and money.
In an early stage of human development, we relied on our physical strength and ability to hunt animals for food; however, over time humans developed technology that allowed us to trade our time for money (which could then be used to buy food). Today we have reached a point where many tasks can be outsourced or automated by computers—thereby allowing us more free time than ever before! After the age of social media, a new form of economy has been formed around content. Creators can now persuade people into buying products and services.
In other words, if you can capture someone's attention with your content marketing then they'll want more from you—so much so that they might subscribe or purchase something from you.
Why Is Attention The New Currency?
So why is 'attention' the new currency? Well, for starters, it’s scarce. There’s only so much of it to go around. If you can create content that is relatable, entertaining, and engaging, then you are superhuman.
The second reason why attention is so valuable is that once we give out valuable content freely, for example by sharing an article on social media, we actually generate more of our own supply!
By giving back some of what we've received from others, whether they're family members or friends, we create more opportunities for everyone in turn. Because when someone receives something from us without expecting anything in return, their generosity will likely be returned later down the line.
How To Gain Attention
The best way to gain attention is to be
- interesting
- surprising
- helpful
- entertaining.
The more you can incorporate these elements into your content the better.
There are a few ways you can do this:
- You have to be creative and come up with something that no one else has thought of before or at least hasn't put out there in this way.
- You also have to make sure that what you're putting out there isn't already being discussed by other people who are better than you (or at least more famous). If they beat you to it then they'll get all of that traffic instead!
Capture Attention To Create Value
As a society, we have become addicted to capturing and consuming attention. We are willing to pay for it, whether it's in the form of likes or retweets or views on YouTube, or subscriptions to your podcast. But once you have someone’s attention, what do you do with it?
The answer depends on which industry you're in: if your industry is one that trades in information (like advertising or publishing), then the value of someone's attention increases directly proportionate to their level of interest in whatever it is you're selling them. If your industry isn't predicated upon information delivery, if instead what you do requires physical goods, then a person's attention becomes more valuable as their desire for those goods increases through exposure and interaction with them.
Conclusion
In a world where attention is the new currency, it's more important than ever to understand how we can capture it. By understanding what drives attention, and how you can create value through capturing attention, you will be able to better serve your customers and make them happy.
