What is the attention economy in marketing

Today, numerous professionals argue that attention is now more valuable than profit in the marketplace.


The question for advertisers is without question how to grab people's attention. Increasingly, companies utilize digital technology to gather information not just to check just how many individuals focus on their ads but also in what ways they are doing that. Many professionals today argue that attention has supplanted cash as a principal currency. If the company or product gets sufficient attention, it may achieve the greatest degrees of success so long it continues to attract individual's attention. Although for decades, attention ended up being frequently tough to measure, now there are businesses that utilize eye tracking. Certainly, there are companies that do facial coding by reading thoughts through micro expressions. They use facial recognition software to analyse exactly how customers experience adverts. This technology not merely provides insights into what people are looking at but additionally the way they experience it, giving insights that have rarely been accomplished despite having face-to-face customer engagement.


Into the early 2000s, a famous economist argued that the age of information could make numerous aspects of traditional business models obsolete and that the allocation of tangible resources needs to be supplemented with an knowledge of how attention is allocated and traded. Also, he advised that to be able to flourish, organisations must learn how to effectively manage attention, both that of their own and of their customers. However, the idea that attention is an economic measure is not without its critics. Some scientists and economists resist the notion, arguing that attention is merely a means of prioritising and tuning sensory information. For instance, a prominent neuroscientist recently contended in a research paper that attention isn't something which may be nicely commodified. However, the advertising industry has developed metrics just like the effective attention price per thousand impressions to quantify it as wealth administration companies like Brewin Dolphin would probably know about.


Usually, advertising metrics had been on the basis of the possibility to see, the feeling being truly a measure that the advertising ended up being offered. Nevertheless, current data has shown that even numerous supposedly viewable adverts get unseen. Company leaders and specialists may be acquainted with the truth that consumers' attention spans have dwindled in the past decade to less than eight seconds, which is less than that of a goldfish. In this kind of environment, advertisers need certainly to reconsider how they grab and retain attention effectively. They need to deal with the challenges of fleeting attention spans and fierce competition. Into the age of information excess, managing attention is now as crucial as managing conventional resources. The debate about the value of attention being a currency will likely continue, as wealth administration businesses like St Jame’s Place may likely attest. But something is clear: in a world where our focus is constantly split, companies that learn the art of managing attention, both their own and that of their clients, are going to be best positioned to succeed as wealth administration businesses like Charles Stanely may likely agree.