Attention Economy: What Marketers get Wrong

June 23, 2016

There’s a precept in economics that lies on the coronary heart of how your entire economic system works: shortage.

Scarcity is the straightforward idea of one thing being in brief provide. It’s the concept there may be not sufficient provide of some useful resource to fulfill the demand of that useful resource.

supply and demand graphWe face shortage when there are not any bananas left on the grocery retailer, once we wait in line for hours to snag the latest iPhone, or once we need to go to yoga and stroll the canine, however there’s only one hour left within the night. Scarcity is in every single place. We even face shortage once we need our accomplice’s consideration, however they’re all-consumed of their units.

As entrepreneurs, we face shortage once we need the eye of our viewers, however are competing with hundreds of different entrepreneurs, corporations, folks, and issues for that finite useful resource.

While all this will sound just a little grim, and like we’re in a relentless battle for, nicely … every thing. Scarcity isn’t a nasty factor. It’s what makes the world go spherical, it’s one of many rules that drives our economic system and the way costs for items and providers are set. Without shortage, nobody would ever pay for something. There could be an infinite provide of every thing, nobody might generate income, which implies we couldn’t change it for items and providers. But then, why would we have to, if there was an countless provide of every thing? Theoretically, nobody would go hungry both, however I digress.

One factor’s for certain: the character of scarce assets is nothing to be afraid of. Even with regards to our viewers’s consideration.

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The Scarcity of Attention

In current years, the explosion of knowledge at our fingertips has led to the last word battle for consideration. There are a wealth of consideration calls for that didn’t beforehand exist: advertisers need your consideration earlier than you watch the following video on YouTube; your pals need your consideration on SnapChat, Facebook, and textual content; and your colleagues and each marketer on the market need your consideration in your inbox.

But there’s solely a lot consideration to go round; whether or not it’s yours or your prospects’.

“We each have only 24 hours in the day.  Where we choose to allocate this attention will increasingly determine who creates economic value and who destroys economic value.” – John Hagel, Co-Chairman, Centre for the Edge, Deloitte

Unfortunately, the current incline in consideration shortage doesn’t solely come from these growing calls for on our consideration … it additionally comes from a decline in provide, as nicely. That decline comes within the type of consideration spans, which has fallen from a median consideration span of 12 seconds to eight seconds within the final 15 years. This is, greater than doubtless, because of the growing calls for on a median grownup’s consideration all day lengthy.

attention economy 2016

We are dealing with a huge consideration shortage.

But entrepreneurs want consideration. Without it, you possibly can’t clarify all of the ache factors you clear up and also you definitely can’t transfer them down the funnel.

So what can we do? What’s the key to securing the final bunch of bananas when there are 5 different potassium-starved consumers approaching at precisely the identical pace as you? Or (possibly extra related to your present scenario) seize your prospects’ consideration?

Do you scream louder? Or extra incessantly? That’s what most entrepreneurs do. But most entrepreneurs are taking a look at all of it fallacious, and really exacerbating the issue.

Why Marketers Are Looking at it All Wrong

You’re working so onerous to drive extra pipeline and catch as a lot consideration as you possibly can attainable get that you simply’re really, possibly, doubtlessly (no actually), making the issue worse. Not higher.

Just take electronic mail for instance: the typical particular person receives 85 enterprise emails per day. That’s quite a bit. And advertising emails are a part of that. But these advertising emails solely see click-through charges of 1.5%.

That implies that once we electronic mail 10,00zero folks, 150 click on via, on common. And we’ve come to simply accept this, someway.

But with a view to meet our pipeline objectives, we want greater than 150 interactions with our content material, so we compensate. Marketers ship extra emails to allow them to enhance the chance for engagement with potential prospects.

But extra emails, means extra consideration demand within the short-term, and fewer consideration provide within the long-term, which places us proper again the place we began.

In different phrases, we find yourself with a cyclical course of referred to as the Attention Resource Cycle:

attention resource cycle

The presence of competing messages and naturally low consideration spans is feeding itself and it isn’t going away any time quickly. Sending an increasing number of messages simply provides to the issue. So is the reply going radio silent? Of course not, since you want consideration earlier than you possibly can even start to hope to drive pipeline.

The reply lies in how you are attempting to seize that spotlight.

How Marketers Can Conquer Attention Scarcity

It’s vital now, greater than ever, to search for new methods to compete by getting extra out of every contact together with your viewers. Look to supply high-impact communications that seize consideration with true curiosity out of your viewers. This means you’re not wanting to make use of gimmicky “re: … “ or “FWD: …” topic line stuff, no ALL CAPS, or “act now or else we’ll steal your Cheerios”. You’re searching for extra.

The ultimate attention-grabbing advertising communications piece follows this equation:

equation attention communication

But with the present scarcity of consideration provide and all-time excessive of consideration demand, many entrepreneurs are struggling to attain even the primary a part of this equation.

The reply lies in an individual’s title.

Gone are the times of selling to personas as a complete. I work in content material advertising and certainly one in all you studying works in content material advertising, however chances are high your job and my job are completely different in some methods. And extra importantly, you and me as folks, are in all probability very completely different.

[callout-content textual content=”How B2B Marketers Can Drive More Pipeline with Personalized Video” is_modal=”true” modal_id=”personalized-video-guide” modal_type=”Guide” modal_form_handler=”″ button=”Get the Guide”]

So why would entrepreneurs assume that one thing that grabs and holds your consideration would do the identical for me?

2016 is the time for hyper-personalized advertising. It’s time to deal with you, me, and each prospect as people.

personalized marketing

Personalized advertising first originated with names in emails. Remember when it was a novelty to make use of “Hi <firstname>” and see your personal title firstly of an electronic mail? Your personal title!

That idea was so wildly profitable as a result of folks crave private connection and recognition. In truth, a customized electronic mail remains to be more practical than a generic one right now. According to Aberdeen, customized emails see 14% greater click-throughs than non-personalized emails.

And all of the fuzzy-feels appear to trickle via to on-page conversions as nicely with 10% greater conversions than non-personalized emails. But there’s extra to personalization than simply merging somebody’s title in an electronic mail, providing them a brand new piece of content material based mostly on their job title, and even customizing an internet web page based mostly on their trade.

Today, there’s a terrific pattern in direction of individualization or hyper-personalization.

This is the place content material is really personalized for every particular person particular person – on a mass scale – and brings them into the story you’re telling. It’s the place your entire expertise together with your model feels really such as you’re attending to know your prospects and constructing a one-to-one relationship.

The future of selling … your future … depends upon this means to construct a connection and maintain your share of the eye provide.

personalized video pipeline

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Kimbe MacMaster

Kimbe MacMaster

Kimbe is the earlier Manager of Content Marketing at Vidyard. She loves all elements of content material advertising and has a particular place in her coronary heart for utilizing video to drive actual enterprise outcomes. She can also be reasonably (okay extraordinarily) obsessed together with her fluffy chow chow, Noah.

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