Most companies fell into this trap! Here's how to deal with the attention economy

Introduced by psychologist and economist Herbert A. Simon in the 1970s, the concept of the attention economy revolves around the idea that in an age overflowing with an abundance of information and choices, the scarce commodity is our attention (and our time).

The American Psychology Association defines attention as "a state in which cognitive resources are focused on certain aspects of the environment rather than on others.".

The average human attention span has decreased notably over the years. From around 12 seconds in the early 2000s, it has fallen to just about 8 seconds today.

This is mainly due to the fact that we are inundated with data, articles, products, and advertisements, each trying to grab a slice of our limited attention. Previously, choices were often limited to what was available in nearby stores or local vendors. Now, the internet has democratized access to goods, services, and information, enabling choices that span the globe and creating a marketplace that is as vast as it is competitive.

In such a marketplace, companies that succeed are those that manage to grab attention within the first moments of interaction (Most readers will be spend less than 20 seconds on a web page before leaving it). These companies managed not only at capturing attention but also at holding it, delivering incremental content that nurtured engagement and helped tighten customer relationships over time, creating more intimacy.

"In the attention Economy, anyone trying to connect with an audience must treat the user's time as the ultimate resource." - Jacob Nielsen        

So how to turn the mere seconds into an experience ?

The constant barrage of information (we encounter an average of 4,000 ads per day ) isn't without its downsides. The non-stop demand for our attention can lead to overwhelm and fatigue, affecting our health and diminishing our decision-making capabilities.

In this context, we become prone to a leading principle of attention management which is the deficit principle .

It has been defined by Thomas H. Davenport and Jeff C. Beck as : Before you can manage attention, you need to understand just how depleted these resources are for organizations and individuals.

Leaders and organizations will need to understand how much of their target audience they are missing before they will be able to understand how to grab part of it. This makes it imperative for leaders to foster a healthier relationship with their public by focusing on delivering meaningful, relevant yet visceral information during the attention time. Remember Nielsen's quote ? Treat the scarce resource as gold.

Just like any scarce resource, there is a market for it, and markets can contain anything from good to bad. From resource devastating industry (think some of the Tiktok challenges) to sustainable focused content. Unfortunately, when there is limited availability of attention, many will turn to the easy getters, trading the value offered for more attention time. The competition for this attention, leads then to a total devaluation of the market.

A more conscious approach to the attention economy could lead to a sustainable, ethical business environment that benefits all stakeholders. Such an approach emphasizes a human-centric model of interaction, redesigning the entire experience to support holistic well-being rather than exploiting short-term engagement tactics.

Having a proper understanding of the target audience allows to tape into the core values they are sensitive to, and ensure those have a memorable impact. While many viral strategies will tap in FUD (Fear, Uncertainty, Doubt) to offer solutions, the recent outburst and awareness of well-being and sustainability offers, now, wide welcoming hands to those valuing kindness, gratitude, growth, passion and purpose.

It does not end there. Governance also plays a crucial role in this new approach. Establishing frameworks that prioritize long-term relationships over immediate gains, and ensuring interactions are ethical and considerate, will be key to success in the attention economy. As leaders, we must strive to balance the short-term imperatives of capturing attention with the long-term health of our relationships and brand reputation.

Psychology divides attention into four types

The level of attention one can provide shrinks considerably from left to right. As such, your framework will need to cater for the right balance in the attention request depending on the interaction you are requiring, and the outputs you are expecting (from complex analysis for decision making to impulsive action). A complex deal negotiation meeting requires a different type of attention from that of an entrepreneur pitching their solution to VCs.

In conclusion, while the attention economy presents businesses with unprecedented challenges in capturing and sustaining consumer interest, it also offers an opportunity to redefine success. Companies that look beyond short-term metrics and focus on genuine engagement and ethical practices will not only thrive but also contribute to a more sustainable and humane marketplace.