New Oil of this century, And No it is Not Data, it is Your Attention – Where attention goes money flows
You May have heard about this phrase that “Data is the New Oil”. Data will Rule Supreme, etc.…
I am not disagreeing to the might of data or its importance but am simply pointing out Why Data has Become SO important?
How the Trifecta of Data, Attention and Money is intertwined?
Remember the Series Mad men? those cigar-smoking, cocktail-drinking ad men you may have seen in the series of 1960’s period.
What were they trying to do? if you must answer in one line, they were simply trying to grab attention and piggyback ride on it.
In the Early 20th Century our Attention was not this fragmented. So a Simple “Spam” mail, which was direct mail with some offer in the Letter box or an Ad in “New York Sun” would cater to our Attention.
But think about us Now, you don’t even have the patience to read a five word plus post without checking your whatsapp twice along with the notification(s) from Instagram or facebook or Twitter.
So, your Attention is Highly fragmented at this day and age and so is your Purchase making decision influencer. Whoever or whatever has more of your Attention Pie, will eventually influence your Purchase decision more.
What do Leonardo DiCaprio, Matt Damon and Angelina Jolie all have in common besides their good looks? Well, since even those of us who pay zero attention to celebrities or movies will still know who they are, they all share tremendous worldwide recognition.
But despite decades of academic inquiry, there are still no convincing explanations for why celebrities captivate our attention so thoroughly.
The powerful reaction that celebrities prompt in average humans has led many scholars to draw parallels with traditions of worship that are commonly known to involve descriptions of transcending the banality of life and getting a glimpse of the extraordinary or the infinite.
We love Celebs so much that social media has given birth to a new stratum of middle-class celebs, known as “influencers”. Who you talk to and interact with every single day via their social handles.
While they cater to a large chunk of your Attention pie, hence being aptly called as influencers.
And Data helps us to understand this ebb and flow of Attention from Platform to platform, persona to persona, depending on which Strata or Target Group Subset you belong to, tying up the whole Ad World along with Persona and Celebs and influencers together like a connective tissue (example Blood) in a Body.
And All this to Just to Grab Your Attention Because: –
Economy moves because you buy, and your purchase is influenced by a medium/platform where you were most attentive, hence only you remember the subliminal message which influenced you to buy.
After reading this, don’t you feel that Where Attention Goes, Money Goes As well. Will you be more careful from now on while dispensing your attention? please share your thoughts via comments