Category Archives: Marc-eting

Welcome to the Attention Economy

WHY WE HAVE SHORTER ATTENTION SPANS THAN GOLDFISH, AND HOW WE CAN FIX IT.

Once upon a time, a group of brave young scientists decided to compare the attention spans of humans and goldfish. In 2000, humans had a several-second advantage over the goldfish regarding attention, but since 2010, the goldfish has surpassed humankind. In the digital age, the average human’s attention span is only 8 seconds, while a goldfish can concentrate on something for a whopping 9.

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What does this mean for businesses in the digital age?

As a brand, it’s become even harder to compete for your target customer’s attention. Although, there are several proven metrics for gauging how well your audience is paying attention to your brand and your content.

How can you measure audience attention?

You can accurately measure audience attention by considering how often your content is liked, loved, shared, or commented on.

People assess a brands credibility and gauge its trustworthiness within 50 milliseconds of first viewing a website or landing page. If you want to know whether your audience is paying attention to your content and finds it credible or trustworthy, you need to pay attention to how often they interact with it, and what type of interaction is taking place.

A comment or share is a much more robust indication of trust, credibility, and attention than only a ‘like’ or a ‘love.’ A ‘like’ or a ‘love’ doesn’t entail much investment on the consumer’s end, although a ‘like’ or a ‘love’ will still shed a favorable light upon you. People want to associate with that which is popular, and likes and loves do indicate popularity.

But with a comment, they viewer is making a time investment in your content by responding to it and possibly hoping for a response back. A ‘share’ indicates an investment of their own credibility by associating with your content.

So, how can you get people to pay more attention to your brand?

The first thing you need to consider is your content. Is it engaging, well-written, valuable, and informative? Research says that if your content is riddled with poor grammar and spelling mistakes, you’re actively sabotaging your brand’s credibility. Also, if your content is uninspiring, people may not necessarily find you untrustworthy, but they won’t pay any attention to it. Give your viewers interactive, informative content while still being fun and they’ll more likely pay attention to what you have to say. Furthermore, you want to add a call-to-action to your content.

This way, you’re inviting the reader to respond by either liking, sharing, or commenting. Better yet, specifically ask for a comment or share since it adds more weight and credibility to what you’re saying, not to mention on social media, the algorithms will look upon you more favorably with the more interaction your brand receives.

In this way, attention is an economy. The more people you get to interact with your brand, the more the algorithm will show your content to more consumers. Attention compounds upon itself. If you want to gain consumer trust and build your brand’s credibility, don’t ignore the attention economy.

Brands and Businesses, Pay Attention to the Attention Economy

Have a listen to this latest TED Podcast: Attention Please. It should offer some additional insights.

Thanks again for paying attention 😉

The Truth Doesn’t Hurt, It Sells.

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Studies indicate that 66% of consumers, regardless of age, will purchase from a brand they feel is sustainable and trustworthy. The numbers are even higher once the Millennial cohort is isolated; at 73%. When companies and brands tailor their advertising with trustworthy information for their target customer, conversion rates are boosted 30%.

Demographics Are Everything
Baby Boomers, the generation born between 1946 and 1960, were once considered the largest generation to ever live. This generation, for decades, has been the foremost influence driving business’s marketing efforts and product lines. But, all that’s about to change.

In the next few decades, the largest transfer of wealth, over 30 trillion dollars, will take place—from Boomers to the Millennial generation and their little brothers and sisters; Generation Z. Demographics are everything, and the aging of the Boomers and the rise of Millennials and Gen Z is going to severely change the marketing and business landscape.

Millennials and their younger counterparts look at companies, brands, and businesses through an entirely different lens than Baby Boomers, and brands are starting to feel the pinch of their critical gaze.

The Millennial generation is far more risk-averse than their Boomer elders. Millennials are more likely to value experiences over things, and will spend their money accordingly. They are not investing in real estate, and are far less likely to buy a car new and on loan, or even own a car at all. Furthermore, this generation is more skeptical of brands than their predecessors.

Trust Is Visceral
While trust has always been an important metric and component driving customer buying decisions, with Millennials, trust is now a key component, not a peripheral, nebulous concept. For them, trust is visceral, and necessary. Despite their young age, this generation and the one behind it are jaded toward the business and advertising worlds.

It’s hardly surprising. While Boomers came of age during the post-war boom, when housing prices, relative to income, were still affordable across socio-economic status, for Millennials this is not the case. Furthermore, this generation witnessed and experienced the massive fallout of the housing crisis of 2008. Since then, this generation’s trust in institutions and brands and businesses was severely crippled and eroded. To earn Millennials coveted trust in the business world, brands are required to operate in a trustworthy, and sustainable fashion. And, brands who are perceived as civically responsible will be more likely to obtain those depreciating Millennial dollars in the coming years.

So, how can a brand appear trustworthy to younger consumers?

  • History: By sharing the company history or brand’s personal story, offering social proof
  • Accountability, i.e.: ‘money-back guarantees’ or offering free trials
  • Affiliations: Proving authority through affiliation with other trustworthy brands in the sphere
  • Relatability: Approaching from a sympathetic angle by understanding the customer’s pain points. Telling stories in an informal, casual tone
  • Subtlety: Offer value first without requiring anything in return

Businesses will have to compete in this new generational ethos. Boomers will not be the largest holders of disposable income soon, and in order to stay competitive in the new market, brands that build trust with their customers will reign supreme.

Unplug to Recharge

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It was at a recent Dave Chappelle concert when it dawned on me the importance of disconnecting from the world. In between the profanities and lewd, vulgar, yet funny content, I found myself socializing and engaging with those around me more than usual. Was it because we shared a common emotion of laughter? Or the increased consumption of alcohol? NOPE! It was mostly due to the privacy and security precautions the venue took as part of the concert experience. (Really?!)

Before entering, each patron was asked to “lock” their phones in a sack, making them inaccessible until after the show. Part of this was to avoid anyone sharing the contents of the event. The other, which was not as overt, was to bring us back to a simpler time — a time when engaging and socializing with a human being was all we knew. A time when our eyes and ears were glued to a live event or conversation, rather than a screen in the palm of our hands. (Ahhh, the good old days!)

While some may think “down time” should be time spent being productive — I beg to differ. It should be time used to reconnect and recharge. I personally love when I am taking a flight somewhere and have to go into airplane mode. I am disconnected, and able to put my mind at ease for those few hours. I look at it as a reboot — an escape from the flood of information and content that invades my headspace almost every waking moment of the day.

Our brains already consume way too much information (11million bits per second to be accurate), and are more than likely overwhelmed and exhausted. Imagine a hamster on a wheel, at some point it’s little legs get tired and has to get off. Now imagine that hamster never getting off… that’s our brains. So it’s important to find ways to disconnect. If that means taking a walk outside, while leaving your phone at your desk, or just going into silent mode for a bit, I highly recommend it. You’ll find yourself and mind refreshed, making you a more productive and sharper you.

So let’s see if you can integrate this into your everyday. Try allotting 15min to your schedule for that walk, or going into silent mode (label it “Unavailable” on your shared calendars). See if you can make it a routine, and let us know how it’s working for you. I know from our side, it helps everyone here think clearer, which results in bigger ideas, better creative, and happier clients.

Headline vs Body Copy

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When we see an article, advertisement or even a movie title, our interest is typically based on the headline or body copy. A catchy headline can draw you in to want to experience the body copy, which is the general idea of marketing. This same principle also applies to how we profile the people we work with. Are you a person that just wants the high level facts? Or, are you more analytical and someone who wants all the details? Also a great tool to use for prospecting, and getting to “know” your audience before you engage them. (Psst, agencies, do this when meeting new clients… it will help you determine who you can connect with when in a room.)

It also very much the practice of how we engage with brands that are marketed to us. And as marketers, this is something we must always consider when strategizing around how to connect with our customers. While imperative to a comms strategy, keep in mind that this approach does vary by placement. For instance, at the point-of-sale, it’s all about the headline, a.k.a. an eye-catching design that visually lures you in. But, while a catchy headline may do the trick at retail, most online shoppers want the specifics before they hit ‘buy’. Therefore, body copy can make a world of difference between conversion and abandonment when it comes to digital commerce.

Nevertheless, it’s important to find a balance between the two. To understand the appropriate place to lean at the appropriate time. So, when you’re implementing your marketing communications strategy, think of it as if you were a boxer — determine which blow will have a stronger impact, head or body. It’s all the difference in determining whether you win the bout against your competition, or have to head back to training camp.

P.S.
Me, personally, I’m a headline. I like to get to the point within five seconds or less. So if we ever email, you’ll likely feel that in our exchange. However, this post is more for the body copy lovers out there. Hope you found it insightful and applicable. 

AOR: Agency of Return

When agencies see or hear the term ‘AOR’, they typically drop everything and start to think about how they can position themselves to win. And when marketers are looking for an ‘AOR’, they’ve thought long and hard about the list of KPIs they’re looking to achieve, right?

But these days, it’s not so much about becoming the Agency of Record, but more the Agency of Return. Both marketers and agencies must start looking at how they either choose their agency, or position themselves to win the business, differently. Rediscover what value means to you.

boomerang (1)Think of it like a classic IRA, where it can issue 8% returns annually on your investment. Before you choose that IRA, you study its record of performance year-over-year, and ultimately make a decision on the one that you feel will bring the most value. And in our world, the term value can mean many things. It can be the actual sales increase you see as a result of your marketing efforts, the awareness and buzz created from a new campaign or package redesign, or even just delivering on a scope of work. It really all depends how you want to view it, and what’s most important to you.

From a marketers perspective, it’s more than likely going to be tied to sales. You want to show that the agency investment literally paid off. And from the agency side, the value comes from a satisfied client, and the positive reflection you hope they shine upon you in the trade. Thus, generating new opportunities from like-minded clients.

In the grand scheme of it all, we’re in it to find some sort of return or value. And while that is measured in outcomes, it all is tightly tied to the idea of a much grander hope. The hope of a reciprocating partnership that delivers positive results on both sides, and in return, is quite rewarding for everyone.

So think about how you choose your next agency, long and hard. And ask yourself, do they want to be my “Agency of Record” or my “Agency of Return”, and what type of return is of real value to you. That goes the same for us agencies.