During these times of information explosion and digital disruption the scarcest commodity is attention. With information available at your fingertips, each one of us is suffering to certain degree of attention deficit syndrome.
As per National Institute of Health, of U.S. Department of Health and Human Services -this syndrome is defined by an ongoing pattern of inattention and/or hyperactivity-impulsivity. Isn’t it true for each of us whether shopping in store or online?
There is a plethora of attention demands that didn’t previously exist: advertisers want your attention before you watch the next video on YouTube; your friends want your attention on SnapChat, Facebook, and text; and your colleagues and every marketer out there want your attention in your inbox. Ask a business traveler, not a week goes by when they don’t get some impersonal mileage offer from an Airline in either mailbox or social media.
Attention is sparse amidst overwhelming abundance of content, advertisements, brand promotions. This the cacophony of noise and the pervasiveness of phonies and rip‑offs, makes another important aspect – trust, endangered as well.
According to renowned marketing author Seth Godin, Trust and Attention are scarcest in an overly connected world where more people are connected, and fewer are trusted. The challenge for today’s’ content providers is -which is the most attention-grabbing genre? The key factor here of course is affiliation. In a world that scans instead of reads, that gossips instead of researching, it turns out that the best way to earn trust is through actions that build and reinforce that confidence in your audience that they are making the right choice to be with you.
Time has come for marketers to revisit concepts of segmentation, re-direct marketing communication and re-strategize on target marketing. Think about this, when you asked for a refund for a defective product, what did they do? When your online order was delayed, what did they do? When they decided to stop making a product you have and a part is required to fix a malfunction, what did they do? You will identify the huge vacuum between talking and doing.
People no longer trust the famous. Yes, fame breeds trust, at least in our culture. But time has come to be more trusted than famous. It is common for marketers to seek publicity. But what they probably need more than publicity is public relations.
Who do we trust — we trust our family, our friends and interesting “experts” that we feel aren’t biased by compensation and are sincere in their words and actions. That a small group of passionate, engaged, authentic fans can create a much larger impact than a rented mass.
Word of mouth is still the most potent form of marketing. Your ultimate goal should be to motivate your audience to share your content with their circle. In fact, this 2016 Nielsen study demonstrates 82% of people trust their friends and family more than advertising. When you deliver a truly incredible experience or share in-depth knowledge that your audience is dying to know, they love to share it with others.
The two scarce elements of our economy are trust and attention.
Trust is scarce because it’s not a natural instinct and it’s exceptionally fragile, as it often vanishes in the face of greed, shortcuts or ignorance.
And attention is scarce because it doesn’t scale. We can’t do more than one thing at a time, and the number of organizations and ideas that are competing for our attention are enormous.
However, things do click in reality because more often than not, it seems as if it is necessary to trade trust in return for attention. We give in to gimmicks, or over promise and hype in order to catch other people attention. And of course, the dance happens because once attention is attained, asking for trust merely slows things down. The most viral ideas ask for nothing more than a click from your mouse, a share, more attention gained.
And so, we find trusted brands and individuals rarely on the top of the attention list. And those that pay the price to grab some momentary attention almost always do it at the cost of trust. But the fact remains, a trusted marketer earns enrollment.
They can make a promise and keep it, earning more trust. They can tell a story, uninterrupted, because with the trust comes attention. That story earns more enrollment, which leads to more promises and then more trust. And perhaps, if the story is well organized and resonates, that leads to word of mouth, to the peer‑to‑peer conversations that are at the heart of our culture.
In conclusion -trust—is the only one that pays for the investment required. And it’s nice that it’s also the easiest to live with.