Biggest commodity is Attention, Marketing & Advertising News, ET BrandEquity

<p>Credits: Bhanu Garg</p>
Credits: Bhanu Garg

We’ve moved from the era of innovations to the era of consumption.

This is of course a broad generalisation, and not a universal fact.

Before the industrial revolution took place, we were still in the process of creating tools, inventions, processes, and coming up with solutions to daily hassles. The focus was singular – making lives easier. The market was empty, and waiting.

Today, however, the market is overflowing with products & options, and the focus seems to be shifting to making the marketing and advertising more persuasive.

Selling has moved on from being about products and services, to the glorification of lifestyles, personalities, and other abstract concepts. All aimed at inspiring the consumer to consume more.

Economist Herbert A. Simon coined the term ‘Attention Economy’. It is the idea that human attention is scarce, a limited resource, and is used by vested interests to influence behaviour.

With media becoming democratised in the digital age, consumer attention gained even more significance. Now, brands and companies have to pull people to their pieces; a stark contrast from just creating their ads and running them on the only channels and mediums which were available. With social media, ‘targeting’ became a thing, and consumer attention rose in its relevance to marketing efforts.

The most important commodity in the market is neither a product nor a service – it is your attention. And everybody is fighting for it.

<p>Credits: Bhanu Garg</p>
Credits: Bhanu Garg

  • Published On Dec 16, 2024 at 08:24 AM IST

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2024-12-16 04:54:15

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