Want to win your customer's attention?
May 21, 2023
It is no secret that we are living in an attention economy where attention is the most valuable currency. Nevertheless, the harsh reality is that consumers are bombarded with ads all the time, making it harder than ever for marketers to grab their attention. In this blog article, we will explore the attention economy, how ads are losing their impact, and how the industry is addressing this issue.
The first point to consider is that we no longer own the attention of consumers. With the rise of social media, smartphones, and other digital platforms, people have become accustomed to being constantly connected and bombarded with notifications, messages, and ads. As a result, they have developed selective attention, where they ignore what they perceive to be irrelevant or uninteresting.
Data shows that many ads are getting skipped or ignored, and marketers are struggling to engage consumers. According to a study by HubSpot, 91% of people have unsubscribed from email lists, and 86% of people skip TV ads. This means that traditional marketing methods are no longer as effective as they used to be.
Moreover, ads are losing their meaning as they are plugged into multiple digital channels. Ads on YouTube, Facebook, and other platforms can be disruptive and uninvited, making them more likely to be ignored or skipped. Consumers are becoming increasingly resistant to ads, leading to a phenomenon known as "banner blindness," where they simply ignore anything that looks like an ad
Despite these challenges, investments in digital advertising continue to grow. In 2022-2023, global digital ad spending is expected to reach $526 billion, up from $389 billion in 2021, according to eMarketer. This demonstrates the importance of digital advertising for companies to remain competitive and reach their target audience.
To address this setback, the industry is turning to new approaches such as video marketing. Video marketing creates valuable and engaging content that consumers want to see by focusing on providing content that is informative, entertaining, or useful to the viewer. Instead of simply interrupting viewers with ads, video marketing helps to attract and retain their attention by offering content that they find interesting or helpful.
Consumers are also reacting positively to these new approaches, as they prefer such type of content. A study by Smart Insights found that 72% of consumers prefer to learn about a product or service through content rather than traditional advertising.
Bottom line, the attention economy is a challenging environment for marketers, with ads losing their impact and consumers becoming more resistant. However, by adopting new approaches such as influencer marketing, content marketing, and native advertising, companies can create valuable and engaging content that consumers want to see. The industry is adapting to these challenges, and consumers are responding positively to the change.