What Will the 2023 Attention Economy Look Like?
With so many brands out there vying for people's attention, attention itself has become a valuable commodity. This is particularly the case with a growing number of people spending time online.
More and more businesses are pushing more and more ads in front of people, making it extremely difficult to stand out without a good strategy. As a result, the brands that get all the attention are more likely to succeed.
Here we'll dive into the attention economy and how you can thrive in the future of this economy.
What is the attention economy?
The attention economy is all about placing value on people's attention. However, before getting into attention economics, it's important to understand exactly what attention is.
Specifically, attention involves a person focusing on certain stimuli while ignoring other sources of stimulus.
When people focus on particular activities, brands or other elements, they minimize the resources they can spend on other elements. Although the belief that people can effectively multitask persists, the fact is that people's attention is highly limited.
Because of the limitations of this resource among consumers, businesses value attention as a currency as they begin to move away from more material-based economies. People actually pay with their attention in this market.
If businesses want to get ahead in this economy, they must do everything they can to maximize people's attention and take it away from competitors.
At the same time, certain challenges have come along that are making it more difficult for brands to dominate the attention economy. These include shifts toward more private technology and the ever-increasing inundation of ads.
Knowing what trends to watch for and incorporate into your marketing strategies will help you get—and stay—ahead.
What to expect with the attention economy in 2023
As you plan ahead for 2023, it's important to know how to succeed in the attention economy with the right strategy. The following are some trends to watch for and ways to stand apart with your brand in the coming years.
The transition to a cookieless world
One of the biggest trends we'll see in 2023 is an increased emphasis on user privacy.
Historically, businesses have relied on third-party cookies online that help them reach people with retargeting ads and other relevant marketing materials that stand out. However, by 2023, Google plans on getting rid of these cookies entirely, forcing brands to adapt to a cookieless environment.
Without third-party cookies, businesses will rely on first- and zero-party data, which they'll need to collect directly from visitors to their websites. This will involve tasks such as:
- Looking at user behavior on specific pages to determine which are performing best
- Collecting customer information through contact forms
If you can differentiate yourself with your website and bring real value to your website visitors, this will go a long way in helping overcome the lack of cookies.
The use of contextual advertising
One way to get around cookies with relevant advertising is to use contextual ads. These are ads relying on artificial intelligence to connect with users across the web.
Using contextual ads, you can ensure your ads get in front of the right people at the right time without violating users' privacy and losing their trust.
Unlike other types of ads that depend on cookies, contextual ads only target platforms based on their relevance. Ads appear that connect with the surrounding environment and content, which helps ensure they reach the right audience.
One recent study from Lumen Research in the UK found that contextual advertising is one of the most effective forms of advertising out there. According to the survey of over 1,200 respondents, contextual advertising performed much better than conventional ad formats, leading to higher view times and overall engagement.
So, if you want to excel in the attention economy, you'll go far with high-quality and highly targeted contextual ads.
Creating a unique customer experience
Generally, businesses will perform a lot better than their competitors if they can differentiate themselves through the customer experience. There are many ways to go about doing so and drive more engagement, stealing attention from other brands.
For example, you can ensure that people don't disengage by offering superior customer service when people reach out to you. Make sure your team answers any inquiries with consistent efficiency and responsiveness. This will help hold people's attention more reliably.
Additionally, for eCommerce businesses, you can create unique product pages and buying experiences around your offerings. This is particularly helpful when it comes to custom products.
Using a 3D product configurator, you can allow customers to fully customize their products with compelling interactive visuals. These visuals could update in real time with each new choice the customer makes.
You can also harness the power of augmented reality (AR) to take your inventory even further. Customers can use AR to view your products in the real world and interact with them before buying. This would make shopping online more convenient (and attention-getting) than ever.
How Threekit can help you flourish in the attention economy
As you look for innovative ways to stand out from the crowd and attract people's attention, you must have the best tools available. One tool that can help you connect with your customers is Threekit.
Threekit uses virtual photography and a cutting-edge product configuration solution to help you visualize your entire inventory. You can use Threekit to create a unique product customization experience and keep the spotlight on your brand.
In addition to 3D product configuration, we also offer an AR solution that integrates with your configurator. Through it, users can view 3D visualizations of products in real-world settings without downloading a separate app.
Together, the Threekit platform's many features will help you take full advantage of the attention economy and prevent you from falling behind in the years ahead.
To learn more about our platform and find out what it can do for your business, reach out to us and get started on a custom solution for your brand today.