The New Dollar: Attention
Attention is the most critical asset. Without it, you can’t sell anything. You might start thinking, “that’s just another gimmicky saying marketers use to sell us on their courses.” Well, you’re right and wrong. Here’s why,
Before you sell anything to anyone, you need to create an interaction with your product or person with potential buyers. You can’t plop down a lemonade stand at the end of your street and expect it to become a multi-million dollar lemonade company in three years. It would be best if you put yourself out there. Depending on your goal, you need to advertise, brand, and market yourself correctly. Or gather attention to your company. Yet, people are still not taking advantage of all the tools available for them to grow. People are still setting up their lemonade stands online and abandoning them as soon as it starts.
Capturing attention is a zero-sum game. Just in case you are not aware of what a zero-sum game is, it is a win-lose situation. Think of the board game Monopoly, there is only one winner, and the rest are losers. If I’m gathering attention from a group of people, no one else is gathering their attention while I have them. If you’re thinking, “Well, advertising costs too much.” The cost of advertising is only going to increase as competition rises. One must start now to scale later. Gathering attention on some social media platforms is still currently underpriced; there’s going to be a point when it becomes overpriced for beginners. The longer you wait on starting, the less money you’ll make — due to being outbid on ad auctions.
Create valuable content. You don’t have to go straight to advertising — by merely creating meaningful content, you can begin to generate attention. Posting on social media, writing a blog, or creating videos are great ways to put content out there. However, the content has to be valuable to your followers. Giving out beneficial information for free goes a long way to building attention and clients in any industry. Building a base of content is vital. You want to have an archive of content ready to be shown — when your traffic starts increasing, readers tend to stay on your channel longer due to previously created content.
Invest in attention. If you can increase awareness, you can increase usage. Once you grow usage, increasing revenue will become second nature. Investing in attention will get you to the 1%. How else do you think the unequal distribution of wealth was created? The same has happened on social media platforms; very few have most of the attention. The Pareto Distribution comes to mind, but that’s a discussion for another day.
Ask yourself, can you do more to grow your business? Or delegate? Remember, there’s a market for everything.