blog, loyalty
The Attention Economy and How It Impacts Your Marketing Strategy
In today’s attention economy, winning new customers and earning the long-time loyalty of the existing ones is becoming increasingly tricky.
Some call it customer immunity—after all; buyers are exposed to between 6,000 to 10,000 ads daily. Quite a number, huh? But it’s true that in a sea of ads competing for shoppers’ attention, customers feel less emotionally connected to brands.
So, that’s it? Do we need to lay down our trusted marketing weapons, you might ask? No! We say it’s time to hone new mediums to evoke buyers’ emotions.
Intrigued? If so, stay tuned until the end of the article, where we tell you how you can leverage high-attention marketing channels to boost your brand memorability and drive lucrative revenue streams.
What Is the Attention Economy and Why Does It Matter? 📢
In a nutshell, the attention economy describes the current market conditions and consumer trends—a battlefield where brands compete for the scarcest resource known as customer attention.
Unfortunately, the conditions for capturing advertising attention are somewhat unfavourable:
- Human attention span has dropped from 12 seconds in 2000 to 8 seconds.
- Marketers are ramping up their advertising budgets, but ROI still looks gloomy.
- 54% of buyers don’t trust banner ads, taking proactive actions to avoid or block them using VPN.
So, what brands are witnessing is marketing fatigue, i.e., consumers becoming less receptive to advertising. And with this sort of content overload, customer churn rates are catalysing to as high as 30%, according to Deloitte’s 2021 Digital Consumer Trends Report.
Is it time to revamp your marketing strategy? Perhaps, it is!
Grabbing Customer Attention is Now Key 🔑
Have you ever wondered why certain brands have the power to influence you while others sink into obscurity? The winners know how to capture the audience’s attention no matter what.
Above all, they clearly understand the relational connection between three critical parts of the equation—attention, brand memorability/loyalty, and sales.
That said, consumer attention is the ultimate commodity; thus, learning to capture it right can boost your brand loyalty and secure stable revenue in the coming years.
Solidifying customers’ bond with your business makes future upselling a tad easier, too. In fact, a loyal customer base is 50% more likely to give a shot to your new product, while in general, they spend more money than newly acquired leads.
So, how can we re-engage customers in a non-intrusive but effective way?
Time to Leverage High-Attention Personalised Marketing Mediums 👁️🗨️
It’s important to remember (or perhaps reiterate) that people connect with brands via emotional triggers. However, to capture buyers’ attention, your marketing strategy needs to tick two main boxes—it must be relevant and personalised.
For this reason, brands should look for ways to attract the audience’s attention and stand out. People are hired-wired to appreciate small things, so unexpended marketing strategies can boost positive brand perception and move mountains for your relationship.
Evoking emotions in an oversaturated attention economy can be challenging, but tapping into high-attention marketing mediums like Stampix should be your new north node.
Leave a Lasting Impression with Stampix’s Photo Rewards 📸
What’s your brand sentiment? What emotions do you spark in your consumers’ minds?
At Stampix, we believe in the power of Photo Rewards as a medium to deliver your brand message in a highly-personalised and contextualised manner.
With Stampix Photo Rewards, you can offer your customers a gift they’ll genuinely cherish: their personal photos printed and delivered for free, with the brand’s message on the reverse.
Our solution makes building a positive emotional connection with your audience simple and effective, fostering customer engagement and brand loyalty.
