The Attention & Trust Economy: Navigating the Changing Landscape

Kazuki

Hatched by Kazuki

Jul 09, 2023

4 min read

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The Attention & Trust Economy: Navigating the Changing Landscape

Introduction:

In the year 2020, people began to feel a sense of fear and doubt as their attention was constantly being pulled in different directions. It became apparent that in order to capture attention, one must also cultivate trust. Thus, the concept of the Attention & Trust Economy was born. This article aims to explore the commonalities between two separate sources and provide actionable advice for brands and startups to thrive in this new economy.

The Power of Generation Z:

One key aspect of the Attention & Trust Economy is the influence of Generation Z (Z世代) - the generation that currently comprises 27% of the population in the United States and is projected to become the largest generation by 2026. Generation Z is known for its diversity and its ability to switch brands and loyalties in an instant. However, this generation also values trust above all else. Brands that break promises or take actions contrary to their brand vision risk losing the trust of Generation Z.

Shifting Status Symbols:

Traditionally, wealth and material possessions were seen as status symbols. However, in today's society, access has become the new status symbol. The ability to access exclusive restaurants, limited-edition products, or even obscure apps like Clubhouse is what sets individuals apart. Moreover, having knowledge that others do not possess, such as insights into environmental issues, is highly valued. Brands must adapt to this trend and provide avenues for access to appeal to Generation Z's desire for exclusivity.

Adapting to Rapidly Changing Trends:

In order to thrive in the Attention & Trust Economy, brands must be agile and responsive to rapidly changing trends. Platforms like TikTok, where trends evolve on a weekly basis, require brands to stay up to date with the latest dances, music, and TikTok stars. Discovering and sharing unique and exclusive content becomes a source of joy for Generation Z, who take pleasure in being the first to uncover hidden gems.

Creating Beyond Niche Markets:

Successful brands understand that it is not enough to focus solely on rapid growth or sales figures. To transcend generations and establish a lasting presence, brands must offer users overwhelming value, a sense of community, and an insider experience. By prioritizing these elements, brands can control the perception of value for those who have access and hold the keys to access.

Building Audiences and Monetization:

The future of next-generation brands lies in the cultivation of audiences. Brands like Glossier and Barstool Sports have demonstrated the power of creating a fanbase through content and leveraging the attention and trust gained to monetize their offerings. The key is to start with audience-building and then utilize the acquired attention and trust to drive monetization strategies.

Embracing Self-Expression and Creativity:

Generation Z has a strong inclination towards self-expression and creativity. With the predicted sales of 100 million AirPods in 2021, it is natural to expect the rise of audio-based social networks and media. Additionally, as Generation Z grows up communicating primarily through voice-based platforms like Discord, they will seek similar experiences in their professional lives. Brands and startups should be prepared to cater to these evolving preferences.

Investing in the Metaverse:

The concept of the Metaverse, a virtual reality space where users can interact and engage, is gaining traction. Companies like Tencent have recognized the importance of investing in infrastructure and content for the Metaverse. Tencent's ownership of 40% of Epic Games, a major player in the Metaverse infrastructure, and a potential stake in Snap, which possesses A/R, Mirrorworld, and digital mapping technologies, shows their commitment to this evolving landscape.

Actionable Advice:

  • 1. Prioritize trust-building: Make trust an integral part of your brand strategy. Be transparent, deliver on promises, and align actions with your brand vision to build trust with Generation Z.
  • 2. Stay agile and adaptable: Keep a close eye on emerging trends, especially in platforms like TikTok. Quickly adapt your content and offerings to remain relevant and capture the attention of Generation Z.
  • 3. Build communities and foster engagement: Focus on audience-building through content creation and community engagement. Leverage the attention and trust gained from your audience to drive monetization strategies.

Conclusion:

The Attention & Trust Economy presents both challenges and opportunities for brands and startups. By understanding the preferences and values of Generation Z, embracing the power of access, staying agile in the face of changing trends, and investing in the Metaverse, businesses can navigate this evolving landscape successfully. The key lies in capturing attention, cultivating trust, and offering unique and valuable experiences that transcend generational boundaries.

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