The Attention and Trust Economy: Understanding and Engaging the Z Generation

The Attention and Trust Economy: Understanding and Engaging the Z Generation

In today's digital age, capturing and retaining people's attention has become increasingly challenging. Moreover, individuals have started feeling a sense of fear and doubt when their attention is constantly being pulled in different directions. As a result, gaining attention requires not only captivating content but also establishing trust. This has given rise to the concept of the "Attention and Trust Economy."

The Z Generation, also known as Gen Z, comprises approximately 27% of the population in the United States and is projected to become the largest generation by 2026. This generation is known for its diversity and its ability to quickly switch brands and content with just a few swipes on their smartphones. However, Z Generation members are quick to lose trust in a brand if it fails to deliver on its promises or takes actions contrary to its stated vision.

In the past, wealth was considered a status symbol, and individuals would showcase their status through the possession of expensive items like Gucci bags. However, today, status is no longer determined by wealth alone. Instead, "access" has become the new status symbol. Being able to access exclusive restaurants, limited-edition products, or even apps like Clubhouse that are not accessible to the general public has become a marker of social standing. Additionally, possessing knowledge that others don't, such as information about environmental issues, has also become a source of status.

Staying relevant in a rapidly changing trend landscape is crucial. For instance, on platforms like TikTok, trends change weekly, and the Z Generation must keep up with the latest dances, music, and TikTok stars. The ability to discover and access things that others don't know about or have access to brings them joy.

Successful companies have often started by dominating a niche market before expanding into the mainstream and ultimately selling a lifestyle. Instead of solely focusing on rapid growth and sales, brands that create a sense of overwhelming value, community, and insider experiences for their users can transcend generations.

In the pursuit of "access," the Z Generation seeks brands that can control the value and access granted to those who possess it. This approach will endear brands to the Z Generation. The next generation of successful brands will begin by building an audience. Glossier and Barstool Sports serve as prime examples. They cultivate a fan base through content and then leverage the attention and trust gained to monetize their offerings.

The Z Generation is a group that values self-expression and creativity more openly than any previous generation. With an estimated 100 million AirPods sold in 2021, it is natural to expect the rise of audio-based social media and audio-focused content. Furthermore, as the Z Generation has grown up communicating primarily through platforms like Discord and audio, they will likely seek similar environments in their workplaces.

Companies like Tencent have made substantial investments in creating the infrastructure and immersive experiences needed for the metaverse. Tencent holds a 40% stake in Epic Games, which is at the forefront of metaverse infrastructure development. Additionally, Tencent is a significant shareholder in Snap, a company that may hold key assets in augmented reality (A/R), the Mirrorworld, and digital mapping.

In conclusion, understanding and engaging with the Z Generation requires capturing attention while simultaneously building trust. Brands must adapt to the Z Generation's desire for access, self-expression, and innovative experiences. To thrive in the Attention and Trust Economy, companies should focus on building a loyal audience, creating valuable content, and embracing emerging technologies. By doing so, they can bridge generational gaps and successfully navigate the ever-changing digital landscape.

Actionable Advice:

• 1. Build a strong online community by creating valuable content that resonates with the Z Generation's interests and values.

• 2. Embrace emerging technologies like audio-based social media and immersive experiences to cater to the Z Generation's preferences.

• 3. Continuously adapt to changing trends and stay relevant on platforms like TikTok to maintain the Z Generation's attention.

Sources:

• "Off Topic 2020年のテーマ：Attention & Trust Economy｜Off Topic - オフトピック｜note"

• "How and why do people use the 'highlight' feature when highlighting text snippets in others' Medium posts? - Quora"