The Attention & Trust Economy: How to Thrive in a Changing Landscape

Kazuki

Hatched by Kazuki

Aug 17, 2023

3 min read

0

The Attention & Trust Economy: How to Thrive in a Changing Landscape

Introduction:

In today's fast-paced world, capturing attention has become a daunting task. People are starting to feel a sense of fear and doubt when their attention is constantly being pulled in different directions. It is no longer enough to just capture attention; trust also plays a crucial role. This has given rise to the concept of the Attention & Trust Economy, where attention and trust are the new currency.

The Power of Generation Z:

One generation that holds significant influence in this economy is Generation Z. Currently making up 27% of the population in the United States, they are projected to become the largest generation by 2026. This generation is constantly consuming content and brands through their smartphones, with the power to switch brands instantly. Building and maintaining trust with Generation Z is vital, as they lose faith in a brand the moment it goes against its promises or takes actions contradictory to its vision.

The Shift from Materialism to Access:

In the past, material possessions were a status symbol, with luxury items like Gucci bags representing wealth. However, the definition of status has evolved. It is no longer about money; it is about access. Having access to exclusive restaurants, limited-edition products, or even niche apps like Clubhouse has become a status symbol. Additionally, having access to information that others don't know, such as environmental issues, is highly valued.

Adapting to Rapidly Changing Trends:

The ability to adapt to rapidly changing trends is crucial in this attention-driven economy. Platforms like TikTok, where trends change weekly, require brands and individuals to stay up-to-date with the latest dances, music, and TikTok stars. Being able to discover and share things that others don't know about brings joy to Generation Z.

Building Brands for the Long Run:

To create successful brands that transcend generations, it is essential to focus on providing users with immense value, a sense of community, and an insider experience. Prioritizing growth and revenue alone is not sufficient. Glossier and Barstool Sports are prime examples of brands that have started by building an audience through content, leveraging attention and trust to monetize their offerings.

The Rise of Self-Expression and Creativity:

Generation Z has a strong desire for self-expression and creativity, more so than any previous generation. As the sales of products like AirPods continue to rise, the natural progression is the growth of audio-based social media and media platforms. Growing up with platforms like Discord and relying on voice communication, Generation Z will seek similar experiences in their work environments.

Investing in the Metaverse:

Companies like Tencent have recognized the importance of investing in the metaverse. With significant holdings in platforms like Epic Games, which is at the forefront of metaverse infrastructure, Tencent understands the potential of virtual experiences. The ownership of shares in companies like Snap, known for A/R, Mirrorworld, and digital mapping, further solidifies their commitment to this emerging space.

Conclusion:

Navigating the Attention & Trust Economy requires a deep understanding of Generation Z's mindset and priorities. By focusing on providing value, building a community, and staying adaptable to changing trends, brands can thrive in this ever-evolving landscape.

Actionable Advice:

  • 1. Embrace Disruptive Technologies: Don't dismiss new technologies as toys. Look for their potential to ride the wave of external forces and meet evolving user needs.
  • 2. Prioritize Attention and Trust: Cultivate and maintain trust with Generation Z by aligning actions with brand promises and visions.
  • 3. Foster Self-Expression and Creativity: Explore audio-based platforms and communication tools to cater to Generation Z's desire for self-expression and creativity.

In conclusion, the Attention & Trust Economy presents both challenges and opportunities for brands and individuals. By understanding the shifting dynamics, embracing disruptive technologies, and fostering meaningful connections, it is possible to thrive in this attention-driven world.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)