Information Generation
This video points out the serious disconnect between the establishment and the generations that grew up with wide spread information technology. There are some very important insights. The moderator, Guy Kawasaki, asked one question several times and was surprised by the answer and couldn’t understand it. Part of the reason is he didn’t know how to ask the question in a way the kids that have grown up with pervasive info tech would understand.
These kids:
- avoid advertising
- shop in stores and buy online
- buy lots of “legal” media
- “pirate” most of their media
- instant message a lot
- don’t watch TV
- like Apple products
- use open source, but aren’t geeks
The thing the moderator seems to miss is these kids #1 concern is managing their time and attention. These kids use SMS text messaging because they can politely do it any time and any place. It doesn’t demand attention from the recipient. This is the same reason they use MySpace and Facebook. They don’t have time to personally deal with all their social interactions. The moderator incorrectly assumed these kids are missing social interaction because much of it is not done face to face. This is the exact opposite of the truth. These kids are managing hyper social behavior. They use technology to stay connected with friends and make connections with possible new friends.
How to Reach Kids
OK, Guy, this is what the kids didn’t tell you. They find out about new products from other people. All you need to do is reach an influencer and you’ve started a marketing virus. The best way to do this is make a really great product. The influencers are always looking for something new. This is how they stay cool. The followers will mimic the leaders and if the product is good it will spread. This does mean traditional advertising is dead or dying. The outcome is a better connection between buyers and sellers. If you make stuff that is cool, you become an influencer. Your website, blog, or just conversations will be the source for the next great thing. This can’t be faked, it must be earned. You can jump start your initial recognition by doing something valuable for the influencer market. A funny viral video is valuable because it is funny. Sponsor a band. Go to a blog and ask for negative feedback on your product. Then fix it. And give credit to those that helped you. This is only some of the ways to reach the attention stretched information generation.
WCBN – Interactive Technology Interview – Part 1 – 2006 Dec 19
We discuss viral marketing, the online TV show I produce being spotlighted on Veoh.com, video advertising systems such as Revver.com, BitTorrent, Creative Commons, and business models that use file sharing and how artists and other creators of intellectual works can get paid for their works in a world of unlimited file sharing.
WCBN – Interactive Technology Interview – Part 1 – 2006 Dec 19
WCBN.org radio University of Michigan Ann Arbor
Interactive Technology Radio Show
Attention Economy
Economics is defined as the study of production, distribution, and consumption of scarce resources. The key word is scarce. In the ever-increasing information age we are finding that scarcity is a fiction. Even when we look at physical items there is no practical limit and when we consider non-physical items broadly classified as intellectual property there is absolutely no limit. In fact intellectual property becomes more valuable as it is consumed and more people have it. It operates exactly the opposite of scarcity.
As the amount of information increases exponentially we are discovering another phenomenon. Instead of a shortage we have information overload, too much information. As copies of information are made it leads to discovery of new information and the cycle increases even faster.
The overload of information points to something that does have a natural scarcity, attention. Each of us has limited amount of ability to pay attention to any thing. Since we only live for a maximum of 120 years that sets a cap on the total amount of attention any one of us has to give
Hopefully you see that the total amount of attention is unlimited as long as there are more people. But at any given point in time and for each individual attention is a scarce commodity. And since scarcity leads to increased demand attention is becoming realized as the item of value.
In an Attention Economy the people that become rich are those that can efficiently attract and maintain attention. In the past that meant controlling the information distribution systems such as print, then radio and television. Now that the Internet exists no one controls the information distribution system. The playing field is equalized in that regard. There still are some physical barriers such as bandwidth and server capacity but even those have been conquered with technologies such as BitTorrent and other peer-to-peer systems.
To compete in an Attention Economy you must provide the desired information in the most efficient manner. Allowing and encouraging people to share and copy is an essential tool. Providing formats that are easily converted to other languages, media or methods of distribution increases the attention you receive.
All of that flies in the face of the scarcity model, and that is the point. If you want to do well in the Attention Economy you need to operate by different rules. But those rules have always existed. Give and you shall receive.
Action Items
- Note how many sources of information you look at before feeling its enough or even too much.
- Notice the types of media you prefer to get information through such as radio, television, Internet, newspapers, person to person.
- Ask other people which types of media they prefer and why.
Predictive Innovation Training
Predictive Innovation: Core Skills Book
RoundSquareTriangle.com