By: M4G Bureau
Last updated : August 07, 2023 10:59 am
With the rise of short form of content and the sheer amount of it, consumer attention has become the new currency that brands are vying for says Rajib Basu, Partner, PwC India.
Almost all consumers, perhaps including ourselves, spend a significant time of our day looking through our phone consuming various forms of media and information and this has led to what Mr. Basu described as ‘attention fatigue’. He pointed out that on average, a person may view up to 3,000 ad messages in a single day! And this is the challenge that brands are facing today – being mentally available in the minds of consumers during a time of information overload.
Citing a case study by the Harvard Business Review, Mr. Basu pointed out that while it inevitable that a person may view numerous ads in a day, if the ads have high entertainment value then the likelihood of the viewer to watch the full ad increases which further improves the chances of them purchasing the product or service. In this sense, he urged advertisers to rethink their strategy based on attention contingency i.e. the quality of attention available. Marketers must consider methods such as lean advertising and viral ad symbiosis to help mitigate the rising cost of attention.