The Attention Economy
The economics of any particular business is something that is discussed constantly. For our clients, this often means the quantification of things like “Cost of Goods Sold”, “Conversion Rate” or “Cash Flow.” At the most basic level though, everyone knows that economics boil down to supply and demand. What we tend to forget, however, is that the internet has created scarcity of a commodity that is almost always excluded when we create our spreadsheets: Attention.
Customers in the modern world are faced with almost infinite choice (or supply) for every commodity that they purchase, and an even larger pool of non-essentials upon which to spend their money. While the supply of things which consumers can spend their time and money on continues to increase, there is only one thing that remains constant: The time that a consumer has to consume. Put more simply by Matthew Crawford in 1971, “Attention is a resource—a person has only so much of it.”
As products and content have grown increasingly abundant and immediately available, the attention of the customer becomes the limiting factor of consumption. This means that not only does your product have to be high quality, in demand, and affordable, it also has to be noticed above it’s competitors. It means that the right people need to know about you when they are looking to fill a need, and in today’s E-commerce world, that means digital advertising.
The number of choices for products in today’s market is staggering, and here at Poln, we think that’s beautiful. $258 Billion is generated annually by Small Online Businesses, but too many small business owners are shutting their doors. Not because they don’t make fantastic products or didn’t have a beautiful and intuitive user experience, but because they simply couldn’t get enough attention.
To get attention the way an E-commerce store needs it today is challenging. Facebook and Google are complicated platforms that require huge amounts of expensive skill to operate. Other solutions require software developers for implementation that many stores simply don’t have, and agencies often require too much monthly spend to engage at all.
We’re tired of seeing beautiful products made by real people disappear because they couldn’t afford to cut through the noise, and THAT is why we started Poln.
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