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Supply-Demand Curves for Attention

The basic ideas behind the Attention Economy are simple. Such an economy facilitates a marketplace where consumers agree to receives services in exchange for their attention.

Alex Iskold, ReadWriteWeb, The Attention Economy: An Overview

The attention economy. It’s a natural evolution of our ever-growing thirst for information, and the easier means to create it. It’s everywhere, and it’s not going anywhere. The democratization of content production, the endless array of choices for consumption.

In Alex’s post, he listed four attention services, as they relate to e-commerce: alerts, news, search, shopping.  In the world of information, I focus on three use cases for the consumption of information:

  1. Search = you have a specific need now
  2. Serendipity = you happen across useful information
  3. Notifications = you’re tracking specific areas of interest

I’ve previously talked about these three use cases. In a post over on the Connectbeam blog, I wrote a longer post about the supply demand curves for content in the Attention Economy. What are the different ways to increase share of mind for workers’ contributions, in the context of those three consumption use cases.

The chart below is from that post. It charts the content demand curves for search, serendipity and notifications.

micro-economies-of-attention-3-demand-curves-for-content

Following the blue dotted line…

  • For a given quantity of user generated content, people are willing to invest more attention on Search than on Notifications or Serendipity
  • For a given “price” of attention, people will consume more content via Search than for Notifications or Serendipity

Search has always been a primary use case. Google leveraged the power of that attention to dominate online ads.

Serendipity is relatively new entry in the world of consumption. Putting content in front of someone, content that they had not expressed any prior interest in. A lot of the e-commerce recommendation systems are built on this premise, such as Amazon.com’s recommendations. And companies like Aggregate Knowledge put related content in front of readers of media websites.

Notifications are content you have expressed a prior interest in, but don’t have an acute, immediate need for like you do with Search. I use the Enterprise 2.0 Room on FriendFeed for this purpose.

The demand curves above have two important qualities that differentiate them:

  • Where they fall in relation to each other on the X and Y axes
  • Their curves

As you can see with how I’ve drawn them, Search and Notifications are still the best way to command someone’s attention. Search = relevance + need. Notifications = relevance.

Serendipity commands less attention, but it can have the property of not requiring opt-in by a user. Which means you can put a lot of content in front of users, and some percentage of it will be useful. The risk is that a site overdoes it, and dumps too much Serendipitous-type content in front of users. That’s a good way to drive them away because they have to put too much attention on what they’re seeing. Hence the Serendipity curve. If you demand too much attention, you will greatly reduce the amount of content consumed. Aggregate Knowledge typically puts a limited number of recommendations in front of readers.

On the Connectbeam blog post, I connect these subjects to employee adoption of social software. Check it out if that’s an area of interest for you.

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See this post on FriendFeed: http://friendfeed.com/search?q=%22Supply-Demand+Curves+for+Attention%22&who=everyone

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