The consumer decision making process is shifting. We now have a total attention span of only 8 seconds?
In a recent consumer study by Microsoft in the Canadian market around consumer attention spans, they discovered that our attention span has reduced to a mere 8 seconds. This is a significant shift in the consumer decision making process.
A goldfish attention span happens to be 9 seconds. When I first heard about the study, I found the data fascinating. However the deeper you start to think about what is occurring in media and information around the world. The more you begin to realise in a world of too much information, and connectivity this is not only likely but also makes sense.
From a marketing and or advertising perspective, it means not only do we need to grab the consumers attention fast! But our message needs to be so clear that what we are trying to communicate is understood within less than a second. Should we wish to influence the consumer decision making process?
The next piece of this puzzle is the call to action is clear and motivates the consumer to take action.
Whatever that action is you are seeking? Purchase, sign up, or just to learn more.
Fortunately in this instance with regards to social media advertising, data is our friend. It tells us how the consumer is responding in real time, and if our messaging is working. And if in fact, our advertising is influencing the consumer decision making process.
We no longer need to hold ineffectual advertising for extended periods. We can change advertising positions like we are day trading stocks.
Meaning we no longer need to burn money on ineffective campaigns. This should be every marketer’s ideal state.
Putting this another way social media advertising is like having the ability to change a 30-second Television ad every day. Continuously iterating until we find the right ad, that drives the right result.
Of course, many other factors play into this, such as targeting, timing, and so forth. None the less social media advertising provides a unique capability to refine and find the right messaging and the right results. In essence taking the subjective position away, and allowing the data to tell us the truth about the creative, and the consumer decision making process.
Allocation of attribution towards advertising has been possible since advertising began. However, the measurement was in a lot of ways both complex and riddled with potential issues, errors and gaps in information.
Social media advertising removes these deficiencies and allows us to understand attribution. Our advertising spend and the return.
With now more than 2.3 billion people using social media worldwide. It is more critical than ever that brands understand how to get this form of advertising correct.
Because as the data tells us the consumer decision making process has shifted to this medium. But about 90% of advertising spend still with traditional media.
Allowing as always the first movers have a significant advantage. And who would have thought this could still be the case with social media?
This means the opportunity for existing and new brands is immense. Not only can they still take advantage of first mover principles, but they can also reduce their spend per acquisition. And measure this in real time.
In a world where the consumer’s attention has changed so significantly. This advantage can fundamentally change a business growth projective.
Because every brand is vying for the attention of the consumer, but not every brand can win.
And in a short attention world, knowledge real-time execution provides an unparalleled advantage in influencing the consumer decision making process.