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Attention Economy by Mind Map: Attention Economy
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Attention Economy

Attention Economics

Definition

A new way of looking at information

Approach in managing information, Emphasis is on economic theory application, Reduce number of information management problems which reduce attention

History

Termed by Herbert Simon in 1971, "...a wealth of information creates a poverty of attention...", too much emphasis on problem of information scarcity, results to IS having too much information

Idea common to people, like business strategists and writers, embellished terms:, "Attention Economy", "Attention Transactions", financial transactions would be replaced by attention transactions

Relationship with Advertising

Used to get consumers to consume advertising

AIDA process, Attention, Interest, Desire, Action, Concept of having too much information, causing overload., Resulted in the creation of AttentionTrust.org

Applications

Controlling Information Pollution

E-mail Spam

Web Spam

Sales Lead Generation

Definition

A marketplace where consumers agree to receive services in exchange for their attention

Points out that the consumer has a choice

They get to choose where to spend their attention

Relevancy

Customers see relevant contents, creating more opportunities to sell

Examples are personalized news, personalized search, news, alerts and recommendations

Attention Crisis

Being scarce in attention makes the economy weak

Affects new sites, blogs, search engines and online retailers

Utmost Purpose: Sell something to the consumer by stimulating attention

Technology of Attention

Tagging

Attention is rooted by indicating common tags

Related to Web 2.0

Internet focuses on what people really need. An environment which is:, interactive, social, garners attention of people

Kinds of Attention

Implicit, Example: clickstream

Explicit, Example: bookmarks

The Implicit Web

Coined in 2007

Popularized by Josh Kopelman, Fred Wilson and Brad Feld

A web of connected data

Value that is created when actions made by people in the web are recorded

Describes a network

implicit information which people have browsed

services that are listed

links that are clicked

Unmasks the dynamic side of human knowledge

Records how data, services and links are accessed

Constructs a behavior for the WWW

Example: Tracking what a user likes by the things that he downloads and its occurrency / pattern

A network that gathers together every piece of implicitness on the WWW

Mechanics of Implicit Web

Powered by clicks

Towards Attention Economy

Emerging Trends

Economy of Feeling, Uses symbols and mythology to gain more attention and enthusiasm among customers

Markets as Conversation, Relies on communication between individuals to create attention, "the more unique, individualized and humane the communication, the more it can generate attention..."

Users' attentions are stored in attention silos

Databases

Basics of Attention

Attention information is good for many contexts because it reveals users interests

Attention Organization

Attention Trust, Non-profit Organization, Ensures that users are in control, Mission of empowering people to be in control of their attention, Rooted on the importance of attention data, used to determine a person's preferences and actions, Enforces property, mobility, economy and transparency, Property: controlling attention data, Mobility: ability to transfer to other things, Economy: our choice to pay attention to something or another, Transparency: how we see our attention as worth

Attention Standards

Users should be provided by the attention silo access to information, Proprietary Format, Implementation of a way for services to get the information

Continuous Partial Attention: Software and Solutions

"Doing a lot of work and at the same time knowing a few things continuously about all your actions"

Examples: Texting, Reading to Skimming books

To pay attention to everything but give just a small portion of attention to the gravity of the work being done

Roots

Created because of the amount of information and the interruptions

"Broadband gives a lot of information, often leading to interruptions in other things like personal life"

Iterations - The New Way We Work

Looking at the best logical and theoretical way of solving a problem

Leads to less time and costs

Software for Iterative Mode

Calendar

E-mail

Project Management