Brands are requiring customers to participate in tasks before they are rewarded
Trend - Brands are encouraging consumers to participate in various tasks and experience before they are granted access to the products and services being featured. This type of action diverts the consumer's attention from being "sold to," to being interacted with. Furthermore, it highlights a shift toward the "attention economy," wherein experience is as valuable as money.
Insight - This idea of experience-as-currency is directly linked to the evolution of social media, and the subsequent redefinition of "value." Regular social media users view every "like" on a post as a prize or currency exchange. A piece of their life and the things they experience–be it a photo of themselves on Instagram, or a status post about their day on Facebook–is given in exchange for approval. This focus on how the intangible is starting to impact consumers' view of value beyond social media, and into their real lives.
Insight - This idea of experience-as-currency is directly linked to the evolution of social media, and the subsequent redefinition of "value." Regular social media users view every "like" on a post as a prize or currency exchange. A piece of their life and the things they experience–be it a photo of themselves on Instagram, or a status post about their day on Facebook–is given in exchange for approval. This focus on how the intangible is starting to impact consumers' view of value beyond social media, and into their real lives.
Workshop Question - How could your brand better utilize the attention economy?
Trend Themes
1. Experience-as-currency - Consumers are valuing experiences as much as money, leading to brands requiring customers to participate in tasks before being rewarded.
2. Gamified Advertising - Promotions such as Volvo's Super Bowl contest are shifting consumer attention towards gamification rather than traditional advertising models.
3. Rewards-for-user-generated Content - Social media has led to consumers viewing likes and engagement as a form of currency, making it a natural fit for brands to incentivize user-generated content in the form of contests such as Bleed for the Throne.
Industry Implications
1. Food and Beverage - Innovations such as remote drive-thrus and slide-thru takeout windows demonstrate potential for businesses in the food and beverage industry to differentiate themselves through unique experiences.
2. Marketing and Advertising - Gamified advertising and user-generated content campaigns represent opportunities for businesses in the marketing and advertising industry to engage consumers in new and innovative ways.
3. Environmental Sustainability and Transportation - Recycling schemes such as + Ricicli + Viaggi show potential for businesses in the environmental sustainability and transportation industries to incentivize consumers to participate in eco-friendly initiatives.
