EMAIL #178- 17TH JULY 2022- "THE VALUE OF ATTENTION "
Hi Team,
Greetings from Falls Creek, alpine paradise in Victoria.
We are at the tail end of our annual one-week pilgrimage to the snow, and I'm happy to report that my attention has not been focused on anything related to work for the last 6 days.
Last week I examined the difference between your awareness and your attention and I outlined how both are essential for keeping you safe on the building site.
What we consistently pay attention to shapes our relationships, our career success and ultimately our happiness.
So how did our thoughts and attention become so damn important, and why are the tech giants spending billions of dollars to gain and retain our attention?
It's hard to properly answer this question without first having a brief lesson on human history.
Throughout human history there have been seven revolutions that have shaped human social and economic progress.
- The Land Revolution. Around 9000BC humans started changing from nomadic hunter-gatherers to more permanent settlement with the dawn of primitive farming. Land occupation and ownership became the most important part of human society.
- The Labour Revolution. Around 3000BC there were approx. 50 million people on earth and food production was become the most pressing issue. Farming practices had progressed significantly, but were heavily reliant on manpower, so physical labour became the most valuable resource.
- The War Revolution. From around 2000BC to 1500AD war and the building of empires was the main focus for the human race across all continents. The success of a civilization was directly linked to its ability to wage war.
- The Scientific Revolution. From the 1500's to the 1800's there were huge advances in scientific knowledge that changed every aspect of human life and created cultural diversity. The most scientifically advanced countries rose rapidly to world dominance and science set the stage for much of the current world order.
- The Industrial Revolution. In the early 1800's at the height of British Colonialism the industrial revolution and the mechanization of manufacturing and agriculture spread throughout the western world. Factories and industrial complexes became the main driver of economic and social change.
- The Technological Revolution. From 1950 to 2000 the advances in computing power and the development of the internet gave everyone free access to information. This created the "tech boom" and the "information economy". Information and the technology that delivered it became the most valuable resources and Google, Facebook and Apple became the most powerful companies on earth.
- The Attention Revolution. From the early 2000's until today capturing and maintaining people’s attention has become the biggest game in town. The tech giants are valued by how many subscribers, followers and views they have. Our culture and our behaviour is shaped by how we use our digital devices and our online participation.
The quantum of online spending today is staggering. In 2021 global online retail sales passed 5.0 trillion US dollars and this is expected to pass 7 trillion $ by 2025. In Australia 85% of the population actively shop online.
"The best way to grow your business in the attention economy, is to grab the attention that someone else has today." Brent Leary
How and where we spend our money is now largely determined by social media and the online content we consume.
Your attention is now a simple commodity that can be attained and sold to the highest bidder.
"The quicker you want something, the easier you are to be manipulated." Sane Parish
Next week I will dig a little deeper into the attention economy to find out how it works and how it is affecting our culture and how we live.
Thanks for reading,
Stay safe and know the value of your attention.
David