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The Price For Attention…Going Up?

November 28, 2009

Out of the hundreds of RFPs and briefs I’ve read over the past several years, the majority of them say creating ‘increased attention’ for a particular brand (product or service) is their primary goal.

Our industry doesn’t have a reliably accurate awareness metric like Cost-Per-Attention. Sure, we can commission recall studies, or extrapolate neuromarketing results to ad exposures, but no one can truly measure the cost for generating attention or recall, let alone attribute those costs to a specific marketing activity. But if we could…

Will marketers pay more or less to generate attention in the future?

My sense is marketers are an optimistic bunch. They see technology as a cost-cutter, providing advances in media mix modeling, behavioral targeting, and results attribution – things that should lead to greater efficiency. They also see developments in digital media and what has been touted as Web 2.0 as an effective, low cost method of engaging consumers and generating awareness via word of mouth.

On the flip side, we’re seeing an avalanche of content, media, and activities competing for attention. Media costs aren’t getting cheaper and consumers are increasingly successful in avoiding advertising. We’re also seeng more SKUs and services than ever, all competing for our attention.

Add to that the cost of agency services. Margins are falling as brand marketers adopted a cattle-call/jumpball approach to selecting agencies. What brand marketers don’t seem to understand is they’re paying bloated rate cards to offset the increasing cost of prospecting and pitching. Every time a brand manager does an agency search, or sends out an RFP to a dozen agencies, they’re burning tens (if not hundreds) of thousands of dollars in agency costs. Those costs need to be made up somewhere, and in the end, they’re paid in hidden fees by the agency’s customers – the brand.

My guess is price for attention is going to increase over the coming years, but unfortunately nobody will be measuring it.

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