Why Attention is The Best Currency

If you were to walk into your local Best Buy 5 years ago and purchase a 60′ flat screen tv with 1080p Resolution it would have cost around $1600 depending on your geographical location. Today, the newer model of the same TV would cost you around $499. You can look at most goods and services over the past 10 years and see the same.

Remember we use to call a human being and pay them to book our family vacation for us? The price of that service has definitely done down! The point I’m making is that I’m most cases, businesses are in a race to the bottom. Eventually demand decreases or supply increases, someone disrupts the market or value has left the industry and prices go down.

The interesting part is that attention works the other way. If you compared what a radio or tv or print ad cost 10 years ago compared to what it costs now on average, the prices has gone up. If the price of Super Bowl ad was the same as it was in 2006 we’d have more commercials than first downs. Every three plays there would be a “TV timeout” to “thank our sponsors” or “pay the bills”.

This is why I say attention is the ultimate currency. It’s the ultimate asset. Not even gold pays better than attention. Today, that attention is shifting online and at the moment, it’s pretty cheap. The cost of attention on Facebook, Twitter, Instagram and LinkedIn is way undervalued and under priced, for now.

However, if history has taught us anything it’s that the price of the attention is only going to get higher from here. The time to learn is now. The time to invest is now. The time to make mistakes (because we all do) is now. Either way, you’re going to end up paying for attention online, you might as well save yourself a few zeros on the end of it. 🙂