9August 2019haptic, and OTT - are paving the way for a heightened level of immersive storytelling and experiences that better captivate consumers with meaningful interactions.Non-Intrusive: The rise of subscription-based premium ad-free media (including Apple's recent AppleTV+ announcement) as well as consumers' increased appetite for data privacy and security means non-interruptive media experiences are moving from being the customer exception to the customer preferred.The net of all of this is that our collective attention is being prioritized toward a growing number of environments and platforms that are instant, immersive, and non-intrusive. This is very different than the traditional advertising-saturated spaces that have fueled the attention economy, where so many marketers have gotten comfortable with it.A new marketing currency is needed to better align with modern consumer preferences and priorities, one that materially moves marketing strategies from "Are consumers noticing my brand?" to "Are consumers loyal to my brand?" While the former is what the attention economy has largely been based on, the latter is what I'm calling the devotion economy. In the devotion economy: Interactions with brands are seamless and gratifying.Content and experiences appeal to multiple senses.Media consumption is safe, secure, and uninterrupted.When "devotion" replaces "attention" as the marketing currency of choice, effectiveness can be far more meaningfully tied to business outcomes. Instead of relying on superficial metrics like reach, impressions, and view ability, brands will instead focus on KPIs like retention, churn, advocacy, and, yes, sales.To compete and win in the devotion economy means that brands must truly respect the customer at every touchpoint through consistently compelling products, content, experiences, and service. But simply doing all of this isn't quite enough, either ­ in the devotion economy, brands need to go a step further when being customer accountable.Being "devoted" to something implies a true belief in its purpose and values. In the devotion economy, consumers have higher expectations of brands' behaviors in culture. In fact, Forrester found that 70% of millennial actively consider a company's values before making a purchase. Brands are now being held to higher ethical standards, not just to act responsibly but to serve a greater purpose in society. Take Patagonia, for example, who recently announced it would only merchandise its corporate-branded fleece vests, moving forward, to like-minded companies that prioritize the planet.In the end, a focus on attention just isn't cutting it anymore. Consumers have greater choice than ever before as the media landscape becomes increasingly more fragmented. Underlying these trends are tech innovations that empower consumer behavior while putting more pressure on brands to be better. Let's face it, the attention economy is dead. Welcome to the devotion economy. MTWhen "devotion" replaces "attention" as the marketing currency of choice, effectiveness can be far more meaningfully tied to business outcomesMike Proulx
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