We don’t have enough time. I know you agree. I don’t care how much people are multi-tasking. There is still only 24 hours in a day. And there is so many more things and options competing for our time today than ever before. So Opportunity Cost for Time Spent is a bigger factor today than it ever was.
In Economic/Finance Terms NetMBA has a nice description:
This is very important when it comes to Media, Entertainment, and Advertising. Every time you ask a person to engage with your brand, or your product, that means they have to give up time spent with something else. So this ropes in Value into the discussion. As the link above shows Value is a very important factor whether it is monetary or perceived.
The ways to Engage and Draw Attention include good and bad:
- Offer greater content than the other choices out there (Perceived Value). Good.
- Offer greater monetary incentive (Monetary Value). Good.
- Offset something with greater incentive with ease of incentive. (Lazy Value) Mixed.
- Force yourself on your target (Negative Value). Bad.
Too often Advertising and Media is a Negative Value. Even when you add creative entertainment value, unless they willingly choose to view something, part of the experience is a Negative Value and a Waste of someones time. This doesn’t mean it’s a 100% Negative, it just means some of the Positive Value is offset with the Negative Value.
Since we all are exposed to Media and Advertising constantly throughout our day, and often we have choices, make sure what you offer either has better content or monetary value, with your last course of action Lazy Value such as making your experience so much easier to consume than other choices. A great example is the choice of watching TV in Bed with the remote control, vs driving to an overlook to see the city lights at night.
Remember everything is an Opportunity Cost in life and when people choose to Engage or Consume they are giving up other choices. So if you want to be Chosen, step up your game and do things to increase your Value to your target.
Be Engaging, Be Fun, Be Informative, Save them Time, Save them Money, do something!