Attention: The New Business Currency

By Eva Marer

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If a snake suddenly appeared in your conference room, rest assured that your spellbinding presentation would be history: every ounce of attention in the room would zero in on the snake.

This is an extreme example of a hot concept in business these days: human attention is a non-renewable resource that trumps knowledge and capital in determining business success. Attention is more than awareness: it's the ability to bring items into focus and then act on them (or choose not to act).

The gurus of the movement to focus attention on attention are Thomas H. Davenport and John C. Beck, senior research fellows at the Accenture Institute for Strategic Change in Cambridge, Mass. In their new book, "The Attention Economy" (HBS Press, 2001), the authors argue that, in a post-industrial society, attention is the real currency of business and individuals. They write:

"What is it that makes the economy hum, but is not growing? What's the limiting factor behind all those Web pages, business plans, strategies, books and articles, marketing initiatives, partnerships and alliances, and expansion initiatives? An attentive human mind...It's easy to start a business, to get access to customers and markets, to develop a strategy, to put up a Web site, to design ads and commercials... Telecommunications bandwidth is not a problem, but human bandwidth is."

While human attention is limited, demands on it are only increasing, implying that the ability to manage attention -- inside and outside the company firewall -- will become critical. The sheer volume of information has increased. According to unpublished studies by Ferris Research and Lotus Notes cited in the book, the average white-collar worker typically spends two hours per day on e-mail alone. Another study by Reuters Business Information found that 43% of managers believed that important decisions are being delayed by too much information.

In these tough times, as many firms have become leaner with fewer people around to do the same amount of work, attention has become even scarcer. Where rationalization may once have contributed to productivity, it may paradoxically slash productivity in an attention economy. The authors don't mince words: "Understanding and managing attention is now the single most important determinant of business success."

A Lesson In Attention

Wondering whether anyone's reading your e-mails?

Factors Considered in Explaining Attention-Getting Messages (From "The Attention Economy," copyright 2001 Accenture)

The message source was...
1. trustworthy or respected.
2. influential or powerful (i.e., socially or politically or both).
3. charismatic or appealing.

The message context was...
4. personalized (i.e. directed to and about me).
5. about a group I belong to or have interest in.
6. related to a question or an issue I was concerned about.

The message's content was...
7. concise, direct, or story-like in structure.
8. engaging to my senses (i.e., eye, ear, touch).
9. new, unusual or unique.

The recipient was...
10. emotionally moved by the message (e.g., angry, pleased).
11. able to consider the message's implications or consequences.
12. convinced the message was important to my work or life.

Being consultants paid for their attention, the authors obviously propose some solutions. By understanding the types of attention and how they function, they say, we can devise effective ways of managing this precious commodity both within and outside our organizations.

For most of us, such focus on focus is not ingrained. Being conscious of the focus and depth of your attention at all times is a difficult skill that few of us are born with (and even Zen masters acknowledge takes years to learn). However, several techniques can help us on the road to becoming "attention leaders":

1. Know Thyself
Research cited by the authors demonstrates that leaders who are the most self-aware are the most successful at directing the attention of others.

2. Create Attention Agendas
Attention management is not the same as time management (as anyone whose mind has wandered during a boring meeting can attest).

3. Create attention guards If you expect overworked employees to focus on a new initiative, then you must relieve them of responsibility for focusing on something else.

Other Special Reports by Eva Marer
5 Tips For Avoiding Burnout

Companies Confront Rising Network Security Threats

Outsourcing: The Reluctant Bridegroom

Slowdown! Or Not?

The Emergence of the Chief Privacy Officer

4. Measure Organizational Attention

In addition to AttentionScape and other diagnostic tools, IT managers can use technology to measure corporate attention.

5. Pay for attention

An important takeaway from this book is that, whether you recognize it or not, where you spend your attention -- the set of concerns and goals you focus on -- impacts your employees too. Employees throughout a company make decisions about what's important based on their perceptions of what their leaders are paying attention to. Consequently, leaders have to be more careful about how they invest their attention. To manage well, the authors write, we must be self-aware. We must communicate our attention goals to our employees and customers. Finally, we must believe that the issues we focus on are the most important ones for our own careers, our company, our employees and our customers.

Eva Marer is a freelance business and technology reporter based in New York. She covers investments, personal finance and corporate technology issues for a variety of trade and consumer magazines. Contact her at egresspress@aol.com.