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The Attention Economy Is Bankrupt – Are Trillions Of Digital Impressions Just An Illusion?

Digital advertising boasts jaw-dropping numbers, with trillions of impressions annually.

With about 5 billion internet users globally, trillions of impressions would mean each individual faces over 10,000 ads per day.
Yes, 10,000… which is not even possible, is it?
Break that down: Spending roughly six hours daily online, each person would have only two fleeting seconds per ad.

I’m thinking that the “golden age” of digital advertising is long gone.

I’d also make the argument that consumer intent has both shifted and is very different when laid against the models of advertising that we currently have.
Let’s not forget that users are constantly being inundated, some are being tricked and many are being misled (and even tracked) based on their usage.
There’s also a ton of fraud, bots, errors, pixel stuffing and more.
So, is digital advertising genuinely effective or is it no different than what we would define as “traditional advertising” from the days of yore?
In a world where marketers can do everything from content to advertising in text, images, audio, video, short-form, long-form, sponsorships, working with influencers, building their own lists/communities and on and on, shouldn’t the results, conversions and cost per acquisition be much better?

We were promised sophisticated algorithms, personalized content and relentless retargeting that might mean fewer, but more impactful, encounters… did that happen?

Maybe these trillion of views tells a bigger story: That advertising shifted from a scarcity model to one of abundance and… maybe… that simply doesn’t work for brands or consumers?

And here’s the kicker: Based on this new research, precise targeting is not statistically improbable.

Let that sink in.

So, what can businesses do to make this work for them (and it will be hard work):

Create your own metrics and meaning that are universal to your own business and don’t waver.
Choose better publishers and platforms for your advertising needs. Work with those who have the audience that you are truly trying to get in front of.
Audit what is happening frequently. Don’t do this quarterly and don’t do this post-campaign. Audit in real-time.
Smaller tests = bigger buys. Start small, pay attention and decide if it’s worth the bigger spend.
Account for shrinkage. All physical retail accounts for shoplifting and breakage. Do this as well. Fake traffic, bots and problems are real.

Final reminder: Your mileage may vary (as Seth Godin likes to say) and revenue speaks louder than impressions.

But there’s much more…

This, and other current marketing topics were discussed along with Lisa Laporte (TWiT.tv), Augie Ray (Gartner) and host Bob Knorpp (always a good human) on the very excellent BeanCast Podcast (which I’ve been fortunate to be a guest on in the past). I don’t know what it is about BeanCast, Bob Knorpp and these other panelists, but there is always “something in the water” when we record these conversations that brings out a lot of stimulating ideas and insights (and some friendly disagreements too!).

Are you ready for this deep dive into the world of media and marketing? Here is: BeanCast #773 – There’s Not Enough People.

For about an hour, we discussed and debated the following topics:

Take a listen and jump into the fray.

Mitch Joel · BeanCast 773 – There’s Not Enough People

Before you go… ThinkersOne is a new way for organizations to buy bite-sized and personalized thought leadership video content (live and recorded) from the best Thinkers in the world. If you’re looking to add excitement and big smarts to your meetings, corporate events, company off-sites, “lunch & learns” and beyond, check it out.

Mitch Joel

Mitch Joel lives at the intersection of technology, business transformation and consumer culture. He is the Executive Director of Next Era Institute, a strategic intelligence platform helping leaders understand the forces reshaping business, technology, culture and society. The Institute identifies which shifts matter, explores their wider significance and translates them into strategic direction and momentum. Mitch is also a globally recognized keynote speaker. He has delivered thousands of presentations across both B2B and B2C industries to organizations including Google, Walmart, LEGO, Shopify, Microsoft, Procter & Gamble and Unilever. Strategy Magazine has called him “one of North America’s leading visionaries.” Mitch built his career by working directly inside the waves of change that reshaped modern business. He founded and built a digital marketing agency that worked with some of the world’s largest brands and was later acquired by WPP, where he served as President of a firm operating in 25 countries with almost 3,000 employees. Mitch is the bestselling author of Six Pixels of Separation and CTRL ALT Delete, and the host of Thinking With Mitch Joel, one of the longest-running business podcasts in the world. His writing and commentary appear in outlets including Harvard Business Review, Fast Company and Inc. Magazine. He is a member of Dr. Marshall Goldsmith’s 100 Coaches and was named to the Thinkers50 Radar. Mitch also hosts Groove – The No Treble Podcast, documenting the oral history of electric bass players. Mitch is also Co-Founder of ThinkersOne, a platform that enables companies to bring personalized thought leadership from world-class experts into meetings, events and off-sites in focused 15-minute bursts.