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The Attention Economy: Understanding the New Currency of Business Paperback – September 1, 2002

4.5 4.5 out of 5 stars 36 ratings

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In today's information-flooded world, the scarcest resource is not ideas or even talent: it's attention. In this groundbreaking book, Thomas Davenport and John Beck argue that unless companies learn to effectively capture, manage, and keep it--both internally and out in the marketplace--they'll fall hopelessly behind.

In The Attention Economy, the authors also outline four perspectives on managing attention in all areas of business:
1) measuring attention
2) understanding the psychobiology of attention
3) using attention technologies to structure and protect attention
4) adapting lessons from traditional attention industries like advertising

Drawing from exclusive global research, the authors show how a few pioneering organizations are turning attention management into a potent competitive advantage and recommend what attention-deprived companies should do to avoid losing employees, customers, and market share. A landmark work on the twenty-first century's new critical competency, this book is for every manager who wants to learn how to earn and spend the new currency of business.
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Editorial Reviews

Review

"A worthy message" -- Publishers Weekly

"Thought provoking" --
Time Magazine

About the Author

Thomas H. Davenport is the President’s Distinguished Chair at Babson College and a research fellow at the MIT Center for Digital Business.

Product details

  • Publisher ‏ : ‎ Harvard Business Review Press; Revised edition (September 1, 2002)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 272 pages
  • ISBN-10 ‏ : ‎ 1578518717
  • ISBN-13 ‏ : ‎ 978-1578518715
  • Item Weight ‏ : ‎ 1.3 pounds
  • Dimensions ‏ : ‎ 7.44 x 0.65 x 8.5 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 36 ratings

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4.5 out of 5 stars
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Top reviews from the United States

  • Reviewed in the United States on March 30, 2008
    Abundance of information leads to scarcity of attention, the management of which is now the single most important determinant of business success - welcome to Attention Economy. After decades of focus on distribution and ubiquity of access to our modern information superhighways, a new focus is beginning to emerge: filters, agents, and personalization. "Attention Economy" is a great conversation starter, and a book that will force you to re-think many implicit assumptions - what is attention, how do we harness it, how do you get it, how do you keep it? Definitely a thought provoking read, and highly recommended.
    One person found this helpful
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  • Reviewed in the United States on September 29, 2016
    In great shape!
  • Reviewed in the United States on December 30, 2006
    This is a fine book! It is clear and creative writing on a novel concept and promising area - The Attention Economy.

    On page 20 the book defines attention as a "focused mental engagement on a particular item of information. Items come into our awareness, we attend to a particular item, and then we decide whether to act" (original italics). From this definition it follows that The Attention Economy is a system for managing the attention asset. And why manage attention? Because attention is an economic (scarce) resource. Like Joan Robinson is believed to have put it, "Scarce resources command a positive price." In this case the price of attention is attention, or as the authors suggest: to get attention one has to give attention. In other words, scarcity compels (rational) choices, and on the margin of decisions choices have opportunity costs as well as benefits. To say that attention is a "focused mental engagement" is to say that producing attention requires lowering the opportunity cost of producing attention by specializing on the basis of a comparative advantage. Standard economics.

    The book argues that the study of attention is important because business success depends on attention and attention management, just as it does other resources. While the options theory of asset pricing seems to apply to the attention asset as well, a key difference is that the attention asset is a perishable intangible. Information designed to get attention often perishes into gluts that may lead to "organizational attention deficit disorder" and on to bankruptcy, suggesting a need for attention management.

    Chapters 3, 4, and 5 are nuggets of gold both analytically and in terms of descriptive content. Chapter 3 deals with the measurement of attention - pay attention to pages 40-47. Chapter 4, on "the psychobiology of attention", outlines general hierarchical schemes for understanding human needs relevant to giving, getting, growing, and keeping the attention resource. Chapter 5 is particularly about how a business can get people (its employees, customers, and competitors) to pay attention to its attention. Among many examples: It can use attention technologies such as customizing solutions; it can avoid shoving its attention onto others; and it can use its people to keep the attention it already gets.

    The sixth chapter of the book gives examples of industries where one would find the attention resource in practical uses. These include: advertising, movies, TV, and publishing. A defining characteristic of attention in these industries is "stickiness", i.e., paying and keeping attention (see p. 115ff).

    The next five chapters stress e-commerce, leadership, strategies, changes of organizational structure, and information and knowledge management, all in the attention economy. The last chapter looks to the future, especially to the challenges and prospects the attention economy presents.

    This is a good book, and the first five chapters are especially good. Some of the last chapters sound more like the revolutions we heard so much about during the dotcom era. The revolutionaries then told us to completely forget the "old economy", and singularly embrace the "new economy". Such predictions turned out to be hoity-toity, mainly because revolutions rarely succeed; they are generally too destructive even for their own good. Many revolutions have failed because, whereas people dislike the effects of change, they hate the disruptions of revolutions. Having said all that, I would still recommend The Attention Economy as fine work and good reading.

    Amavilah, Author

    Modeling Determinants of Income in Embedded Economies

    ISBN: 1600210465
    3 people found this helpful
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  • Reviewed in the United States on May 23, 2001
    Professor Thomas H. Davenport is well known for his superb summaries of best practices in knowledge management. In The Attention Economy, he and co-author, Professor John C. Beck, outline the work that others are doing in measuring how attention is gained, and provide a prototype measurement device for attention. The book modestly advances our knowledge of this subject. The book's weakness is that it misdefines the key issue, which should be "What Should We Be Paying Attention to in Business?"
    The authors feel that the most pressing problem today is "not enough attention to meet the information demands of business and society." They argue that everything except human attention is plentiful and cheap. They think of attention as "human bandwidth." As a result, they suggest that like all scarce resources, attention is a "currency." In support of these observations, the authors note that 71 percent of white collar workers feel "info stress." They also argue that companies have "organizational ADD."
    The most interesting part of the book is the proposed measurement model. There are three continuums involved: one is from aversive to attractive, a second is from captive to voluntary, and a third is from front-of-mind to back-of-mind. The authors provide some examples of how to use this as a measurement tool, and prescribe some potential solutions for what they find in the examples. I thought that the weakness of this approach is that without experimental experience and testing, one will probably be wrong in prescribing from a new measurement tool. In that sense, the writing here exceeds the scope of the research the authors have done. However, I am glad they are sharing their prototype.
    Of existing research, you will get a quick look at psychobiology, the impact of technology on solving or making the problem worse, lessons from advertising, Web issues (especially e-mail, which they mention incessantly), leadership effects, strategy effects, and organizational structure as it affects attention.
    Basically, their argument is that less is more in most situations. Their goal is to create a world where technology enhances attention, you have control over sending and receiving information, you can escape information, and institutions (like companies and schools) make information more relevant for you. In so doing, they would like to see information providers focus on quality, not quantity.
    "In the end, the greatest prize for being able to capture attention will be the freedom to avoid it."
    Being familiar with the literature in this area, I found only the measurement model to be new. If you have read widely, you can focus on just that part of the book.
    My own sense is that measuring attention is less important than measuring what people use information for. Are they working on the right things, with the right people and tools, and in the best possible way? I also suspect that attention does need to be somewhat open. You do not know what you do not know, nor do I. Openness is clearly valuable to creativity and innovation. Hopefully, it will remain so.
    I was also struck that not enough attention was paid to giving people more tools for handling information that would already work. But this is a theoretical book, rather than a practical one. If you want to know more about how to turn information into influence, I suggest you read Robert Cialdini's classic, Influence.
    Basically, this subject is only of interest because voice mail and e-mail are being overused. That source of stress is fairly unimportant though, because little of importance comes from either source. They just happen to waste time. Good manners and more consideration would solve most of those problems. For most companies, a little attention to suggesting what should be done in both areas would solve much of the stress described here.
    I think we do need to do more work on helping people to appreciate their perceptual weaknesses. Like many management books, this one focuses more on "doing things to people" rather than helping people do things for themselves better. I hope that future work in this area will be more practical for the individual.
    My experience has been is that if people have good information, almost everyone decides and acts in the same way. The poorest sources of such information are regular financial reports in companies. As a result, Professor Kaplan's work with the Balanced Scorecard, as described lately in The Strategy-Focused Organization, is a area to focus on if you are concerned about organizational ADD.
    The relatively new book, Simplicity, by Bill Jensen is also a good source of ideas for how to overcome many of these issues.
    After you think about this issue, I suggest that you focus your organization on what are the three things you need to do better than anyone else. Then be sure that everyone understands what information needs to be addressed. Give them lots of freedom to wallow in the information anyway they like. A regimented approach will help with execution, but limit your choices.
    Expand your mind's control over what you focus on, to avoid the bad habits that stall progress!
    41 people found this helpful
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Top reviews from other countries

  • Jordan
    4.0 out of 5 stars Helped me with my Thesis!
    Reviewed in the United Kingdom on July 21, 2017
    I did a Dissertation on attention in products and advertising so this book helped me with concepts surrounding how attention works. its a great book educationally (i got a 2:1) it is a little bit of hard work to go through the information because there is a lot of it (i guess a little ironic for a book about attention) but still i would recommend this book!
  • CambridgeAcademics
    2.0 out of 5 stars A great title but no substance
    Reviewed in the United Kingdom on April 29, 2013
    This book is not an academic book but so many academics cite it in their works. After writing a thesis on the attention economy, I can tell you why. It had 'first movers advantage' on an emerging idea. However, it is written in the style of someone giving a corporate training session which I personally found a bit dull. I would have liked more of a critical interrogation of the workings of management strategy rather than tips on how you can manipulate your workforce to give more.
    One person found this helpful
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