New Media Marketing Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

1. Examples that exemplify Attention Economy’s significance

Economics is a subject that can never change and attention economy asks to have some uncertainty about the certainty of economics. Business is a lively and spectacular sport, for example as consumers do care about who is playing in this year’s football’s tournament and also who is going to be the best scorer of the tournament, same is the case with business. Consumers want to know about the recorder breaker company of the year and who stands out at the Forbes 400 with the most money in hand. Consider the example of Ted Turner who is one of the persons on that list of Forbes, and Bill Gates who want to hold the record for more annual first-place finishes than anyone else. Examples of attention economy, not to confuse it with traditional meanings of economy are personalized news, personalized search, alerts and recommendations to buy. Remember attention economy is not buying as selling, it is about used the scarce resource, that is attention, to capitalize on the new media market. However, it is possible that buying and selling might be in consequence to the attention economy efforts. The exhibit below shoes the relationship between consumer attention and attention economy.

§ EXHIBIT 1: Relationship between attention economy and consumer attention

The news feed serves a consumer need of watching advertisements, for which they need to exchange their attention with the portal. Search engines also ask for consumer attention span in return for helping consumers in their queries and solving their problems. This service is provided free of cost by the web portals but in exchange for the viewer’s scarce attention span. A key point about attention economy is choice and relevance is given to the viewer. It is a choice in a way, that it depends on consumer, to choose a selected piece of information, to which he or she intends to give the attention span to. Moreover, relevance such that, as the consumer sees more relevant content on the social media page the more attention he wil give to the content and this will open window opportunities for the owner of that social content page to sell more of the product. This is why, the eye-catching effect and the word must be chosen in order to maintain the grasp on the content on one hand and on the other, create an urge and excitement on the part of consumer to surf more.

2. Evidence in the form of cases

§ Red Bull Example of its Thematic Implication of the Attention Economy Concept

Considering the example of Red Bull, whose marketing efforts focused primarily on engaging the consumer in the energy derived from Red Bull gives you wings strategy. The Red Bull Academy was an initiation of the attention economy strategy of the social media market. Red Bull Academy’s mission is to promote club culture internationally. Seven years back, the Red Bull Academy went Melbourne (Australia) crossing Atlantic in 2007.

§ Introduction to New Economy and Participants

This new academy grabbed a bunch full of consumers registering themselves on board to get the euphoria experience in the Red Bull Musical Academy. Several music industry people, singers and musicians joined the band, sending down the application forms through website namely: www.redbullmusicacademy.com and participating in rigorous selection. All the applications received from the world, were assessed to pick valuable customers sixty in number and those will be the one awarded extraordinary experience. If one does not know about the Red Bull Academy, then each year Red Bull Academy gives 30 young Disco-Jockeys to pop their talent out in front of the world. The workshop is conducted at a special location which offers advantage in sharing cultural diversity and experiences of the 30 chosen Disco-Jockeys throughout the world. The website allows a lot of information sharing at the website, including photos, videos and past experiences at the Red Bull Academy.

3. Related models

§ AIDA PLAN

The models that can be incorporated in this attention economy strategy, is one discussed above, that is AIDA plan. AIDA plan is all about furnishing your website and other social media networking platforms such that it helps the firm gain attention on the social media platform. When this first and most important milestone is achieved, and then is the interest stage, after that the desire is created and then comes action, which refers to tangible sales......................................

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