If you want cash from your business, fill your ATM
After 25 years in business, both as an employee and being self-employed, I’ve picked up a few things along the way. One of them is being VERY aware of the fact that
Cash is King. Without cashflow, your business is dead.
This begs the question “How do I keep the cash flowing?” There are a number of models, theories, strategies and techniques that are publicised and taught in various forums. There is, however, a simple set of principles that – from my observation and experience – that they all rest upon.
Attention, Time & Money
Whether you are looking at your marketing strategy, sales pipeline or communication policy – Attention, Time and Money (ATM) principles apply.
Over the coming weeks, I’ll send a little time on each of these elements.
The DNA of ‘Attention’ as it relates to the ATM Principles
- Duration of time: 0 – 10 seconds
- Typical Modalities: Visual, Audio
- Products & Tools: Logos, Advertisements, Signage
If you live an a city of any decent size in one of the Western nations, chances are that you are exposed to over 3,000 ‘brand impressions’ per day. That’s based upon one study that I read and I suspect that if you live in a city like New York, London and the like, then it’s a lot higher.
Think about it…. from the logo on the packaging of your breakfast and the badge on your car (or other mode of transport) to the ads on your mobile apps or on TV – there are thousands of organisations vying for your attention.
As a consumer you are getting more and more discerning about which brands or messages get your attention. In fact, marketeers are getting more and more sophisticated about doing it. Now technology is used to create communicate messages deep into your unconscious mind so that when the next message in the series (i.e. campaign) is sent, it will have a familiar ‘feel’ to it.
There are very clever, very well paid people who study semiotics and advise organisations how to communicate in powerful ways just using shape, form and colour and do to so in a fraction of a second.
Your brain is constantly filtering out things that are not of interest to you in order to let things through that you told it are important. No wonder women are tired after a day of shopping. It’s not just the walking and carrying of bags, it’s also that they have been making complex decisions between wants and needs / logic and intuition while the powerful messages are bubbling up to the surface of their minds.
I say all that to say this….
Really, when you step back and look at it, you don’t want to give your attention to everything. It would be overwhelming. You’d be stuck at a place of inaction because your TIME would be taken up with the collective ATTENTION items.
The purpose of the Attention Principle is that it allows your brain to be aware of something and then assess whether or not you will
- give further attention and, therefore, time to it
- store it or
- ignore it
Getting customer’s attention is getting more and more difficult, but it is the mandatory first step before they will give you their time or their money.
Puzzle me this, puzzle me that….
What message are you conveying in the first ten seconds of ‘experiencing’ you or your brand? Does it reflect your values? Is it compelling? Does it invite others to spend time with you?
Maybe it’s time to pay a little attention to the first impression that you make when you first ask for or gain the attention of your audience, potential customers, partners or employees.
Whether it’s your logo, your office or even your appearance. Gaining attention is the first step and the crucial first qualifier before we will spend time with anyone or anything.