The most important thing in a company, from the point of view of its own members, is the Purpose. No single doubt about it.
How were you born? What were you born for? Why do you exist? Why are you doing something?
The Purpose is the driver of a company’s vision and it makes you come up with — and focus daily on — a business-oriented mission, through which you wanna serve your Purpose.
Sometimes, purpose and mission are the same thing in a company.
Sometimes, purpose and mission are clearly distinct. Indeed, the former is more philosophical and abstract (the great why) and the latter is more business/technology/product oriented and more practical (the what and how).
You also have to differentiate between the team’s purpose and the company’s purpose.
Problem — The Market for Attention is broken
At FashTime, we are obsessed with Time. Time is Money, right?
We discovered that 1 second of Attention on social media is worth 0,002 Euro today & 0,05 Euro tomorrow.
Do people get what they deserve? Is the current Market for Attention Efficient? Hell no!
However, let’s start from the beginning.
This is the Market for Attention (MFA) today.
Platforms are media “brokers” where users SELL (share) their time in exchange for content. Brands BUY (acquire) users’ time in exchange for their own content. Lastly, users creators / brands’ voice also BUY (acquire) users’ time in exchange for their own content to SELL (transfer) it back to brands.
Attention is a function of Time and means Engagement, Conversion & Data.
Content is oversaturating platforms while Time is scarce. The attention economy, driven by social media, is witnessing overdemand of time and oversupply of content.
Selling time sucks. 97% of users who spend time on content or receive time from others on theirs, make $ 0.00 (or not enough). The value of Time, related to the MFA in 2017, was $ 37T in “salary” cost — opportunity and ecommerce purchases: even 1 second is so expensive that users choose to minimize their time-cost per content.
The market focuses on high-dopamine vanity metrics, e.g. Likes. Likes are cheaper but can’t measure attention spans. Users trade authenticity for Likes and buy Likes, due to pressure to perform ($ 1B+ in value)
Users spend less time per content (-33% in 5y) leading to a decrease in attention span: content is everywhere while time is scarce.
Buying time sucks. Brands are affected: E-commerce ROI is dropping and overdemand for time drives ads/data cost up 6% yearly.
WE FOUND A WAY TO FIX THIS MADNESS.
The Why — Think in Seconds
Welcome to FashTime! We believe in driving the social media attention market forward and adding value to the world, one second at a time.
Since 75% of social media content watched by Gen Z in 2017 involved fashion, we believe focusing on the social fashion & fashion advertising market is the best way to start re-imagining the future.
We are here to bring the power and monetary value of time to social media users and brands, in the fashion lifestyle market.
Startups have been trying to innovate the system by leveraging a new platform or content experience.
The traditional models generally ignore the role of time in the exchange between consumers, platforms, and advertisers.
So, what if we told you that we are capable of…
1. REWARDING ATTENTION (BECAUSE IT’S RIGHT)
Converting the time spent and data generated by users on social media with actual money.
2. MEASURING ATTENTION IN THE BEST WAY
Making everyone start thinking in seconds and stop being so obsessed with the like.
3. INCREASING ATTENTION SPAN AND ROI OF BRANDS
Incentivizing the whole market to spend more time on more valuable content and platform experiences.
To this date, we chose to focus on the #1 attention window for content and engagement generated: the Fashion Lifestyle Market, which — concerning the Gen Z & Late Millennial Generations in Europe and the US — is worth €16B!!!
All eyes are on Fashion.
Not only we are making its users happier but brands too.
As a consequence, we can say that…