I've beenthinking a lot about the attention economy this week as I preparefor budget season and brainstorm ways to increase CUTimes' market share.

While the concept isn't new, each year it becomes easier tounderstand.

CU Times doesn't sell newspapers anymore. Our currencyis measured in eyeballs.

Whether you realize it or not, your credit union's value is,too.

Back in the day when CU Times' reach was measured bythe number of papers delivered, we were rich with attention. Therewere only a handful of credit union publications and more creditunion boardrooms and executive suites that wanted a subscription.Our only attention competitors back then were work, the othercredit union magazine and a friendly co-worker.

The internet kicked down those institutional walls. Now, ratherthan grabbing a paper copy of Credit Union Times during aworkday lull, a credit union executive can instead give thatattention to Facebook, the webcam at his or her child's daycare, anonline shopping site, Pinterest or the live feed of a sportingevent held in another city or halfway around the world.

Economies place value on what is scarce. Information in theinternet age is not only abundant, there's an oversupply.Conversely, attention is an increasingly scarce resource.

It's easy to see what that means for CU Times, but whatdoes it mean for credit unions?

Michael Goldhaber, one of the first economists to define theattention economy, nailed it back in 1997 when he made twoimportant points.

First, organizations and their physical locations diminish inimportance in an attention economy. When a member applies for a carloan using a mobile app, and the loan is funded without requiring aphysical meeting with a loan officer, does that consumer care wherethe lender is located? Does it matter where the consumer islocated? Not at all.

Increasingly, organizational barriers will be defined less bythe buildings in which employees work and more by the networks ofattention built by employees. More on that later.

Goldhaber's second point is how attention is monetized. When youhave a person's full attention, you can get him or her to performphysical acts.

The ALS Ice Bucket Challenge is a great example. Donating to ALSresearch has always been an honorable cause, one that is worthy ofattention. Then famous and everyday people began posting videos ofthemselves dumping a bucket of ice water over their heads.

The viral promotion capitalized on a key component of theattention economy: Originality. Even in this era of “look at me”entertainment, where both the famous and common will do seeminglyanything to get attention, this spectacle was something new. And itattracted attention.

The promotion also leveraged peer pressure by includingchallenges that forced others to participate. Those challengedcould either play along or risk negative attention by failing toengage in self-deprecating behavior.

God help us.

But joking about the downfall of civilization aside, the IceBucket Challenge underscores the attention economy's value shiftfrom institutions to individuals.

I read once that Dale Carnegie changed the world forever (orruined it, depending on your view) when he released How to WinFriends and Influence People in 1935. Before the book becamepopular, people were judged by their ability to work hard anddeliver tangible value. Ever since, personality has increasedin importance.

In a pure attention economy, personality is all thatmatters.

That means rather than compete on rates or service, creditunions must capture attention by using personality. Thatpersonality doesn't come from the institution itself, but from thepeople working there. Executives at the top attract attention to acompany, but more and more, it's the front line staffers who willbe called upon to attract attention so they can then convince theiraudience to perform a physical action.

Like it or not, this means your employees must use social media to develop circles of influence and positionthemselves as financial services rock stars. Not as a trusted,valued employee of XYZ Credit Union offering better rates and greatservice, but an original, engaging personality. Good hiringdecisions will become more important than ever, and personalitycould soon eclipse traditional skills like processing and accuracy,if it hasn't already.

Heather Anderson is executive editor of CU Times. She can bereached at [email protected].