There is a silent economy which is growing – the pester economy. All avenues for business where people pay to get pestered is this economy. Some would like to call this the Intervention economy. But whatever the nomenclature, it is about people needing help to lead their lives in a better manner.
In this world where the number of nuclear households are increasing and digital interfaces are decreasing human contact, there is a growing need for people to have someone or something take care of them. The need to be loved and cared for is a basic human need. Friends and family provided the oyster support which is fast disappearing, leading to a number of possible interventions people need to assure them and keep telling them to their true north. Tuition teachers, personal instructors, nutritionists, mental counsellors, chatbots which keep checking on you, tracers which count the number of steps you have taken and number of calories you have consumed and even number of glasses of water consumed everyday are some of the fledging profiles which have a seen a constant rise in the recent past.
So why do people want to pay money to be reminded what they already know? The answer lies in the fact that this is not the pester economy but the attention economy. In a digitally distracted and stressed world, people are willing to pay for a number of things they know they are not supposed to but do neglect – child care and education, health, making time to connect with people, sharing their feelings without being judged, resolving nagging interpersonal challenges, being able to focus on their financial planning and so on. The list of must-do’s but can’t-do’s is increasing steadily. Just one statistic is stunning – the demand vs supply of mental counsellors in the US is 6:1 as per The Economist, March 2019 edition.
The Pester economy is a must for the Subscription economy. Companies offering these intervention services need to make themselves indispensable to the customers and get them addicted to consume and also renew the subscription. This economy is bound to increase as the drivers for the growth so far are only getting amplified. However, the key to success to growth in this industry is to use the right combination of automation and human element. Distorting from this balance could well lead to the extreme commoditization of these businesses. But these businesses are here to stay and grow. So pester on!
