Having the ability to read people’s minds would probably be a dream for those working in marketing. Fear not, with the ever-increasing advancement in technologies, this might actually be true. So, let’s dive into the world of neuromarketing, where psychology blends with marketing!
The Bigger Picture
Neuromarketing combines psychology principles into marketing by involving brain-imaging and biometric techniques. Brain-imaging techniques measure electrical, magnetic, or oxygen level changes throughout the brain. Meanwhile, biometric techniques measure eye movement, heart rate, sweat, and other physiological reactions. These techniques allow raw physiological data to be obtained and interpreted for campaign research. Brands can later use these data to suit their customer’s needs better.
There are three main goals in neuromarketing research: attention, emotion, and memory. First, it aims to ensure full engagement towards the targeted product and advertisement. Second, it should highlight the onlookers, and the ad should have an emotional connection. Third, an essential aspect is ensuring the product will have a long-lasting impression (memory). These three goals work together to persuade customers to think they need the product. In other words, neuromarketing advances the brand’s ability to market its product.
Neuromarketing in Action
While other marketing strategies are centred upon the consumer’s conscious reaction, neuromarketing delivers consumers’ subconscious information. Additionally, these data are more detailed, enhancing companies’ comprehension of human behaviour. This is interesting information as it can open up more marketing and advertising capabilities.
Results from previous marketing strategies rely heavily on the participant’s ability to answer questions honestly. However, it is difficult to expect a non-biased response. Therefore, neuromarketing bridges this gap by examining the underlying cause of the customer’s decision-making process, which leads to an unbiased response. A fun example of neuromarketing use is during past research examining consumer’s brand and taste preferences between Coca-Cola and Pepsi. Most people preferred Coca-Cola over Pepsi when asked which of the two brands they liked more. Interestingly, people picked Pepsi compared to Coca-Cola when blind-tasted and seen through neuromarketing techniques. The findings show how successful Coca-Cola’s marketing strategy is compared to its closest competitors.
What It Means For Us Consumers
Consumers will gain advantage through better shopping experience. It is viable due to neuromarketing’s more detailed approach towards human behaviour. This approach allows a more consumer-friendly product development. Hence, neuromarketing techniques allow companies to better tailor their products to specific market dynamics.
From the company’s perspective, neuromarketing further increases efficiency in operations. The eye-tracking movement of consumers may exhibit information regarding “hotspots” for consumer purchasing behaviour. Therefore, companies may develop their commerce experience to increase consumer interaction with their products.
However, the use of neuromarketing strategies may have an eerie effect on consumers. This effect comes from neuromarketing’s ability to increase our consumerism. Our subconscious behaviour data leads to adjustments in products or shopping experiences, which may increase our spending behaviour. Therefore, we may lack control over our behaviour if all companies use neuromarketing.
On a positive note, a code of ethics has been formulated for neuromarketing research. The Neuromarketing Science and Business Association (NMSBA) has set these ethical codes to focus on establishing public confidence in neuromarketing. These codes include protecting consumers’ privacy and autonomy and protecting neuromarketing buyers. With the use of these codes, companies are provided with safe, non-exaggerated data. The presence of ethical codes hopes to enhance neuromarketing’s credibility as a safe and private research method.
In conclusion, neuromarketing promises an exciting prospect for companies nurturing their products. Neuromarketing allows companies to fulfill their consumer needs even better. It will be interesting to see how companies use neuromarketing data to advance their products in the future and how the field will develop with the advancement of technology.