Long ago neuromarketing was limited to multinational companies with high budgets. But today any business irrespective of size and budget is capable of using human brain waves to increase the profit.
Neuromarketing is also called consumer neuroscience. This helps in understanding the consumers’ behavior by reducing the uncertainties. Neuromarketing studies the human brains to manipulate their behavior. It was earlier considered as a frontier science but from the past few years it has reinforced the market with the capacity to boost the consumer base.
Even after knowing its potential and some ground-breaking results, there lies numerous questions in the minds of people like, Is it worthy? How to implement it effectively? What are all the tools required? The solution lies in understanding the technology and knowing its utility even in the future.
Neuromarketing sways the human brain by understanding the process behind it. It is now a buzzword as every business uses this science to influence consumers’ choice and understand their preferences.
How to hook new customers by applying Neuromarketing?
- To promote a product or service just have content that taps the emotions of the customers’ so that your content goes viral. According to ‘Buzzsumo study’ 100 million and more content is driven by the emotions of people. It is observed that people tend to share more when they get emotionally connected with the content.
- If you want to grab the attention of the consumers then it is advisable to place some important information or ads on the left side of the page. This is because a study says that consumers tend to read the webpages in the ‘E’ or ‘F’ manner.
- To excite the customers use anchorings like pop up with some audios or videos through an alert sound. So that the buyers do not miss out on the offers. The word FREE also excites consumers to pay attention to that product or service.
- Did you know that humans gravitate toward fear or danger. For example, if you put in the sales may end soon, Out of stock, limited offers and so on. It is driving your customers for an immediate action.
- The Corporates can also concentrate on improving the webpage design, colour and other features which attracts the consumers to visit the site and also go through it.
Tools Used in Neuromarketing
Neuromarketing is a science to understand the psychology of consumers’ buying activities and preferences. This consumer analysis can be made using Brain scanning and psychological tracking.
The two foremost tools for scanning the brain are fMRI and EEG.
- Functional Magnetic Resonance Imaging measures the changes happening in the brain’s blood flow to examine the consumers’ behavior.
- Electroencephalogram is the only technique which measures the brain activities directly at the speed of cognition. The fMRI technique is expensive to use.
Psychological tracking is a cost-effective tool, this measures eye movement and other activities.
- Eye tracking is associated with visual attention along with the emotional response of the customers.
- Facial tracking includes various aspects like heart rate, respiration rate and the skin conductivity.
- Biometrics will measure the customers' engagement with positive or negative responses.
- Facial coding is used to measure facial expressions like fear, anger, happiness, surprise and so on.
Examples of Neuromarketing
- Paypal - It used brain waves to understand that customers’ relied more on speed than safety and security. For this, Paypal implemented an effective ad campaign.
- It is observed that customers’ brains work on various factors. Once a researcher's team tested by serving Pepsi and coca-cola with fMRI technique. The response from the customers’ was plain and harmonious. On the other hand when they recognized the brand the brain started responding with various emotions and expressions.
- Another team of researchers served the customers’ with three different wines with different price tags. Though the taste of the wines were the same but because of the different prices, the customers’ started thinking differently. The researchers could observe two different calculations before and after the prices were displayed. This experiment was again based on the fMRI tool.
- Creating good web design will lead to quality improvement and trustworthiness. This was observed when customers were asked to rate a webpage on the quality and trustworthiness. Irrespective of time taken by different customers’ maximum of them were driven by good web design. The creative design will attract the customers and also increases the confidence within the customers’
- Everyone of us likes to listen to stories, doesn't it? The London University compared the audio and video for a combination of movies/ books and the result was only 15% of people showed the internet in the video part and there was shockingly more votes for audio/podcast. By listening to the audio the emotions of the customers’ rose.
- Yahoo - Yahoo wisely used neuromarketing technique that is EEG. It showed happy faces in enjoying mode in a 60 seconds TV Commercial. This was a ad campaign to stimulate audience across the world. The neuro test was successful as emotions and different thoughts attracted more audience into search engine.
- Hyundai - This company too used EEG technique of neuroscience to examine its designs. Hyundai allowed audiences to get to know about their car prototypes. By this the company understood the choices of audiences and changed some external design according to audience preferences.
Neuromarketing is a fast flourishing technology to rocket our profits by analysing the brain’s response to various factors. It gives insights into consumers’ brains based on their preference and choices. Neuromarketing is a scientific dimension to the marketing and advertising part.
How useful is Neuromarketing to understand consumer Insights?
Neuromarketing helps to understand consumer’s emotions, behavior and cognitive states. This technology complements traditional marketing.
What are the applications of Neuromarketing?
The common applications are Branding, Advertising, product testing, packaging, Point of sale and many more.
What are the techniques used in neuromarketing?
Techniques used in Neuromarketing are:
- Eye tracking
- EEG or fMRI
- Facial coding
- Mind tricks
- Sensory marketing.
When was Neuromarketing introduced?
The research in this field started back in the 1990s. Gerald Zaltman is the first person to begin the experiments associated with neuromarketing.