What is neuromarketing?
Neuromarketing is an emerging marketing strategy that uses consumer behavior analysis and neuroimaging technology to uncover the critical factors influencing consumer decisions. The basic idea behind neuromarketing is to take advantage of the fact that most of our mental processes are unconscious and apply our analysis and research to these unconscious processes.
This way, we can improve marketing products and techniques and increase company profits. However, to gain this competitive advantage, neuro marketers must understand consumer behavior and the science of psychology in as many different ways as possible.
The discipline of neuromarketing, also called consumer neuroeconomics, studies the mind to predict and possibly even influence consumer behavior and choice making. Neuromarketing applications include product positioning, point of purchase testing, job asking, image processing, and brain scanning technologies.
Neuromarketing uses brain imaging technologies to study consumer behavior. It is not just a fad. Neuromarketing has been in existence for more than thirty years, beginning at the University of California, Berkeley. Since then, it has gained a reputation as a leader in advancing technology used by advertisers and marketing professionals to get the most from visual information to help them sell more products. Neuromarketing applications have been successfully used by companies like Nike, Jafco, K-Mart, individual advertisers, market researchers, and educational institutions.
Neuromarketing is an emerging trend among today’s top marketers and advertisers. It combines brain scanning and consumer observation to create an insight into human behavior. The results are then used to make better choices for consumers. Some marketers call this ‘neuroplasticity’ — a new way to think about retailing based on how the brain functions.
Neuromarketing uses two main approaches to achieving its results. One is traditional neurological methods, which rely on eye-tracking and face-to-face interviews to infer consumer insight. Traditional neuromarketing is aided by an experienced neuro marketer or recruiter who leverages their neuroimaging and brain scanning experience. They will collect data from your biofeedback session, including what your brain tells you, such as which images and details trigger your emotions or thoughts. They will then decipher your ideas and determine what actions to take based on what you’ve told them.
The other approach neuromarketing uses called brain frequency entrainment. This concept exploits a well-known principle of consumer behavior called the EEG biofeedback. The EEG biofeedback approach essentially measures brainwaves as consumers go about performing a specific task. These brainwaves are then compared to a previous brain wave activity measured. Simultaneously, a person was non-performing any task, and this new activity is compared to the brainwave activity of a person performing a task while doing that task.
The goal of neuromarketing isn’t to replace traditional neurology practices but to supplement them. Neuromarketing relies on two decades of research from neuroscientists and neuropsychologists. They’ve found that through neurofeedback, people can change the way their brains operate and get better results than with more traditional practices, like neurosurgery and neuropsychology. Neurofeedback has been around in one form or another since the 1970s, but it wasn’t until the last five years that researchers were able to study it rigorously enough to publish peer-reviewed journals.
Neuromarketing utilizes advanced brain imaging techniques such as functional Magnetic Resonance Imaging (fMRI) to study the human brain s responses to advertising stimuli and other natural stimuli. With fMRI, scientists can look into the human brain in response to the Difference Between Marketing and Advertising stimuli and get critical insights into how consumers make buying decisions. This type of imaging technology allows scientists to “see” the electrical impulses in every person’s brain when viewing a particular advertisement. With this information, neuro marketers can determine if a specific marketing message is enticing to prospective customers.
The Benefits of Neuromarketing for Business
Neuromarketing can reduce the variability and conjecture that often hamper attempts to understand consumer response behavior. Neuromarketing can be described as studying the human brain and its functions to facilitate customized intervention to improve or create a product or service relevant to the customer.
Neurofeedback is one of the many applications of neuromarketing. Neurofeedback is a form of biofeedback used to assist individuals who suffer from brain injuries or other disabilities. Neurofeedback assists in increasing a person’s biofeedback skills and enhances mental performance. Also, it can help in treating disorders such as ADD/ADHD, stroke, and epilepsy.
To promote neuromarketing, a company must initially establish itself in a market. Once marketers have found themselves, they can begin applying brain-scanning technology to customer responses to marketing materials. Neuromarketing is rapidly moving from being a research technique to a mainstream marketing technique, with more companies using brain scanning and voice recognition technology to understand customer intent and receptiveness.
The two main categories of neuromarketing that marketers are currently using are EEG Biofeedback and fMRI. EEG biofeedback reduces mental stress and anxiety, reduces sleep disorders and insomnia, reduces depression and anxiety, and studies head trauma effects on behavior. Meanwhile, the firm identifies abnormal brain wave patterns that indicate different states, including pleasure, relaxation, and drowsiness. These data are then compared to current customer demographics to identify the individual’s critical states of mind, which marketers refer to as crucial trigger areas.
Neuromarketing incorporates scientific methods of brain scanning and voice recognition technology into the marketing mix. Using this technology, marketers can analyze consumer behavior and formulate special offers that target these vital emotional states. With neuro linguists and consumer psychologists’ help, marketers can analyze a person’s thought processes to determine what they want to buy. This technique proves to be very effective at targeting consumers in ways that traditional marketing techniques have not.
Another exciting benefit of neuromarketing is that it can help marketers discover more about their target audience. By observing consumer behavior, marketers will be able to find areas of strength in their advertising campaigns and develop campaigns that will reach a wider variety of consumers. As a result, they will be able to get more potential customers and maximize return on investment.
In addition to reaching more consumers, neuromarketing can also help marketers improve their reach by targeting more potential consumers with customized messages. Eeg biofeedback offers marketers a unique opportunity to apply these findings from consumer neuroscience to their campaigns. By monitoring how consumers respond to different notices, marketers can fine-tune their messaging to achieve their marketing goals better.
Neuromarketing provides marketers with a new way to analyze their advertising campaigns. Eeg biofeedback is not a substitute for traditional marketing research, but it can supplement and strengthen traditional methods. Difference Between Marketing and Advertising managers can analyze brainwave patterns and behavioral responses to advertisements from an entirely new perspective.
One of the most exciting things about neuromarketing is the potential for it to revolutionize how marketing works. According to Cerf says, “Just like music, human behavior is affected by the pulse of emotions. When we’re happy or sad or frustrated or angry, our brains send a message to our bodies. However, some of those messages are not necessarily meaningful. Marketing has to take that information and translate it into targeted offers that make sense to the customer’s experience.”
Traditional advertising has historically been designed to identify a “problem” a consumer is trying to resolve. On the other hand, neuromarketing focuses on understanding how a person’s response to a product affects the outcome. Traditional advertising methods often fail to consider the effect the emotions a person is feeling have on their buying decision-neuro scientists have developed a new way to evaluate how they react to a product based on their responses. According to Cerf says, “We believe the power of neuromarketing is going to be fundamental in changing how advertisers think about brand design and personal branding.”
Cerf continues, “This is one of the first applications of brain scanning and voice recognition technology in this business. The next step is to run a trial with a large group of people. Right now, we’re at the beginning of technology. We need to do more studies and focus on gathering data from a large group of people to make sure that this concept is not only valid but effective.”
Career In Neuromarketing
Neuromarketing has become one of the most lucrative niches on the Internet. It is becoming a lucrative choice for people with a professional desire to combine science and business. If you’re interested in the neuromarketing industry, you may be wondering what it takes to get started. It’s not difficult to understand how neuromarketing, the science of brain-based marketing, has become so popular as a niche. Here are some of the basic steps to setting up a career in neuromarketing:
- Become an expert in a specific area of neuromarketing. There are many concentrations of concentration. Marketing specialists will focus on fibrillation detection, audio signal processing, or perhaps the science of EEG biofeedback. Neuroimaging scientists and neuromarketing marketers alike can find success in a specific focus.
- Develop a background in a related area of interest. Many marketers have experience in areas such as marketing, advertising, or consumer behavior. By focusing your learning efforts on a specific niche, you will give yourself the chance to learn more about the methodology and theory behind neuromarketing and fMRI. You’ll gain insight into what strategies are currently working for marketers, what hasn’t been working, and what methods are expected to be revolutionary in the future. Being knowledgeable in a relevant field will also help your prospects appreciate the information you present to them.
- Investigate and familiarize yourself with the science of brain scanning. Neuroimaging is one of the most important processes associated with neuromarketing. This technique helps marketers understand what parts of the brain are processing data, which can help them target specific marketing materials based upon which regions of the brain are working. Brain imaging techniques are available in most research labs. Spend some time researching how and why this technology is beneficial to advertisers and marketers.
- Investigate the field of neuroethology—the field of neuromarketing studies how the human brain processes stimuli and functions. Neuroethology professionals study how the brain’s electrical systems react to various stimuli. Neuromarketers utilize technology to monitor and measure brain waves while a customer or marketer is engaged in a brain-scanning experiment. Marketers and advertisers will benefit from this understanding of how the brain scans of a person functions.
- Investigate the neurological basis of pain. Many neuromarketing companies use pain as a marketing tool. They measure individuals’ brain scans as exposed to various pains, such as cuts or headaches. Based upon the results, advertisers create marketing campaigns that reduce pain. The goal of these campaigns is to alter a person’s perception of pain. Neuromarketers may also perform psychological studies on individuals to determine their attitudes toward pain and its treatment.
- Investigate traumatic brain injury. Neuromarketing companies often perform neurofeedback and brain imaging tests on clients with TBI. When a person is in the hospital after receiving a TBI, it can take several months to recover from the injury. During that recovery period, the brain constantly uses the body’s proteins, but it no longer has the proteins it used when healthy. These deficits make TBI’s more challenging to treat and can make a person misses out on quality life because of a damaged brain.
- Determine the impact of a drug on the body’s neurotransmitters. Neuromarketing uses neurochemicals to identify which neurotransmitters are low and which are high. The company then suggests a patient’s treatment based on how those neurotransmitters are affected by the drug. Neuromarketing uses cutting-edge technology to help with this process. The science of neuromarketing is a complicated one. But the companies behind it are doing something right to help medical professionals save time and money in the treatment of brain injuries and illnesses like Alzheimer’s.