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With the advancements in information, almost everything has revolutionized.
NEUROMARKETING is one such development in the field of marketing research, which has totally transformed the conventional procedures. Neuromarketing is a formal study of the human brain’s responses to advertising campaigns, and modification of those messages based on feedback to cause better responses.
Marketing researchers use functional magnetic resonance imaging (fMRI) and electroencephalography (EEG) technologies to measure certain types of brain activities in response to advertisements. This information gives marketers an idea of consumers’ decision-making processes, behaviors and to figure out the key motivators behind those decisions.
The idea behind neuromarketing is to avoid the biases in the research process which mostly occur due to misinterpretation of facts, likes, and dislikes of consumers. It has been estimated that 95 percent of all thoughts occur in our subconscious minds, which cannot be measured by traditional research methods. So it was a dire need to come up with something which could measure and assess unexpressed thoughts and opinions of consumers which play a key role at the time of purchase.
Just like any other new and emerging technology, neuromarketing is a bit costly. An fMRI machine can cost as much as $5 million and an almost double amount is required to install this machine. This is the reason only a few large companies and organizations have adopted and used this method in their research processes yet. The top companies which are using this technique are Microsoft, Google, and Frito Lay.
Neuromarketing is a very flexible and adaptable method to regulate consumer choices and loyalty towards a particular brand. The reason behind is, this method can be applied to any individual who is aware of a particular brand or product. The main focus of marketing is to make a positive and memorable impression of the brand in the mind of the target audience.
Neuromarketing not only measures those impressions but also helps the manufacturers and company owners to adjust and change their products and services as per the subconscious needs of the consumers, which mostly remain unexplained during traditional research processes.
A neuromarketing campaign is purely person intensive and focuses keenly on the test subjects of individual marketing. In the end, fMRI and EEG machines monitor the brain activity of the participants before, during and after the neuromarketing techniques exposure. Some other physiological sensors may also be used during the procedure like heart rate, breathing etc.
An electrochemical reaction takes place whenever a brand or product is introduced for the first time to the participants. Brain cells of the participants recall everything they know about that product and subconscious mind starts to process it and respond before the conscious mind. All this occur in the course of a single second. The neuromarketing is mainly concerned with that single second when the response is formed.
After that, new information is introduced to the brain in order to compare it with the already known information and to develop and express conscious opinions about the product. This opinion is compared with the information already compiled in the first stage.
The neural and sensory data helps the marketers to develop and adjust the campaign further so that consumer engagement and memory retention can be enhanced and the ultimate marketing goals can be achieved.