What is Neuromarketing? Advantages of Neuromarketing

Neuromarketing is the study of the mind of the consumers with the help of using medical technologies to study the response of the brain of the consumer towards the marketing stimuli.

What is Neuromarketing?

Neuromarketing is new in the field of marketing and helps marketers to research on the behavior of the consumer in order to improve the marketing strategies that are applied especially in the field of selling and advertising. It is first emerged and adopted in the year 2002 by the advertising and marketing professionals.

Neuromarketing uses such effective methods which directly help in probing minds without demanding or any kind of participation of the consumer. Now a day’s marketing professionals are spending large amount in the field of advertisement to capture the mind of the customers and know the facts to live in their subconscious mind therefore with the help of neuroscience it becomes possible to innate in the cognitive, sensorimotor and affecting response regarding how a customer use to select a product or service with the help of strategizing different marketing activities.

Neuromarketing suggests that both emotional and rational thinking exists at the same time. Just like the neuroscience which helps in gathering information regarding the function and structure of the brain. The process of neuromarketing contains several mechanisms related to neuroscience like decision making, reasoning, memory, emoting, etc. before buying a particular product.

Usage of Neuromarketing

Neuromarketing helps the organization to built brand positioning and loyalty. Emotions lead to the attention of the people and this may lead to the satisfaction or dissatisfaction of the customers. The phenomenon leading to satisfaction or dissatisfaction of the customers exists for the short term as there are many surveys conducted that resulted that even the consumers who are satisfied are walked away and those who are satisfied may be returned after some time.

Neuromarketing help in reducing failures related to marketing and help in enhancing the success of marketing in a positive way. Now a day’s spending a large amount on the advertising campaigns .it will lead the marketing professionals to monitor the need of the brain with the help of scanning in order to judge which part of brain is responding or active while watching advertisement ,if it fails to be responsive then the advertisement is failed in the test.

The responsive advertisement is intended to include excitement, passion, humor, emotional attachment, etc. to light up and become responsive to unconscious thought.

Techniques used in neuromarketing strategies

a) FMRI: – (functional magnetic resonance imaging)

It is used to measure the activity of the brain with the help of detecting the level of oxygen in the blood flow when the brain is active it requires more oxygen.

b) MRI (Magnetic resonance imaging):-

It is used to detect brain tumors and help to understand how the human brain processes and understand messages being transmitted by the content of the advertising.

c) EEG (Electroencephalography):-

It measures and records the electrical activity of the brain.

d) MEG (magnetoencephalography):-

it helps in giving information about the brain activity with the help of using magnetic field .it is used to measure direct brain activity, unlike fMRI.

e) SST (steady state topography):-

It is used to record and measure the activity of the brain .it is having a high temporal resolution which helps to make it possible to use steady-state topography in the test of neuromarketing which is concerned with the advertisement on TV.

f) Respiratory rate:-

It is the number of times a person takes for 1 minute.

g) Heart rate:-

It is the count of heartbeats taken place for 1 minute. Pupil meter is a device which is used to measure the dilation of the pupil with respect to the visual stimulus.

h) Galvanic skin response or skin conductance:-

It is used to detect the changes being occurred on the skin depending on the level of moisture.

I) Eye tracking method:-

It is a method in which eyes are tracked where they are focusing.

j) Voice Analysis:-

It helps in measuring psychophysiological stress that comes out of the voice with respect to the vocal cords to such stress.

Examples of Neuromarketing

As to illustrate on neuromarketing one of the famous beverages-soft drinks named “Pepsi and coca cola” Both of these beverages are identical but what works in order to choose from these two products is their brand preferences which are brought up with the help of neuromarketing. Researchers found that although both of these products are similar even then customers use to consume one over the other product.

Then researchers investigate and found that cultural messages lead to guide our perception of products which resultant in changing buying decisions. One experiment is done blindfolded and other is done by knowing what beverage was what and with the help of which researchers observe their brain activity.

When the volunteers were unaware of the fact that which beverage they are consuming, fMRI measured activation of the ventromedial prefrontal cortex which is considered as a reward center when they drank Pepsi.

However, when the volunteers are aware which beverage they are consuming then the scan showed that the brain activity initiates in the hippocampus, midbrain and dorsolateral prefrontal cortex (which is meant to be center of memory and emotion) in the favor of coke based on emotional connection or nostalgia. People like the taste of Pepsi but they are more inclined towards coke.

From these results, researchers found that coke was preferred and is influenced by the brand image rather than its taste. For maintaining the brand loyalty memory and emotions plays an important role.

Advantages of Neuromarketing

The better understanding of customer behavior: with the help of filling gaps between neuromarketing is a tool which helps in highlighting blind spots which are left by using traditional methods while doing marketing research. Therefore it helps in understanding the behavior as well as their insights.

To simply explain neuromarketing it is something like if a customer plans to drink a tea and after reaching café orders black coffee.

Neuromarketing not only derives data from information provided with the help of survey answers but also observes eye movements, facial expressions, shifts of the mouse cursor, etc. which comes out from the unconscious mind help in determining desires which are true rather than consciously questioning and answering in a controlled manner.

It acts as a Value for money: with the new digital tools and techniques, it is helpful in lowering the price of the research by providing quality of the insight .today through the software tools available online today providing depth and quality of insights which is available in lower price.

It provides improved reliability of results: neuromarketing reaches out to the unconscious mind of the customer. It helps in understanding the reactions taking place in the subconscious mind of every customer as mind functions universally the same. With the analysis of doing such reactions lead to comprehending the decision-making pattern of customers.

Customers can easily lie in the state of consciousness but brain cant able to lie, as it can’t control unconsciousness of the brain. It is very helpful in determining reliable data by getting true reactions to the product.

Linking content to the physiological reactions: with the help of establishing links between physiological reactions and particular videos of the moments. Elements related to the website, design of packaging, etc. and measurement of emotions provided through the reaction of customer leads to improve those parts which lack or indulge in provoking negative feedback.

Disadvantages of Neuromarketing

Ethical concerns: some people think that it is getting inside in the brain of the customer but the reality is this that neuromarketing use to do what a psychologist does. It helps in learning patterns and outcomes of behavior not more than that.

Specific skills are required: the more specific skills lead to the higher achievement of insights. In the past, it is required to have a scientific background but now it so easy to understand the reports with the advancement of technology.

Equipment is expensive: neuromarketing and the related cost are expensive.

Lack of privacy: the individual is not insured from leakage of data.

Due to the changing lifestyle and living standards, it is essential for marketers to know and capture the subconscious mind of the customers. In order to fulfill the demand of the customers, it is required to make product preferably inclined to the customer needs.

Therefore neuromarketing is necessary as it is known as the branch of the neuroscience .it helps researchers with the help of using medical technologies to know the reactions of the consumer regarding particular brands, advertisement or slogans related to it.

With the help of measuring the activity of the brain i.e. what the consumers are thinking when are confronted with the brand or a product. Sometimes methods which marketers use to seduce without even when we are knowing it but in the recent future it may be possible that this may be used in a wrong way if this tool is operated in a wrong manner.

Since it is directly related to research on the activity of the brain which is universal hence every now and then ethics will be questioned. neuromarketing is expensive and it will actively discourage in the near future for those who want to explore this area.

It is required to have the proper collaboration of various streams such as neurology, psychology, and marketing. Culture plays a very important role with regard to the behavior which is exhibited by an individual; therefore, using culture and neuroscience will help in making advertising marketing campaigns more effectively and efficiently.