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Neuromarketing is a method used to figure out if commercials or products trigger positive cerebral reactions.
Neuromarketing is an approach to commercial marketing communication which uses neuropsychology.
It is used for observing affective and cognitive reactions to marketing stimuli, consumers' sensorimotor, and market studies.
Neuromarketing is a costly method. It makes use of sophisticated technology and equipment. This includes the electroencephalogram, motion capture for eye-tracking, and magnetic resonance imaging (MRI).
History of Neuromarketing
Neuromarketing combines equipment and strategies from neuroscience and psychology. "Neuromarketing" was coined by various researchers in 2002. There are studies dating back to the 1990s.
Gerald Zaltman is among the very first to start experimenting with neuromarketing.
Gerald Zaltman (US), as well as Gemma Calvert (UK), had set up consumer neuroscience firms in the late 1990s.
Zaltman, a professor of Marketing, came up with the Zaltman Metaphor Elicitation Technique (ZMET). This was patented in the 1990s for advertising sales.
“Neuromarketing" was first seen in a publication in 2002. It was part of the Master Thesis of Associate Professor Philippe Morel.
Concept of Neuromarketing
Gathering data to see how a market reacts to a product is how firms start marketing a product.
People's decision-making process in the brain happens both consciously and unconsciously. The study procedure collects explicit (or conscious) feelings.
It cannot gather the implicit (or unconscious) feelings of a customer. Non-conscious information has an enormous influence on the decision-making process.
After behavior and cognition in humans were more well understood, social sciences and biology were also used to develop Neuromarketing. Thus, Neuromarketing helps in understanding customers.
Neuromarketing field integrates neuroscience, psychology, and marketing
The studies are done to understand inherent impulses and, thus, customer behavior. Non-invasive techniques help gauge brain activity.
Electroencephalography (EEG), magnetoencephalography (MEG) and functional magnetic resonance imaging (fMRI), eye tracking, electrodermal response measures, and other neuro-technologies are among the tools employed.
Studies observe and note customer reactions when they confront products and/or similar stimuli. This data is then used by marketing researchers to identify whether commercials trigger positive feelings in the brain.
Neuromarketing Tools
Various neuroscience tools are used for researching customers’ behavior and decision-making.
Customer neuroscience equipment generally consists of tools that can observe critical physiological functions (e.g., heartbeat, blood pressure) & reflexes (e.g., pupil dilatation).
Such equipment displays data about impressions, positive and negative feelings, and positive and negative reactions in the face of marketing stimuli.
Consumer neuroscience equipment is grouped into three according to the kind of measurements: (1) Self reports and behavioral, (2) Physiological, and (3) Neurophysiological.
Types of equipment employed for customer neuroscience studies are EEG, fMRI, fNIRS, ECG, ET, GSR, and fERS.
In customer neuroscience studies, EEG is regularly employed.
Limitations of Neuromarketing
Neuromarketing cannot be a substitute for conventional marketing techniques. It should instead be used along with conventional tools. This gives a much better understanding of the customer's profile.
Neuromarketing helps one understand the inherent motivations of a customer. However, explicit factors that influence attractions and decisions for customers must be studied as well.
Neuromarketing is constrained because conducting studies can be expensive.
Studies need many tools, like eye-tracking, facial coding, biometrics, EEG, and fMR. These help study customer reactions and triggers. Renting or buying these tools is expensive. There are also charges for renting labs etc.
Neuromarketing Example
Frito-Lay used Neuromarketing to make Women to Snack More. Frito-Lay released baked versions of all their snacks in 2009. These include Cheetos, Doritos, Lays, Smartfood, etc. This was done to create healthier products for women.
The firm observed that a female audience consumes double that of a male audience. Nevertheless, its consumers were primarily men.
Women preferred salted products only 14% out of overall consumption. PepsiCo firmed tried to find the reason.
This video is on Neuromarketing and it has the following sub-topics.
Time Stamps
0:00 Introduction to Neuromarketing
0:15 What is Neuromarketing?
0:50 History of Neuromarketing
1:31 Concept of Neuromarketing
2:45 Neuromarketing Tools
3:33 Limitations of Neuromarketing
4:13 Neuromarketing Example
