What is Neuro Marketing ?
If we talk about neuro marketing in context to marketing we need to understand what exactly is Marketing. Marketing is in itself a broader version, in absence of Marketing the business world is incomplete. Marketing not only selling of goods and services to the people but it is all about delivering value to customer for which they agreed pay.
MARKETING = Delivering value to the customer
Moreover if I talk about current scenario of market, the Marketing is all about understanding your prospect customers and existing customers for delivering them the value for money in form of goods and services which they are willing to pay.
MARKETING= Understanding customers ( Prospect and Existing)+Delivering them the value for money paid by them.
The neuro marketing in context to marketing is refers to the psychological and neural signals to understand insight into customer motivation, preference and decisions to purchase the product. It helps the business world to form creative advertisement, product development, pricing and other other marketing areas which influence the customers to purchase the product. The field of neuro marketing which is known as “consumer neuro science” is the study of consumer brains to predict and potentially even manipulate the consumer behaviour and decision making.
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The marketer still struggle with it ,whether it is sensible to invest in it or not? What are the tools to be used while doing neuro marketing study on customers? How if it is successful? The marketers are need to understand the technique and tools for using neuro marketing in their business.
Tools Used for Neuro Marketing:
Neuro Marketing is new in marketing field that uses the medical technologies to study human brain and their response to the promotional strategies related to different brands.
Neuro Marketing is important to every businessman to understand the consumer behaviour. They must understand how to apply psychology.
The three primary tools used for scanning are:
- EEG (electroencephalogram)
- Eye Tracking
- fMRI (functional magnetic resonance imaging)
The fMRI (functional magnetic resonance imaging) uses strong magnetic fields to track changes in blood flow across the brain and is administered while a person lies inside a machine that takes continuous measurements over time.
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An EEG (electroencephalogram) reads brain-cell activity using sensors placed on the subject’s scalp; it can track changes in activity over fractions of a second, but it does a poor job of pinpointing exactly where the activity occurs or measuring it in deep, subcortical regions of the brain (where a lot of interesting activity takes place).
Eye tracking can measure attention (via the eyes’ fixation points) and arousal (via pupil dilation); facial-expression coding (reading the minute movement of muscles in the face) can measure emotional responses; and heart rate, respiration rate, and skin conductivity measure arousal.
The business schools started researching about the measurable impact of advertising, branding and other marketing tools on the human brain.
Exhibit:1
Why Consumer Buy /Purchase
Exhibit:2
The industry’s commodity products are grounded in a theory of “why consumers buy” that is out of date and unrealistic in light of new findings from the brain sciences. Its methods, products, and services need to be upgraded to incorporate these new learnings and insights.
In context to above statement and Exhibit 1 and Exhibit 2 lets understand the working of human brain in reference to the advertisement and other marketing strategies.
The functioning of our Brain is divided into three parts New Brain ( Rational), Middle Brain (Emotional),Old/Reptilian Brain (Instinctual).
The Reptilian Brain works on six stimuli self-centred, contrast, Tangible, Beginning and End, Visuals and emotions. Now if we consider self-centred the reptilian brain is centred to self, no patience, Empathic, selfish.
The Old brain is reacts to the contrast like:
- BEFORE/ AFTER
- RISKY / SAFE
- WITH / WITHOUT
- SLOW / FAST
The old brains are looking for tangible inputs like unbreakable solutions and easy to grasp. It never wants to understand the complicated issue. The optical nerve is physically connected to the old brain and is 25% faster than auditory nerve “ FAST DECISION MAKING”. The visual effects creates a chemical reaction in the brain which impacts the memories information.
Several start-ups in Silicon Valley are working to make brain imaging, in particular, more nimble and less costly. “A portable, affordable fMRI would be a total game changer,” Cerf says. In the meantime, he and others says, the quest to understand the minds of consumers continues at a rapid pace, and marketers should at the least stay abreast of the basic science. “I look at how far the science has come in the past 15 years, and I’m astonished,” Brian Knutson says. “We’ve come so far, so fast. And I really do feel like we’re just scratching the surface.”
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