Thursday, 12 January 2012

Neuromarketing:The next big trend

Neuromarketing : The next big trend

 It’s all about neuronal connections embedded in our three-pound brain.
It is basically an application of Neuroscience- the science related to understanding the functioning of brain, in marketing.

Although expensive, it is pregnant with the promise to fully understand consumers’ decision making process while shopping. Scientists, Neuroscientists to be specific, say that close to 80 percent of the human emotions that slosh around in the approximately 3x1011 neurons in the brain, are rooted in the unconscious which are inaccessible to our direct, conscious introspection. Hence the participant filling a questionnaire, despite his best intentions, is himself not aware of the rationale behind preferring a particular product. They miss out the activity of the bio-chemicals in the brain which plays a significant role in choosing a brand. Advanced technologies like fMRI, magneto-encephalography, and more conventional electroencephalograms (EEG) can do exactly what the conscious mind of the participant misses out.

Every new product launch, ad campaign or package design takes significant research, time and resources to ensure success, but not every launch is successful. Suffice it to say that guess work plays a part to determine: Will it grab attention? Will it be memorable? Will it engage emotionally? And most importantly, will it drive purchase intent?

Taking the guess work out of the equation prior to launch is a marketer’s dream, which is now a definable reality with quantifiable results. Just recently the notion was put to the test to see if neuroscience could be used to help a magazine sell more copies. And the results were enlightening.

Neuromarketing is increasingly being used across numerous industries worldwide to help companies improve their product development, package design and marketing efforts, but this is the first time it has been used by Brand Diagonal.

Having sales success in a competitive environment such as a crowded newsstand carries real meaning for manufacturers, marketers, and retailers. Full-brain neurological testing provides a deep dive into consumers’ subconscious minds, where product trial and purchase decisions are made, and where brand loyalty is formed. This study shows that neuromarketing capabilities can deliver at the cash register.

Thanking you

Atul Sikrai
Brand Diagonal.

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