Neuromarketing applies neuroscience and marketing to help brands understand consumer’s psychology and rationale behind their decision making while purchasing and their responses to marketing communications.
Neuromarketing uses various methods like fMRI (functional magnetic resonance imaging), EEG (electroencephalography), and biometric tools like face and fingerprint scanners to record consumer’s responses to an advertisement, brand elements, etc.
Benefits for marketers
- Successful marketing strategies- When we understand what resonates with our target audience, it is imperative to understand consumer psychology when exposed to various stimuli.
- Fewer product failures- While launching a new product, we have to decide on the brands positioning that will dictate all the future marketing and promotional campaigns. We can understand consumer sentiments through various qualitative marketing research and position our brand. We can design our brand elements and marketing communications around those sentiments to strengthen our message.
- A different viewpoint- Sometimes, we value our opinions so much so that we think what we are doing is absolute, but as marketers, it is essential to see what other views are. Neuromarketing tools provide answers to the questions backed with scientific data.
It can be expensive to conduct neuromarketing research. It requires various high-end tech the cost to operate a lab where experiments can take place.
Neuromarketing can’t replace traditional marketing methods but complements it and helps us complete our consumer profile. It allows us to formulate our communications that will emotionally appeal to the target market.