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Neuromarketing has a lot of future

Neuromarketing has a lot of future

January 24, 2024

Humans are not thinking machines that we feel; we are sentimental machines that we think . This statement by the Portuguese neurologist António Damásio illustrates very well our way of deciding when to choose any option.

And is that our choices are not entirely rational, since they are taken mostly by the part of our oldest brain, the so-called reptilian brain. This one is in charge of the primary vital functions and the survival instincts, and it was developed by our ancestors millions of years ago for what is preverbal. That is, he does not understand complex messages, so he prefers images to words.

We think that we are rational beings, that we make the best decisions economically speaking. Nothing is further from reality, due to the emotional bias to which our decisions are subject and which also extends to the field of purchases. Therefore, any slight difference in a product or service (and in the way of selling it) will cause our reptilian brain and therefore we, we lean towards a certain option.

With a market of products and services so saturated, it is estimated that 80% of new products fail in their first three years of life. Having a perfect marketing mix as indicated here, is key to success. But this does not guarantee 100% success, an issue that leads the marketing experts who fail to understand the real reasons for the fiasco.

To try to understand consumer decision making, researchers have used decades of different market research techniques such as group dynamics, surveys or interviews. However, these methods have been quite limited in predicting the success of any campaign, mainly because we now know that decisions have subconscious processes that can not be detected in this type of studies. Because to know what consumers want, you do not have to know what they say, but what they feel, and in this task neuromarketing has begun to play a fundamental role .

The role of Neuromarketing in consumer behavior

One proof that we are not rational beings is the neuromarketing experiment conducted by the California Tech Institute. It was administered to different people came from 5 different bottles, but there were two pairs of bottles with the same wine, that is, three different types of wine. However, the bottles with the same wine were labeled one with a lower price and another with a much higher price. The individuals had to assess the quality and in turn they were connected to a brain scanner. The conclusion of the study was that the price of wine activated more the part of the brain related to the sensation of pleasure .

This study, and others that we showed you in a previous post, show the importance of knowing the brain reaction to the stimuli that we receive to determine if these will really appeal to the emotions of the potential consumer. For this, neuromarketing, which has been defined by Lee et. Al (2007) as the application of neuroscience methods to analyze and understand human behavior in relation to markets and exchanges, has various tools.

Among the most used are electroencephalography (EEG), magnetoencephalography (MEG) and functional magnetic resonance imaging (fMRI). It should be noted that fMRI is the tool that best maps brain structures involved in emotional reactions. What this tool does is detect the change of blood flow in different areas of the brain. This is interesting because the higher the blood flow, the more activity in that particular area.

It is becoming imperative to master this technology in order to achieve campaigns that truly segment the market and offer consumers what they really want and not what they say they want. Undoubtedly, this is a very powerful tool, which when used in the right way ethically and morally, can help marketing to become closer to being a more exact science. There are already companies in Spain such as Science & Marketing that are exclusively dedicated to this activity, and sure in the future will emerge more in this budding market .

Bibliographic references:

  • Calvert, G. A., & Brammer, M. J. (2012). Predicting consumer behavior: using novel mind-reading approaches. Press, IEEE, 3 (3), 38-41.
  • Dapkevičius, A., & Melnikas, B. (2011). Influence of price and quality to customer satisfaction: neuromarketing approach. Science-Future of Lithuania / Mokslas-Lietuvos Ateitis, 1 (3), 17-20
  • Lee, N., Broderick, A. J., & Chamberlain, L. (2007). What is neuromarketing? A discussion and agenda for future research. International Journal of Psychophysiology, 63 (2), 199-204.
  • Morin, C. (2011). Neuromarketing: The new science of consumer behavior, editorial. Society, 131-135.
  • Roth, V.(2013). The Potential of Neuromarketing as a Marketing Tool. Bachelor Thesis Conference, June27th, Enschede, The Netherlands, pp. 1-16

Neuromarketing | The Future of Digital Marketing by Webiotic (January 2024).

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