Article | August 10, 2020
Whether you’re just setting off in your career in public relations or you’re looking for a change in your communications career path, your PR journey can take many shapes and forms. From setting your sights on a particular brand or industry to joining a large company or startup, the possibilities in PR are endless.
Article | August 10, 2020
The biggest challenge in B2B marketing is to understand the consumer’s preferences and perform accordingly. Marketers found that the consumer’s mind changes arbitrarily towards making decisions.
Neuromarketing has become a boon for marketers. It is a part of marketing that assists in understanding consumer’s brain responses with the help of specialized medical equipment while making decisions in purchasing.According to Mordor Intelligence, the neuromarketing market value was USD 1,158.37 million globally in 2020, and it is expected to be USD 1896.1million by 2026.
Emotions, thoughts, actions, consciousness and insights are the essential components of the human brain that play a crucial role while making decisions.
What is Neuromarketing?
Neuromarketing is a strategical approach to understanding the human brain and behavior towards advertising. It is possible by studying sentiments with the help of medical equipment. North America has become one of the most prominent countries utilizing neuromarketing to comprehend aspects of customer satisfaction. They also utilized it to perform customer behavior investigations and modernize technology.
How Does Neuromarketing Work?
Neuromarketing is an expensive strategy that requires advanced technology to execute in a result-driven manner. So let’s dive deep into the digital transformation of neuro marketers' strategies to perceive consumers’ sensorimotor, cognitive, and affective responses.
Functional magnetic resonance imaging(FMRI)
FMRI calculates brain functions. It identifies blood flow in the brain connected with increased neural activity. Thus, it helps to discover consumers’ emotional and behavioral responses. FMRI is highly effective in finding out consumers’ engagement with the respective brand. Thought, speech, sensation, and movement can easily be examined through FMRI.
EEG is a non-invasive electrophysiological method where EEG electrodes are put down all over the head to identify electrical activities of the brain. EEG can’t examine a single neuron; it requires neuron networks to experience more brain activity.
Facial Action Coding System
Facial action coding analyzes human instant action and emotions such as anger, happiness, sadness, etc. Neurologists believe that examining different facial muscles assists in understanding consumers’ behavioral activity.
Biometric is an enormously powerful and instructive research medium to examine skin conductance, eye tracking, etc. It helps to understand what grabs consumers’ attention, confuses them, and recalls them. Biometric research allows marketers to improve their designing process, ads, packaging, branding, etc.
Benefits and Challenges of Neuromarketing
Neuromarketing provides a new view to marketers. It allows marketers to be more attentive to their brand image, such as logo, branding, designing, etc. In addition, it helps marketers to approach the audience with the emotional and desired content that can easily capture their attention and convert them into long-term customers. With the help of neuromarketing, brands understand the decision-making process of consumers and act accordingly.
Undoubtedly, there are innumerable advantages of implementing a neuromarketing strategy, but there are some challenges. One of the biggest challenges is having top-notch quality medical equipment. Without having specialized medical equipment, it isn't easy to get reliable data. In addition, marketers are also facing a scarcity of veteran neurologists.
Valuable Statistics around the Neuromarketing
The US market research industry is one of the most prominent industries. According to the Mordor Intelligence survey, the industry produced approximately USD 47 billion in revenue. Behaviors analysis,consumer gratification, and media audience measurement were the essential components of projects.
As per the report of 360 market updates, the neuromarketing technology market size is forecasted to reach US$ 63 million by 2027, from US$ 31 million in 2020. The same report also says that neuromarketing technology is evolving and researching different parameters to know more about brain response.
Walker did a study;86% of buyers will pay more for a better customer experience. It shows that the marketing strategy needs to be created so that consumers take it positively.
If the company’s customer service is exceptional and provides personal attention to the customers, approximately 78% of customers will remain with the company after a mistake found by Salesforce Research.
According to the report of Microsoft, about 90% of Americans believe that customer service is an essential part of deciding whether or not to do business with a company.
These statistics indicate that the different industries are entirely focusing on enhancing customer experience in every aspect. Naturally, therefore, they are investing in neuromarketing.
The demand for neuromarketing is exponentially increasing, and different industries,such as BFSI (Banking, Financial Services, and Insurance), retail, scientific institutions, digital solutions, etc., are paying attention to it. As a result, it has created various opportunities for marketers to discover more and more about marketing tactics.
Eminent businesses that adapted neuromarketing consider it the most effective, significant, and result-driven advertising strategy to enhance customer experience by understanding their expectations, behavior, and decision-making. These factors help brands to understand consumers in a better way and build robust connections with them.
Frequently Asked Questions
Which are the industries investing in neuromarketing?
Education, retail, pharma, science and technology, etc., are the industries capitalizing on neuromarketing. Other industries are also leaning towards neuromarketing.
What are the significant advantages of neuromarketing?
Neuromarketing assists in understanding the customers’ requirements and perform accordingly. It also helps to drive positive ROI.
What are the essential neuromarketing tools and techniques?
Functional magnetic resonance imaging, Electro-encephalogram, and Biometrics are the essential neuromarketing technique that helps neurologists to understand consumers’ behavioral activity.
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Article | August 10, 2020
Marketing is all about experimenting to see what works and what doesn’t. This can be frustrating for someone (ahem, me) who wants quick results. Unfortunately, you don’t know until you try.
Like a good marketer, I’ve different marketing campaigns and tactics over the years. Five completely failed: Doing live video (trolls suck), answering queries on HARO (zero results), offering free audits (note to self: people run from the word “audit”), advertising on LinkedIn (no need if you’re active on the platform) and using a social media dashboard (total time-suck).
Could those tactics work for you? Sure. But they didn’t work for me.
Marketing campaigns that have been successful
Marketing is a short-term expense and a long-term investment. You’ll know if a marketing campaign is working if you see a steady increase in results over six months. If you get to the six-month mark with nothing to show for your efforts, it’s OK to pull the plug and try something new.
On the other hand, something could work great for months or years – and then fall off a cliff (looking at you, Twitter chats). It’s so disappointing when that happens, but it happens – to all of us.
Around five years ago, my friend Nicole Krug floated the idea of creating videos together. We worked together all the time, got along famously and were (are) comfortable in front of the camera. “Why not?” I thought. “This could be fun.”
It still is, which you can clearly see when you watch any of our videos.
Five Business Rules is still a rather small YouTube channel, but man, the people who watch the videos LOVE them. And yes, it has brought us clients. (This proves that you don’t need to have a huge audience on social media. You only need to have an engaged audience.)
Actively using LinkedIn
My marketing agency is B2B, which makes LinkedIn the best social media channel for me. It’s where my current and potential clients hang out and, importantly, want to learn more about business-related topics.
Are they on Facebook and Instagram, too? Probably. But they don’t want to hear my thoughts on, say, how to measure your blog’s success when they’d rather watch a video of their cousin’s new baby or gape at over-styled charcuterie boards.
The key to LinkedIn marketing success is being social. At least once a week, I scroll through my feed. I react to or comment on what people are posting. I usually read other comments, and I might respond to what someone else posted.
If I really like what I read, I share it with my network.
When someone comments on my latest article or post, I thank them. I get a fair number of direct messages, and I always respond – even if the opportunity is not right for me. It’s just the polite thing to do, and it only takes five seconds.
I also use LinkedIn to grow my network. Whenever I reach out to someone, I include a note reminding them how we met or explaining why I’d like to connect.
And yes, it’s a great lead generation tool for me.
Sending a monthly email newsletter
A relevant, interesting and short email newsletter remains one of the best ways to stay in front of your audience. Even if someone doesn’t have time to read it this month, they’ll see your email and be reminded that you exist.
Since I’ve been emailing a newsletter for years, I have the process down. At the beginning of every month, I put together a newsletter that includes four things:
Two recent blog posts (title and short introduction only)
A recent Five Business Rules video (see above)
A funny meme (it usually involves wine)
The blog posts and video include links so if you’re interested, you can read the full post or watch the video.
My open and click rates average 30% and 4.3%, respectively, which is head and shoulders above the industry average (13.3% for opens and 1.7% for clicks). I attribute this success to three factors:
1. A/B testing subject lines
2. Writing eye-catching subject lines (last month, it was “Yes, alcohol can make you a better writer”)
3. Consistently delivering interesting, and oftentimes, entertaining content
Creating downloadable content
One of the best ways to generate leads is with a free giveaway. Your target market gives you their name and email in exchange for something valuable. For me, that’s in the form of downloadable guides: two ebooks, one checklist and two one-pagers of tips.
When someone opts-in to receive one of these free resources, an automated email campaign is triggered. The emails are short and customized and each one offers something new of value. Once they complete the campaign, we add them to our main newsletter list.
I don’t believe I’ve gotten a client directly from one of these resources, but they have definitely helped me grow my email list. Marketing is a long-term game, and I’m good with that.
Your turn: What marketing campaigns have been most successful for your business?
Article | August 10, 2020
Geotargeting, also known as location-based marketing, allows your company to laser in on the right personas you want to attend your event, with the ability to choose people who live and work in the specific location where your event is being held. Prior to launching an event, you should lock in on the segment of people you want to invite to it. These people should be based in the same geographic region as the event and be the target audience your event is appealing to.