How To Overcome The 5 Biggest Retail Challenges Of 2020 With Premium Loyalty

How | February 19, 2020

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At a time when customers have more choice than ever before and are heavily influenced by factors like subscriptions and instant gratification, it’s more important than ever to put your customers at the center of your loyalty strategy and differentiate your brand. This guide reveals the five biggest challenges that retailers wil

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Martin Williams

Our purpose is single-minded. It is to invite and inspire participation between brands and people. In simple ways. In deep ways. Sometimes organically. Sometime spontaneously. And sometimes in the most carefully orchestrated ways imaginable.

OTHER ARTICLES

The 6 Best Digital Sales Prospecting Techniques

Article | October 14, 2020

A full sales pipeline is a goal for many organizations. But the reality is that it can be difficult to keep the pipe flowing, especially with high quality leads. For most sales reps, prospecting likely isn’t their favorite part of the job. It takes a lot of time and effort to identify and develop leads, but prospecting is essential. Without buyers to sell to, there really isn’t any point to having a sales operation. That’s why it’s important for your sales team to have a wide skill set when it comes to prospecting. The more sales prospecting techniques a rep knows, the more effective they are in driving interest, and ultimately revenue.

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Know the Key Trends in Social Media to Attract Potential Customers

Article | October 14, 2020

Developing a website is not enough for any business, active participation is also essential to attract potential buyers. Social media is a platform for the users to interact, create or share their ideas and participate in social networking. A company’s online reputation depends on social media influence. This means that the more influential you are on social media, the better your reputation is. So, associate with a provider offering social media marketing in Long Island to effectively utilize social networking platforms to gain traffic and attract the targeted audience. Social media marketing allows you to increase brand awareness, create brand advocates and increase page rank. Social media can also improve SEO traffic. It has gained a lot of prominence over the years, and social media trends keep changing each year.

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Customer Experience: Setting a Strong Foundation

Article | October 14, 2020

To ensure a strong customer experience for all your marketing initiatives, it’s important to take a couple of steps backward to move forward. Building a strong foundation of customer-centric messaging, content development, campaign design, and channel distribution requires investing time and resources into three essential steps: buyer persona development, customer journey alignment, and conducting a content audit.

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Neuromarketing and Its Significance in B2B

Article | October 14, 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. Electro-encephalogram (EEG) 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. Biometrics Research 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. Final Thoughts 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. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Which are the industries investing in neuromarketing?", "acceptedAnswer": { "@type": "Answer", "text": "Education, retail, pharma, science and technology, etc., are the industries capitalizing on neuromarketing.Other industries are also leaning towards neuromarketing." } },{ "@type": "Question", "name": "What are the significant advantages of neuromarketing?", "acceptedAnswer": { "@type": "Answer", "text": "Neuromarketing assists in understanding the customers’ requirements and perform accordingly. It also helps to drive positive ROI." } },{ "@type": "Question", "name": "What are the essential neuromarketing tools and techniques?", "acceptedAnswer": { "@type": "Answer", "text": "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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Spotlight

Martin Williams

Our purpose is single-minded. It is to invite and inspire participation between brands and people. In simple ways. In deep ways. Sometimes organically. Sometime spontaneously. And sometimes in the most carefully orchestrated ways imaginable.

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