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.