Neuromarketing & Consumer Driven Decisions
Neuromarketing refers to “to the measurement of physiological and neural signals to gain insight into customers’ motivations, preferences, and decisions, which can help inform creative advertising, product development, pricing, and other marketing areas.” (Harvard Business Review)
One of the biggest mistakes a business can make is tailoring their product/service offerings and positioning it to what they think they would like, instead of using data driven, customer focused insights.
When developing and analyzing creative campaigns, it’s important to continually test the end user to ensure that it’s reaching the right audience.
“Data driven decision making (DDDM) is a process that involves collecting data based on measurable goals or KPIs, analyzing patterns and facts from these insights, and utilizing them to develop strategies and activities that benefit the business in a number of areas.” (DataPine)
A Summary of Neuromarketing: The new science of consumer decisions
Why does neuromarketing matter? Every year, 9 out of 10 products fail. Traditional marketing fails to adapt and learn from both their consumers needs and preferences.
Traditional marketing wastes mindless money without taking into account the decision making process of consumers, which can turn into a money pit.
It boils down to the fact that it’s ultimately about human decisions.
Some examples of how you can implement Neuromarketing within your business include:
Use Focus Groups
Use Rounded Figures in Pricing
Use Analytical Data to Improve Your Website
Use Effective Headlines & Taglines