Neuro-marketing has revolutionized the marketing industry. This is certainly a boon for small businesses. Neuro-marketing is not linked to inbound marketing nor outbound marketing; it is linked to consumer behavior. But if you suffering from fewer sales syndrome, then hire the best outsourcing companies in Florida.
What is neuro-marketing?
Neuro-marketing is a mixture of neuroscience and marketing. It helps to increase sales of a brand by utilizing the emotional side of human nature. The neurons react to certain receptors – businesses have identified these responses and applied these things in present or future marketing campaigns. Neuro-marketing can help brands better understand their audience’s buying patterns.
Components of Neuro-marketing & how to measure them?
- Brain imaging(EEG,fMRI)
- Facial encoding(FaceReader, FER)
- Sensory Marketing.
- Psychological technique
How can neuro- marketing help the Small business?
- Implement the FOMO concept of marketing– Fear of missing out is a great strategy to increase sales; the consumer thinks that he will miss the if he doesn’t purchase now.
- Psychological Pricing– Most retailer uses this strategy. In this strategy, the consumers think that charged with less money, which is not true.
- Attractive packaging– Often consumers prefer good-looking packaging to regular packaging. Many company’s revenues depend on packaging.
- Creative ads– The businesses produce some attractive and creative business landing pages to lure customers.
- Website performance-The good performance Homepage or landing page may instill a lot of confidence in the mind of the consumer. This good performer is the site loading speed.
- Consumer behavior is understood- Human scan technology eg, fMRI, EEG, fNIRS, etc are capable of revealing consumer preferences. So it is a topic of debate.
- Because of Neuro-marketing, we can easily decipher important marketing concepts based on human behavior.
- Facial Encoding-Neuro-marketing has converted the art of interpreting facial expressions into something of a science. The movement of eyes, movement of muscles – each and everything says something. There are 7 facial: anger, contempt, disgust, fear, joy, sadness, and surprise. It is implemented through a convoluted neural network.
- Hidden patterns- With the help of facial encoding we might discover some hidden patterns related to consumer buying.
- Sensory Marketing- It can help certain products to sell on the basis of physical attributes.
- Branding- Sensory Marketing makes brands unforgettable, it is very good for branding purposes
- Demand-Through neuro-marketing we can access the demand in advance and produce according to that.
Disadvantage of Neuro-marketing
- There is no privacy in neuro-marketing
- A lot of skills are required for neuro-marketing.
- It is a very costly process.
- May go wrong.
Neuro-marketing is definitely a boon to small businesses. But there is a problem with this type of marketing. Many say that it is unethical. I think it is ethical when the primary motive is just to study consumer behavior. Anything apart from this is unethical.