Companies that wish to remain competitive and relevant in their industry need to invest in new ways to engage customers and improve their brand. And the same rule applies to moving companies that want to grow and expand. As a company with years of experience in digital marketing, Movers Development understands the importance of discovering new and cost-effective ways to raise brand awareness and take your advertising efforts to the next level. Today, we look into the benefits of neuromarketing and how it will develop in the future.
What is neuromarketing?
Neuromarketing is what one might call a culmination of decades of advertising efforts put into a scientific frame – understanding customers. As an approach adopted back in 2002, neuromarketing is a field of marketing that focuses on helping marketers understand the behavior of modern consumers. The goal is simple – you can gain an insight into the behavior of your target audience, which in turn helps you improve the ways in which you advertise your moving business.
Why is the use of neuromarketing so important?
Building long-term relationships with customers is a task that requires knowledge, time, and extensive research. Neuromarketing strategies and studies can offer just that, giving businesses the opportunity to not only build loyalty but also establish authority. That is why more and more companies are using neuromarketing data analysis to tap into the behavior of their target audience. By doing so, businesses are in a better position to:
- Develop their brand;
- Generate more leads;
- Improve their digital marketing efforts;
- Reduce bounce rates;
- Boost user experience, etc.
All this and much more, with the simple use of the data you can collect through neuromarketing trials and tests. By keeping track of the emotions and reactions that consumers have to different ads and content, you can discover various behavioral patterns in the majority. Those patterns are like pathways in a maze of marketing tactics, leading companies to the most impactful tailored approach for their business and niche.
Pros of neuromarketing
1. Getting the full image from your customers
Traditional marketing research studies can only give so much information about the opinions of consumers. Whether we are talking about online surveys, reviews & testimonials, phone calls, or reactions on social media – it all gives an external image of how consumers view your business. One of the benefits of neuromarketing is that you can tap into the inner reactions of consumers when it comes to your brand. You can clearly establish certain patterns that could help you stay ahead of the competition long-term.
With the different neuromarketing tools and techniques that one can explore, you can go beyond your typical word-of-mouth customer research. Instead, you can observe facial expressions, body language, eye movement, unconscious reactions, and hormonal reactions of respondents. Think of it as applying a mind reader to a questionnaire.
2. Using psychological reactions to improve your content
When you read a book or watch a movie, there are always certain parts that trigger different reactions in you. Neuromarketing gives companies the opportunity to explore those reactions based on the content they provide their customers with. Whether we are talking about the landing pages of your website, informative blog articles, social media posts, email marketing campaigns, images, or videos – they all have triggers that can help you establish what creates a reaction for your target audience. As a result, companies are better equipped to adapt existing content and create more effective future content, specifically aimed at pleasing their audience.
3. Gathering concrete and reliable data
You always hear stories about how people react to different brands, logos, or renowned products/services, etc. However, these are your automatic reactions that took years of studies to mold and maintain. Neuromarketing helps brands tap into the reactions that happen on the subconscious level of consumers, which offers companies ways to focus on changing those reactions.
Why is this such an important factor?
Because the emotions that hide beneath the automatic reaction are the basis of the decision-making process for your customers. Neuromarketing helps you target that inner drive of consumers and appeal to it in the best way possible. And this is what can lead to more traffic on your website, more revenue for your business, and more authority for your brand.
4. Gaining value for money
With constant technological improvements and innovative ideas, it is becoming easier to tap into neuro-research of your market. New tools and software solutions are emerging every day, helping businesses gain quality insight into the investments they make. As a result, companies can now conduct high quality and in-depth market research in a matter of months rather than what once took several years. And they can do so without having to invest in top-rated market research companies, lowering their overall investment plan.
Cons of neuromarketing
1. Ethical concerns
People hear neuromarketing and automatically associate it with attacking the privacy of consumers. The truth is far from it. This type of marketing simply acts as a psychologist for a larger audience connected by a shared need for a product or service. It is a way for companies to “read” the behavior of their consumers, learn from it, and then use it to convert them into customers.
2. Professionals skills and knowledge
Advanced market research and tactics require professional knowledge and insight…or at least they used to. A while back, interpreting neurological findings required medical background and education. However, modern neuro-tools and online knowledge can help marketers overcome this challenge. Technology can now interpret heatmaps, stats, and other metrics, and provide users with results that can help them reach educated conclusions.
3. Expensive equipment
Anything that requires detailed analysis and complexity related to cost in terms of equipment. And neuromarketing is no different. The equipment necessary to conduct these studies used to incur very high costs (up to $50,000). However, things have changed since, as technology has developed and neuromarketing equipment is now more common and available. Companies can now acquire a proper neuromarketing setup for as low as $1,500, which can be expensive for smaller businesses, but well worth the investment if you want to take your marketing efforts to the next level.
With the growing presence of privacy policies, the introduction of GDPR, and other data protection legislation – it’s safe to conclude that people are concerned about sharing their data. And neuromarketing can raise some red flags at the very mention in regard to this notion. However, the purpose of neuromarketing is to help companies change the reaction people have to their brand and products by tailoring to their needs and improving. And that is something that could hardly be construed as a crime, but people are cautious nonetheless, which is understandable.
What are the most common applications of applied neuromarketing?
There are multiple applications of neuromarketing that cover almost all sectors. Nevertheless, the most common applications are in intermediate/large companies, who usually outsource market and high consumption research. The most common applications are:
Branding: emotional evaluation of a brand, brand personality, evaluation of distinctive assets, evaluation of corporate image, etc.
Product/Service: product design, comparison of packs, point-of-sale display visibility, asset testing, user experience, etc.
Publicity: comparison of animatics, of audiovisual, digital or radio campaigns, evaluation of advertising campaigns in the place of sale (PLV), brand building, etc.
Website Value: evaluation of graphic lines, evaluation of microsites or landing pages, web page usability, brand building, etc.
Other Applications: point of sale, entertainment, politics, industrial design, architecture and working surroundings, etc.
What is the future of neuromarketing and what challenges are we facing?
With constant technological advancements, there is the concern of whether neuromarketing will become outdated soon. However, although technology is moving forward, neuromarketing will have an essential role to play since the consumers are still human beings with conscious and subconscious reactions to different products and services. And if that is not enough, here are four more reasons why neuromarketing will remain crucial:
Adds value. The data that a business can gain from neuromarketing is a very valuable asset that can help build brands to last, improve the sales process, expand the range of your business, etc.
Accessible. Neuromarketing equipment and laboratories are now much more common and accessible than they once used to be. And operating them no longer requires uniquely qualified professionals with a medical background. The knowledge is shareable and easily taught to others with the proper training.
H2H companies. Companies are no longer interested in simply making a sale but reaching the person making the purchase on a more personal level. We’ve gone beyond B2C and B2B business plans and are now looking towards the future – targeting the individual expectations and needs of consumers. This is only achieved by integrating neuromarketing techniques with other complementary research techniques.
Technological innovation in all spheres. The client wants innovation and wishes to be surprised. Neuromarketing brings innovation to market research institutes (one of the greatest challenges of the market research sector) and also to the brands while accessing new consumer information.