As scary as it may sound, neuromarketing is a technique that attempts to read the consumers’ mind and understand how the marketing can reach its most effective tier through neuroscience. This approach seeks to address the same fundamental objectives as traditional marketing research: to guide companies in effectively using their advertising and marketing budgets, enhancing customer relationships, and implementing strategies for customer retention. By offering deeper insights into consumer behaviour, neuromarketing often provides more precise answers than other research methods, ultimately helping businesses optimise their revenues and profits while delivering greater value to their shareholders. According to StraitsResearch, the global neuromarketing market size was valued at $ 3.23 billion in 2023. It is expected to reach $ 6.95 billion in 2032, growing at a CAGR(Compound Annual Growth Rate) of 8.9%.
A type of neuromarketing is Functional Magnetic Resonance Imaging which measures brain activity by checking for variations in the blood flow. To understand this better, get it this way, parts of our brain require more oxygen when it becomes active along with an increased blood flow. This process captures this change and helps the marketers in understanding what part of the consumer’s brain is triggered when they see an ad.
Using sensors on the scalp, EEG is the method used to track the brain activity of a consumer as it detects brain waves or brain’s electrical impulses
How is neuromarketing used by marketers?
Among many methods, here are a few popular methods how marketers leverage neuromarketing:
The eye of the beholder
It’s well established that incorporating human figures in advertisements generally enhances their effectiveness. Particularly, visuals featuring babies tend to capture and hold viewers’ attention more effectively. Advertisers have long used close-up shots of charming baby faces to drive sales of baby-related products. From what is understood, if the baby or the human figure is facing the camera, customers are more likely to focus on the model’s face whereas if they are looking at the product, the customers tend to follow the gaze.
Packaging matters!
How many times has it happened to you that you have bought something just because the packaging was pretty? This is an actual method adopted by marketers where they tap into consumers’ neuroscience and mould their packaging to attract more consumers. A study conducted by Campbell and Frito-Lay revealed that participants react negatively to shiny packaging whereas matte finish is preferred by many. This also led to the company switching their packaging according to consumers’ preferences.
Colourful world!
Colour theory is not new in town. It is said that colours trigger emotions in people and brands leverage this while marketing products. Studies reveal that yellow and red signifies happiness, hope, warmth and passion. Brands that use red include McDonald’s, Coca-Cola, Target, etc. Similarly, blue and white are colours said to attract professionals and thereby used by companies that interact with professionals.
Anchor the saviour
The anchor of any information is the key. This initial piece of information is what the customers see in the first go thereby shaping their decision making. Neuroscientists have identified a cognitive bias known as the “anchoring effect,” which plays a significant role in how people make decisions. Rather than evaluating the intrinsic value of an option, individuals often compare it to other available choices.