What is neuromarketing?
Neuromarketing is a component of behavioral economics that studies consumer responses to marketing stimuli and the application of the resulting data to branded messaging and advertising strategies. Such data is useful for predicting consumer behaviors because a majority of consumer decisions are made or influenced by unconscious processes. The neuromarketing market size in 2023 was valued at nearly $3.3 billion, with neuromarketing jobs on the rise. This blend of neuroscience and marketing has revolutionized the advertising world and the relationship between businesses and consumers.
What are neuromarketing techniques and tools?
Neuromarketing techniques use several tools to track the initial subconscious reaction of a business advertisement, content, or packing through the brain and body’s response.
Neuromarketing tools measure the physiological response that advertisements bring about in an individual. The results from testing are used to determine pricing and to enhance branding in ads, designs, packaging, and overall content.
- fMRI: This imaging technique detects and tracks blood flow in the brain. It is used to measure emotional response and engagement.
- EEG (electroencephalogram): This test records electrical activity from the brain’s neurons to track engagement levels.
- Eye tracking: Gaze testing detects where people are looking to see what grabs their attention and the speed of recognition. Pupillometry detects pupil dilation, which typically measures the level of engagement.
- Biometrics: The measurement of skin temperature, heart rate, and breathing tracks the level of engagement and whether it is positive or negative.
- Facial coding: Tracking and identifying facial expressions gauges the emotional response.
Neuromarketing tools are more beneficial than traditional marketing research due to the measurement of objective and subconscious responses from consumers. Traditional research tools and methods like surveys are typically only filled out by customers who feel extremely positive or negative about a product or service. Self-reported data, whether it is from surveys, test groups, or interviews, is typically an instant or initial response to the product or service, whereas the neuromarketing tools track the before, during, and after the consumer has been exposed to stimuli.
Neuromarketing vs. consumer neuroscience
Neuromarketing is the commercial application of neuroscience to create high-level marketing insights for a better campaign, whereas consumer neuroscience is the study of psychological, neurological, and economical concerns in the understanding of consumer behavior.
Neuromarketing examples: How is neuromarketing used today?
Advertisements, logos, and other forms of marketing have been influenced by neuromarketing techniques and tools. Here are just a few of the common neuromarketing examples:
- Color psychology refers to a brand’s use of specific colors to improve consumer recognition and recall. Color psychology is commonly used in commercials or advertisements where color palettes match the brand or product.
- Headlines and effective packaging: Eye-catching headlines employ color theory, font, text and image size, and catchy phrases to stand out among the competition. Packaging should be consistent with the brand, not deviating so far that consumers can’t assume it belongs to that brand. For example, if Netflix changed its colors for a commercial, then it can be assumed it is for a holiday or event, and the change can be justified by maintaining consistent fonts, sizes, and audio. However, if Netflix were to change recognizable elements such as fonts and audio, the commercial could damage trust with consumers because it diverges from the signature branding.
- Decision fatigue/speed and efficiency: Consumers want readily available and convenient products or services. A brand that establishes strong recognizability makes the consumer’s decisions easy. Recognition can be positive or negative depending on the consumer’s experience, but it does make decisions faster. Convenient sales promotions such as “buy one get one” or “buy five for the price of two” help with decision fatigue by justifying purchases or making the consumer feel like they’re “winning.”
- Loss aversion: Sales techniques such as limited-time-only prices or Black Friday sales persuade consumers to make a purchase based on scarcity or the fear of missing out on an available deal.
- Audio and visual: A recent study found that storytelling strategies in marketing are shifting to audio-forward media such as voice-over videos, podcasts, or audiobooks to catch and maintain a person’s interest more than regulated videos or movies.
Enhance your neuromarketing with a Behavioral Economics degree
Are you interested in learning more about how neuroscience influences marketing and advertising? The Chicago School’s M.A. Behavioral Economics offers an opportunity to build a strong foundation in advanced psychology that addresses broader business decisions, marketing, and consumer behavior. Pursuing an education in behavioral economics can help prepare you for a neuromarketing job in the future.