Neuromarketing Is a New Era

NeuroMarketing is a new era

1Dr.A.S.Nagalatha Abstract

This study highlights the neuromarketing approach and its benefits in marketing. This study creates an understanding of the neuromarketing services and the companies which provide neuromarketing service.

Key words: Neuromarketing, service

Introduction

Marketing is the ongoing process in the real time world where each seconds are connected with inventions and expectation. Marketing the product to the user is a challenging task. This could be happen with proper understanding of the customer and the updating the required skills. Marketing changing the world’s need and way of thinking. Now a day’s innovation with research and development rule the world. The science also lending their hand for the innovation and paved a way for understands the consumer preference. Such as internet of thinks, online shopping and buying so on. One of the recent marketing trends is neuroMarketing.

Need for the study

Evolution of technology has resulted in the introduction of new state of art devices to the neuromarketing solutions market. The need to study the behavior of the consumer is also assign to the growth of this market substantially. The recent marketers paved a way to neuromarketing which is the combinations of marketing, economics, neuroscience and consumer behavior.

The aim of the neuro-marketers to accomplish the grey areas of return on investment of branding and cost optimization by using the finding of neuromarketing. It will study the perception of consumers on product packing, eye gaze of web visitors, colour preference, degree of customer satisfaction, product aversion, gaming preferences and pricing options. Neuromarketing helps study and analyze customer’s response to marketing stimuli using techniques of neuroscience. In recent days one of catche marketing is online sellers like Frito Lay, CBS, Google and Amazon have started to experiment and reap the benefits of neuro marketing. They venture out to use this solution to understand their consumer behavior in the buying process, response of advertising and user

1Dr.A.S.Nagalatha, Asst.Professsor, Department of Commerce, Sri Kanyaka Parameswari Arts and Science College for women

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behavior on their on the websites. Few other tools they also apply such as Neuro-map, Neuro-vision. In the recent times, the application of neuromarketing in the fields of media, advertising, telecommunication has gained significant momentum.

Objectives of the study

 To understand the concept of neuromarketing  To know the benefits and application of neuromarkeing

Neuro marketing is a new field of marketing which used medical technologies such as functional Magnetic Resonance Imaging (FMRI) to study the brain’s responses to marketing stimuli. Researchers use the fMRI to measure changes in activity in parts of the brain and to learn why consumers brain make the decisions they do, and what part of the brain are them to do it.

Marketing analysis apply this technique to identify consumer preference. This may answer the question which is normally ask to the customer that “Do you like this product?” this method will tell the marketer what the consumer reacts to, whether it was the colour of the packaging, the sound the box makes, when shaken, or the idea that they will have something their co-consumers do not.

Neuro marketing is the hot currency of the market. The application of neuro marketing begin in Uk, Neurosense , which is one of the first company to offer neuro marketing as a service to market. Over the time, other companies also come for the ride such as Mindmetriks, Think impact, Sales Brain so on. Many companies are contributing their ideas and device to identify the consumers preference. Companies involve in neuro marketing are EB Neuro S.p.A., Cadwell Industries Inc., Compumedics Ltd., ISCAN Inc., SR Research, LC Technologies, SensoMotoric Instruments, iMotions, and Tobii Technology. Neuromarketing is at its nascent stage all around the world, and very little to read and talk about in India. However, neuromarketing is taking its shape via consulting firms like Nielsen Consumer Neuroscience Research Centre (India), Terragni Consulting and Xanadu. A Delhi-based startup Neuronme has built a solution in this space. It uses machine learning for text analysis through which it helps developers understand the sentiment, context and entity around a particular statement.

Neuromarketing provide platform for the investigation into the neural pathways and process that pave consumer purchasing behavior through neuro- imaging and event –related potentials (ERP) (Javorm Koller, Lee, Chamberlain & Ransmary, 2009). Neuromarketing as a discipline of marketing commercially introduced in 2002 by companies such as Sales Brain and Bright house. These companies started offering marketing and consulting

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services that were based in neuroscience techniques (Morin,2013) in the first neuromarketing study, McClure used FMRI data to find the neural correlates of participant’s preferences between Coke and Pepsi (Morin,2013).

Application of NeuroMarketing

Now days the aspects of preference is getting changed. The researcher are identifying the Key performance indicators (KPIS) marketers have redefined the KPIs in the context of digital, marketing which has led to the emergence of as tech companies, content optimization solutions and programmatic advertising. However what marketers are yet to decode is the “consumer’s mind”. Since the consumer’s minds are largely dependent on their behavior, it was left to research scientists to figure out the ‘why’ aspect.

Neuroscience has stepped in to fill this gap. It is based on the assumption that human behaviour is a complex process which has a neural basis and the locus of this process is the higher centre of the brain. Both conscious and unconscious processing of stimulus in the brain is responsible for generating behaviour. So if we could develop a deeper understanding of how the brain functions to generate behaviour, we would be more confident in our understanding and prediction of consumer behaviour. The use of neuroscientific techniques, like functional Magnetic Resonance Imaging (fMRI), Electroencephalography (EEG), Evoked Response Potential (ERP), and sensors to measure changes in one's physiological state, to understand the mind of the consumer has just begun, and professionals in the field see a huge opportunity for neuromarketing in India.

There are many ways to measure physiological responses to stimuli being presented but the most important ones are:

1. fMRI Functional magnetic resonance imaging (fMRI) measures blood flow to various parts of the brain during different tasks, exposure to stimuli, or experiences. But large, expensive equipment and the unnatural or unusual experience of the test limit fMRI to small sample sizes and make it non-scalable.

2. EEG Electroencephalography (EEG) uses sensors or electrodes on the scalp to measure electrical Impulses emitted by the brain. It is simpler than brain scanning and good at measuring changes over short time periods.

3. Eye Tracking Eye tracking records what a participant is looking at, in what order, and for how long. It is portable, non- invasive, and relatively easy to use and scale. Some agencies can offer eye tracking with in-home webcams, and kits can be carried to any location.

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Neuromarketing as a service can be afforded only by business behemoths in India. There is still an opportunity for digital marketers to explore and offer solutions that can decipher the mystery behind consumer behaviour for startups. Few simple areas to start are -

 Web Neurodesign  Rewards and Loyalty Programs  Product packaging  Communication and Messaging  Discount optimization Yahoo’s Successful Commercial- Yahoo tested their 60- second television commercial that features happy, dancing people around the world with neuromarketing techniques. It tested it using EEG and found that the ad activated the frontal cortices of brain and the limbic system. The Frontal cortex of brain is associated with memory and emotions. The commercial was aired in September to lure more users to use their search engine and is now a part of their $100 million branding campaign. KFC Commercial dissected using EEG and eye- tracking: Excitement after one third of the ad increases followed by the number of faces resulting in increased activity in the brain. Benefits of Neuro marketing

 Fast results in marketing research program and accuracy in research  Build high image of ad –campaigns  Increase in return on investment by increasing the sales values.  Opportunity of new product creation and innovation  Ethical behavior in marketing  Create the brand image and preference  Mapping of unidentified customer needs  Branding  Product design and innovation  Advertising effectiveness  Shopper decision making  Online experiences  Entertainment effectiveness  Politics

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Conclusion

Many new marketing methods are emerging the new scenario but requirement are same, which is to meet the consumer needs and wants. India is the country of diversity in all the aspects. One group of opinion will not have a major impact on other but it creates impact in particular society. It attracts large amount of investment were big B’s can contribute but not for otherwise. Few people may not accept the testing of inner conscious of the men. It is yet another task of the this application. But no doubt neuromarketing were going to pave a way for new product and benefit of the consumers.

Reference

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