Why You Need To Know What Neuromarketing Is !!

Hope you enjoyed the video link that was shared in the earlier post.

Now the most important question that must have walked through your mind is that where can we use Neuromarketing and why do we actually need to know about this field. Some of you might be aspiring to become the new entrepreneurs in the upcoming year, some of you might be stepping into the world of marketing as a profession (or already in that profession), or some of you wish to expand your business in a new dimension….but what you think you have lacked sometimes is what your customers feel about a certain thing and how you can maximize profit at one go without bearing those heavy losses that make you feel miserable.

Let it be any field in the world, you need neuromarketing everywhere...for e.g.:

• ·         Branding
• ·         Product design and innovation
• ·         Advertising effectiveness
• ·         Shopper decision making
• ·         Online experiences
• ·         Entertainment effectiveness
• ·         Politics

And what not!!

Have you ever thought that each year even when billion dollars are invested in advertising campaigns the returns are not as expected? The main reason being the conventional methods(focus groups and questionnaires) adopted for testing and predicting the effectiveness of those campaigns has generally failed because they depend on consumers’ willingness and competency to describe how they feel when they are exposed to an advertisement.

Now you might think that whenever you buy stuff for yourself, you think rationally but that’s not true. Most of our purchasing decisions are sub-conscious almost 90% and only 10% rational. Hence you can imagine the reason for failure behind those campaigns because our behavioral measures like amount of time and money spent, actual purchase and our verbal measures like the self reported assessment of attitudes, emotions and recalls do not account for a significant percent.  

Now this certainly demands your attention that how do we know what’s hidden in that 90% of the ability and the only thing that can draw your attention towards this astounded reality is neuromarketing !!