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The concept of Neuromarketing

Smidt’s coined the word “neuromarketing” in 2002 to describe a field that mixes marketing and developing neuroscience (Ulman, Cakar & Yildiz, 2015). Studying consumer behavior, preferences, and purchasing patterns is the goal of neuromarketing. Industries have been incorporating neuromarketing into their businesses for years to increase the efficacy and precision of their marketing efforts. However, the method and use of neuromarketing vary depending on the objectives that a specific organization sought to achieve (Stanton, Sinnott-Armstrong & Huettel, 2017). For instance, Microsoft Company is more interested in researching user interactions (satisfaction, frustration, etc.) with a computer than Yahoo Company, which is more interested in researching how consumers might react to television advertising. Thus, one of the key components of neuromarketing is sensory marketing, which emphasizes the five human senses of sight, hearing, smell, taste, and touch. Marketers can influence consumers’ purchasing behavior by including the five senses and the trigger points into their marketing tactics. 

Neuromarketing undoubtedly aids advertisers and marketers in better comprehending consumer behavior, decision-making, and buy intent, which improves and advances the success of their products and brands. In a word, neuromarketing can act as a link between consumers and businesses by helping to describe consumer behavior and how the brain works so that better, more effective, and human-coherent goods can be created. Contrarily, neuromarketing reveals to customers insights and hints about how businesses build their advertising campaigns, develop their products, and what they know about our brains in order for consumers to be supportive of obscene marketers and businesses when questioned.  

Brain-scanning technology, such as MRIs and electroencephalography (EEG), is used in neuromarketing to track how consumers’ brains react to various marketing messages, product designs, and other design elements. Marketers use the scan results to produce advertising that customers will find more enticing or encouraging.  

Examples:

PayPal  

Ebay’s online payment service discovered that neuromarketing was a highly effective way to persuade customers to utilize its service. The issue of focusing on USPs for convenience and speed, which scored highly on the brain reaction instead of hitting components like security and safety, was one of the most insightful conclusions. Knowing this, they customized their advertisements and attracted consumers to the website, demonstrating once more the effectiveness of neuromarketing in boosting sales. 

Hyundai 

In order to better understand preferences and the type of stimulation that finally persuaded consumers to make a purchase, the vehicle manufacturer used electroencephalography (EEG) testing of brain waves and invited consumers to try out some early prototypes. Hyundai modified exterior designs based on this information to increase sales. 

There are some initiatives in the EU tackling with the topic of neuromarketing. Such initiative is our Erasmus+ project – I’M NEW which aims to provide youth workers and NEETs the qualitative educational resources, both theoretical and practical on the topic of digital, neuro and nano marketing, in order to develop their needed skills for emerging jobs in the current labour market, to overcome the raising youth unemployment.  

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