Neuromarketing may not be a run-of-the-mill term in the world of marketing, but it can be incredibly valuable to our industry. So, why aren’t we leveraging neuromarketing enough? What can we do to utilise it more? We’ll be looking at the whats, hows and whys of neuromarketing in this article, so let’s dive in…
What is neuromarketing?
Neuroscience, psychology and behavioural sciences aim to understand how the human brain works and how that impacts people’s behaviour. Now, I’m not a scientist, so I don’t want to get too bogged down in the complexities of the science behind this topic, but one thing I do know is this:
Human beings – otherwise known as people – are consumers.
Ergo, neuromarketing is about reaching consumers based on psychological and behavioural sciences. We are essentially using the scientific understandings to help us understand consumer decision-making, behaviour, etc.
Understanding people’s brains and behaviours is clearly a complicated process, and neuromarketing experts may well conduct research via the likes of FMRI and EEG, or more accessible studies such as facial coding, heart-rate monitoring or even simple (although less reliable) market research. However, we don’t do that at KAYBE, and we know that most of you lovely readers won’t be doing that either.
So, we’re going to focus on what we can take from the research and results that are already out there. What do we already know, and how can we use that to our advantage?
How can you use neuromarketing?
According to MarketSplash, 30% of Fortune 500 companies are using neuromarketing, so it’s fair to say it has benefits. Not only that, but as many as half of market researchers believe neuromarketing will become standard practice in the next decade, and the stats speak for themselves in terms of the benefits. But we’ll come onto that in the next segment. Right now, we need to know the how.
Customer segmentation is a core component of any successful marketing campaign – driving more personalised, tailored and effective marketing content – and neuromarketing helps a lot on that front. Geographic and demographic data is more black & white, but if you can include psychographics and behavioural factors in your segmentation then you drastically improve the process and, in turn, the effectiveness & efficiency of your marketing campaigns. You could be segmenting by personality traits, purchasing habits, stage in buying cycle, interests, concerns and so many more neuromarketing influences.
Neuromarketing can even be used in your digital design. One common way of executing this is through heatmaps, which track user activity across a web page, email, marketing document and so on. It’s worth noting that this is not an exact science, but it can help you understand consumer behaviour in response to your existing design, which can then inform your future digital design based on the insights. For example, you may find while videos keep users on the page longer, they actually distract from CTAs and potentially cost you conversions for the sake of increased engagement or time on page.
Various other techniques, such as understanding how different colours are interpreted, knowing how influential previous customers’ reviews & quotes are, the impact of interactive content and even the way you present your pricing, can all have major neuromarketing effects on the success of your marketing campaigns and communications.
Why should you care about neuromarketing?
We promised some juicy stats earlier, so let’s explore the numbers that speak for themselves:
- 95% of purchasing decisions are subconscious
- Ads with above-average emotional responses result in 23% higher sales than average
- Over 70% of global brands use neuromarketing in some form
- Nearly 90% of purchasing ads are influenced by colour
- Emotions can influence purchasing decisions six times more than rational thought
- 306% increase in customer lifetime value in customers who form an emotional bond with a brand
When you take a look at this MarksetSplash article by Monique Solomans, you’ll see that I’ve picked out the equivalent of a few grains of sand from the California coastline. The list of statistics confirming the influence of neuromarketing is an endless stream, but in the half-dozen that I’ve selected above you can see the significance of the impact.
Tap into the subconscious that makes up 95% of purchase decision-making. Drive that emotional response that boosts sales and impacts decisions. Seize that 306% increase in the value of your customers. Join the 70% (and rising) of brands taking advantage of neuromarketing.
Where do KAYBE come in?
All this information about the benefits and possibilities of neuromarketing is great, but it doesn’t necessarily help you execute neuromarketing effectively or reap the rewards of it. That’s where KAYBE can help. We’re a team of experts here to help you strategise, execute and progress your marketing content by working as an extension of your marketing team.
If you think you could benefit from experts in any department of your marketing team, from graphic design to content writing, B2C to B2B and any other facet, feel free to get in touch or read this blog to learn more about our team!