In today’s changing and competitive B2B and B2C world, what is the one factor you can’t measure? If you’re thinking about emotional customer noise, you’re correct! No matter the number of visits to your website, number of views, social sharing activity, bounce rates, or ROI, brands can evaluate everything with the help of various analysis tools. This is where neuromarketing comes into play, so keep reading to learn about the many aspects of neuromarketing as well as how neuromarketing can benefit B2B marketers on a daily basis.
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What is neuromarketing and how important is it to B2B?
Neuromarketing can be defined as a marketing method used to understand how customers’ brains respond to different advertisements and brands. Using insights from neuroscience, behavioral economics, and social psychology, neuromarketing enables brands to measure and enhance the effectiveness of product planning, branding, advertising, and marketing practices. As a result, marketers can make smarter and more strategic decisions while effectively understanding customer preferences.
Unlike traditional marketing, which relies on market research to gain insight into customer requirements and preferences, neuromarketing works better based on these modern technologies:
- Electroencephalogram (EGC)
- Magnetic EEG (MEG)
- Functional magnetic resonance imaging (fMRI)
- Eye tracking and cutaneous electrical response measures
When brands use these technologies, they can read customers’ mind activities and even understand how their brains respond to a particular marketing situation or activity.
Four basic principles of neuromarketing
Neuromarketing includes these four basic principles that can help brands retain existing customers as well as acquire new ones:
For starters, undoubtedly, the scarcity of any product is often the reason behind increased sales. When customers realize that their favorite product or service will no longer be available, they may buy more of it while it is in the market. Interestingly, B2B marketers can take advantage of this opportunity to increase the demand for their products or services. They can also adopt modern marketing techniques in order to promote their products and increase the return on investment.
The next principle of neuromarketing is habit, which consists in the frequency of using something. Once customers develop a habit of using a particular product or service of a company, they inadvertently create a continuous demand for that product or service. For example, the habit of gamification tends to persuade customers to buy a subscription to the game, which increases the chances of increasing sales and revenue.
The third principle of neuromarketing worth noting is emotions. In general, the primary purpose of neuromarketing is to deeply understand customers’ feelings by using different techniques to determine customers’ reactions to different situations. Through the use of neuromarketing, companies can improve their advertising and marketing strategies based on customer feedback.
4. social proof
Finally, when a group of people buys a particular product or service, other groups are likely to follow suit. This type of customer behavior is known as social proof. In general, customer stories and/or testimonials are an effective way to attract more customers as they serve as proof or proof that a particular product or service is liked by many. With this said, social proof acts as a powerful driving force for high demand within the B2B industry.
Why should brands apply neuromarketing techniques?
As a result of applying the neuromarketing method, brands can discover and learn more about the lower-level effects of creatives in print and video ads on individuals’ attention, feelings, and memory responses. Nowadays, brands can take advantage of a range of different technologies including electrocardiograms, facial recognition software, eye tracking systems, functional magnetic resonance imaging, infrared spectroscopy, electroencephalography, surveys, and self-reports. Fortunately for marketers, neuromarketing is known to offer many benefits including the following:
- Neuromarketing reveals subtle responses regarding how customers feel about a particular product or service, and this enables brands to better optimize their campaigns and improve the quality of their products or services.
- Neuromarketing assists in the areas of designing product planning, promotion enhancement, and improvements related to advertising, store designs, and customer experiences.
- Neuromarketing also helps marketers align their efforts better with their customers. This marketing method provides insight into how customers think when they receive different marketing assets and materials. As a result, brands can create more productive marketing strategies and get a better return on their investment.
Many major companies such as Google, Facebook, and Microsoft have implemented neuromarketing within their marketing groups and reap a range of benefits. If you are interested in creating exceptional customer experiences while deeply understanding customer behaviour, mindsets, and reactions, then it may be time to incorporate Neuromarketing into your business!
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