The term neuro marketing was first originated in the year 2002. A professor Ale Smidts published an article named “Kjiken in het brein”. The meaning of the term means- looking into the brain and later it was adopted as “looking into the neruro marketing”.
After this, neuro marketing has been used by various prominent companies such as, Yahoo, HP, Hyundai, Frito Lay, PayPal, and Cheetos. The utilization of the neuro marketing has exploded in media, advertising, and telecommunication.
The willingness to understand the behavior of the consumer is rising the demand for the neuro marketing solutions. In this blog, there will be various details of the market. Let us understand the meaning of the term neuro marketing.
What is neuro marketing?
The neuro marketing is the extensive study of how people brains respond or react to advertising by monitoring brainwave activity scientifically. These neuro marketing techniques are widely used to the consumer brain to predict his/her decision making behavior.
Various marketers are using physiological or neural signals to get the insights into the consumer’s preferences, motivations, and decision making processes. Moreover, they are also use this research to find out how a specific product, service, or marketing campaign is going to perform.
Uses of the neuro marketing-
The neuro marketing is utilized in branding, product packaging, advertising etc. Let us discuss how the companies are using neuro marketing in various domains-
- Neuro marketing in branding – Branding is one of the most prominent applications of the applied neuro marketing.
- Emotional evaluation of the brand – The neuro marketing evaluates the emotions generated by a particular brand and its competitors.
- Brand personality – The process of neuro marketing evaluates the associative force of a series of assets towards the brand or its competitors.
- Evaluation of new corporative image – The process of neuro marketing evaluates the new designs of different branding elements such as brand application and logo.
- Evaluation of the assets – Neuro marketing evaluates the associative force of two different assets. The process can also assess the associated force of various assets.
- Neuro marketing in the packaging – It is estimated that approximately more than 51% of new products fail, increasing to nearly 91%, when they focus on mass consumption products. Neuro marketing helps the brands to verify up to what point the opinions of the customers coincide with the non-conscious aspects.
- Comparison of packaging design – The process of neuro marketing compares different designs to understand which one gives better cognitive and emotional levels.
- Attribute testing – It evaluates the associative force of the characteristics of the brands or the consumer behavior towards 2 different packaging designs.
- Display visibility – The process of neuro marketing compares the various packaging designs.
- Consumption experience – It evaluates how the consumer experience of a particular product is affected by the packaging, brand or other variables.
- Neuro marketing in advertising – Most of budget of a company is allocated to the marketing is invested in advertising. The core objective is to transmit the values associated with the products.
- Comparison of the animatic – It estimates various different animatic to select the on which would be the most appealing to an audience.
- Evaluation of the ad campaign – This evaluation helps in finding the areas to improve, selecting key scenes and helping to obtain different version.
- Evaluation of the digital campaigns – It evaluates the emotional response of the digital publicity as well as its interaction and visibility.
Owing to these many benefits, companies are nowadays introspecting through the process of neuro marketing. The pandemic has also positively influenced the neuro marketing solution market. The consumers were confined to their houses due to the lockdown. After this pandemic has made the number of neuro marketing solutions very prevalent in the industry.
Neuro marketing solutions market overview-
The neuro marketing solutions market is anticipated to grow for USD 1.61 billion in the year 2021 to USD 3.21 billion in the year 2032.
Furthermore, the proliferation of smart phones has raised digital media consumption. The social media influencers are placing more online advertisement on the social media which require intense neuro marketing research.
Key players of the neuro marketing solutions market-
- E.B Neuro S.P.A
- Compumedics Limited
- Cadwell Industries, Inc
- ISCAN, Inc
- SR Research
- Tobii Technology
The neuro marketing solutions market offers lucrative opportunities. Research Nester has recently published a research report, incorporating all the imperative parameters of the market.
It is always prudent to understand the market challenges, regional analysis, key trends etc., to make sound decision in the business.
If the person knows the intricacies of the market, he/she will be able to avoid the losses and make the maximum out of what market is offering.