The term neuromarketing first originated in the year 2002. Professor Ale Smidts published an article named “Kjiken in het brein”. The meaning of the term is- looking into the brain and later it was adopted as “looking into the neuromarketing”.
After this, neuromarketing has been used by various prominent companies such as Yahoo, HP, Hyundai, Frito Lay, PayPal, and Cheetos. The utilization of neuromarketing has exploded in media, advertising, and telecommunication.
The willingness to understand the behaviour of the consumer is raising the demand for neuromarketing solutions. In this blog, there will be various details of the market. Let us understand the meaning of the term neuromarketing.
What is Neuro Marketing?
Neuromarketing is the extensive study of how people’s brains respond or react to advertising by monitoring brainwave activity scientifically. These neuromarketing techniques are widely used in the consumer’s brain to predict his/her decision-making behaviour.
Various marketers are using physiological or neural signals to get insights into the consumer’s preferences, motivations, and decision-making processes. Moreover, they also use this research to find out how a specific product, service, or marketing campaign is going to perform.
Uses of the Neuro Marketing-
Neuromarketing is utilized in branding, product packaging, advertising, etc. Let us discuss how the companies are using neuromarketing in various domains-
- Neuromarketing in branding – Branding is one of the most prominent applications of applied neuromarketing.
- Emotional evaluation of the brand – Neuromarketing evaluates the emotions generated by a particular brand and its competitors.
- Brand personality – The process of neuromarketing evaluates the associative force of a series of assets toward the brand or its competitors.
- Evaluation of new corporative image – The process of neuromarketing evaluates the new designs of different branding elements such as brand application and logo.
- Evaluation of the assets – Neuromarketing evaluates the associative force of two different assets. The process can also assess the associated force of various assets.
- Neuromarketing 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. Neuromarketing 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 neuromarketing 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 behaviour 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.
- Neuromarketing in advertising – Most of the budget of a company is allocated to marketing and is invested in advertising. The core objective is to transmit the values associated with the products.
- Comparison of the animatic – It estimates various animatics to select the one 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 versions.
- 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 neuromarketing. The pandemic has also positively influenced the neuromarketing solution market.
The consumers were confined to their houses due to the lockdown. This pandemic has made the number of neuromarketing solutions very prevalent in the industry.
Neuro Marketing Solutions Market Overview
The neuromarketing solutions market is anticipated to grow from USD 1.61 billion in the year 2021 to USD 3.21 billion in the year 2032.
Furthermore, the proliferation of smartphones has raised digital media consumption. Social media influencers are placing more online advertisements on social media which require intense neuromarketing research.
Key players of the neuromarketing solutions market-
- E.B Neuro S.P.A
- Compumedics Limited
- Cadwell Industries, Inc
- ISCAN, Inc
- SR Research
- IMotions
- Tobii Technology
Wrapping Up,
The neuromarketing 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 a sound decision in the business.
If the person knows the intricacies of the market, he/she will be able to avoid losses and make the maximum out of what the market is offering.