"Buyology" Notes And Quotes

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Various notes and quotes from the book "Buyology" by Martin Lindstrom. The book reported the results of the world's largest neuromarketing study ever conducted and this presentation highlights the main points discussed in the book. I initially created this presentation for a "Buying Behavior" course I taught at UC Santa Barbara Extension. For more information about the book visit http://www.martinlindstrom or to "buy" it go to http://www.tr.im/buyology.

Published in: Business, Technology

"Buyology" Notes And Quotes

  1. 1. Buyology “An Introduction and Overview” By Matthew A. Gilbert, MBA http://www.matthewagilbert.com @MatthewAGilbertBuyology – Matthew A. Gilbert, MBA 1
  2. 2. • What is “Buyology?” – “Buyology” includes the subconscious thoughts, feelings, desires that drive purchasing decisions we make daily – The “Buyology” book was written by Martin Lindstrom to synthesize results of a neuromarketing study. – What is “neuromarketing?” • Convergence of medical knowledge, technology, marketing. • Uncovers what our brains really want from companies. • Enables companies to deliver what we want to us.Buyology – Matthew A. Gilbert, MBA 2
  3. 3. • Details of the Study – Duration: 2004-2007 – Cost: $7 million – fMRI Scans: 102 – SST Studies: 1,979 – Volunteers: 2,081 • America • England • Germany • Japan • ChinaBuyology – Matthew A. Gilbert, MBA 3
  4. 4. • Questions for the Study – What are shoppers really thinking? – What drives consumers to make choices? – What causes us to choose one brand over another?• Reasons for the Study – 156,000 products launched – 20,000 brands are introduced – 80% of existing products fail – 75% of new products fail – 52% of new brands failBuyology – Matthew A. Gilbert, MBA 4
  5. 5. • Marketing Madness – Information Overload: By 66 we see 2,000,000 ads • Equivalent to 8 hours a day, 7 days a week for 6 years! – Advertising Recall: Rapidly decreasing. • In 1965: 34% of ads • In 1990: 8% of ads • In 2007: 2.21 ads!Buyology – Matthew A. Gilbert, MBA 5
  6. 6. • Consumer Conundrum – Purchasing Decision: Only 2.5 seconds! – Subconscious: 85% of time our brains are on autopilot. – Conscious: 15% of time we are rational and present. – Control: In the absence of logic emotions control us. – Memory: Best gauge of ad’s effectiveness.Buyology – Matthew A. Gilbert, MBA 6
  7. 7. • Influencing Agents – Mirror Neurons: Monkey see, monkey do! – Smiling: Big impact on recall and perception. – Perception: Powerful part of buying behavior. – Rituals: Emotional anchor in out-of-control world. – Tribalism: Finding community through commerce. – Dopamine: Addictive chemical stimulated by buying.Buyology – Matthew A. Gilbert, MBA 7
  8. 8. • Religion and Branding – Sense of Belonging; Hierarchy (Power); Sensory Appeal; Clear Vision; Storytelling; Evangelism; Symbols; Mystery.• Product Placement – No memory of brands that don’t play integral part of the story, but must make sense within the show’s narrative.• Subliminal Advertising – Has an influencing effect on our buying behavior by circumventing our rational brain and going right to emotional core. Buyology – Matthew A. Gilbert, MBA 8
  9. 9. • Sensory Success – Shape: Consumers associate shape of packaging with product. Consider the strength of the Coca-Cola bottle. – Sounds: Unique noises associated with products enhance their brand appeal and recognition. – Dynamic Duo: Improved recall and perception when a sound and an image are paired versus being used alone. – Smell: Smell and sound are powerful because of mirror neurons. Our brain “sees” through sound and smell. – Touch: Tactile sensation is another key factor. For example, heavier items are perceived as a higher quality.Buyology – Matthew A. Gilbert, MBA 9
  10. 10. • Coloring Perceptions – 80% increased brand recognition with color. – 84.7% cited color as more than half reason for a choice. – 62 to 90% of choice based on color when subconscious.• Selling Sex – Stimulating but distracting. – Often the controversy surrounding a sexually suggestive campaign is what attracts us, not the sexual content itself. – We are both over-stimulated by and desensitized to sex. – We respond to “real” looking models (who could be us).Buyology – Matthew A. Gilbert, MBA 10
  11. 11. What do you (think you) want to buy today?Buyology – Matthew A. Gilbert, MBA 11

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