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Buyology “An Introduction and Overview” By Matthew A. Gilbert, MBA http://www.matthewagilbert.com @MatthewAGilbertBuyology – Matthew A. Gilbert, MBA 1

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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

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What do you (think you) want to buy today?Buyology – Matthew A. Gilbert, MBA 11