The Decision Making Process - Neuromarketing Overview
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Neuromarketing: The Future of Better Communications The Decision Making Process By Diana Lucaci, Founder & CEO www.trueimpact.ca| True Impact | @dianalucaci Canadian Chair, Neuromarketing Science and Business Association The 3 Brains of Decision-Making Subconscious to Conscious Thought Understanding Customer Emotions Benefits the Entire Organization Neuromarketing Applied to All Media Top 3 Neuromarketing Applications Optimize any communication to elicit positive emotions, and increase propensity to buy. Take the risk and guesswork out of Marketing. Ultimately understand what your customers want, before they express it. Future of Neuromarketing Deloitte predicts that the marketing and advertising industry will likely have brains on the brain for 2012. (Source: Deloitte TMT Predictions 2012) True Impact – Neuromarketing Process About True Impact True Impact provides Neuromarketing research and strategy, to solve Marketing and Advertising challenges. Technologies: fMRI, EEG, eye-tracking Learn more at www.trueimpact.ca
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The Decision Making Process - Neuromarketing Overview
- 1. Neuromarketing: The Future of Better Communications The Decision Making Process Diana Lucaci, Founder & CEO www.trueimpact.ca| True Impact | @dianalucaci Canadian Chair, Neuromarketing Science and Business Association
- 2. Neuromarketing Explained Neuroscience Neuromarketing Marketing Neuromarketing is a new form of market research, that uses Neuroscience tools to measure the emotional impact of communication across all media, and translate the findings into actionable Marketing recommendations. 2 www.trueimpact.ca
- 3. One Way to Look at It… Neuromarketing Research – Measures Emotions within the Brain. Traditional Market Research – Measures Spoken Opinions. Brain imaging metrics, with no questions asked. People don’t say what they think. Quick turnaround and no chance of asking the wrong question. Time consuming exercise, prone to error. Neuromarketing Strategy expertise for better Lack of actionable, corporate insights. corporate direction. Neuromarketing research is primarily used to measure emotions that drive the decision making process. What is the decision making process? 3 www.trueimpact.ca
- 4. The 3 Brains of Decision-Making New Brain Middle Sight, sound, smell, taste, touch first processed in Brain the old and middle brain. Old Brain 4 www.trueimpact.ca
- 5. Subconscious to Conscious Thought Reptilian Brain 95% of decisions • Heart Rate made here. • Breathing • Balance 1. Subconscious Thought • Compulsive Behaviour • Fast processing. • Emotion driven. Limbic Brain • Cares about here & now. • Memories of Emotions • Value Judgments • ‘Gut Feelings’ Neocortex 2. Logical/Conscious Thought • Language • Slow and effortful. • Abstract Thought • Future focused. • Imagination • Not primary driver of decision • Consciousness making Emotions are the driving force behind the decision making process. What does this mean for your company? 5 www.trueimpact.ca
- 6. Understanding Customer Emotions Benefits the Entire Organization Understand what the customer values, and create relevant communications. Deliver customer value, and Marketing develop reputation as a company who listens and cares. Operations At the core is R&D Neuromarketing research and Provide products and strategy, focused solutions with on human values. differentiated value. Understand impact to bottom line. Communicate consumer Finance Sales value, and build better relationships. 6 www.trueimpact.ca
- 7. Neuromarketing Applied to All Media Marketing Examples of Challenges Result Channels Video Which communication resonates with Better, more relevant videos. my target audience? Increase propensity to convert/buy. When do viewers pay attention? Online What do site visitors feel as they interact Higher click through rates rates. - Website with your website? Deep customer understanding. - Search How do you optimize the web Better user experience - Social experience, to evoke positive emotion? Increased conversion rates. - UX, IA Printed Collateral What print format does the brain prefer? Compelling pieces of communication. Does content resonate with your Increasing share-ability and download rates. audience? Events or F2F Does your booth display attract Use the right décor, communications or presentation attention, and elicit positive emotions? style that your audience will love. What do shoppers feel about your event? Consumer What label design is preferred by the Take risk out of failure to launch. Packaged Goods brain? Identify the perfect imagery and shape, to appeal to How does a customer feel while holding the brain. your product? … as well as fragrances, music, food, etc. 7 www.trueimpact.ca
- 8. Top 3 Neuromarketing Applications 1. Optimize any communication to elicit Industries positive emotions, and increase propensity Advertising to buy. Transportation Industrial Telecommunications 2. Take the risk and guesswork out of Information Technology Marketing. Government Non-Profits And many more! 3. Ultimately understand what your customers want, before they express it. 8 www.trueimpact.ca
- 9. Future of Neuromarketing Deloitte predicts that the marketing and advertising industry will likely have brains on the brain for 2012. (Source: Deloitte TMT Predictions 2012) Future of Neuromarketing 1. Marketing 1.0: Product centered Marketing 2.0: Consumer centered Marketing 3.0: Human values centered. 2. Expand global understanding of the consumer brain. 3. Science and Marketing practice meet. (Source: Ale Smidts, Erasmus Centre for Neuroeconomics) 9 www.trueimpact.ca
- 10. True Impact – Neuromarketing Process Marketing challenges. Better For example, what do communications customers really want? campaigns! Neuromarketing Process Neuromarketing Neuromarketing research Strategy & measures evoked emotion, attention and Recommendations. memory. Data collection and analysis. 10 www.trueimpact.ca
- 11. About True Impact True Impact provides Neuromarketing research and strategy, to solve Marketing and Advertising challenges. Technologies: fMRI, EEG, eye-tracking Learn more at www.trueimpact.ca True Impact Neuromarketing Research and Strategy Toronto, Canada 11 www.trueimpact.ca
Editor's Notes
- There’s a huge difference between what science knows and what business does. Neuromarketing allows science to optimize business investments.
- Think of all the myths science disproved – much like mythbusters.
- Neuromarkeing impact all these functions within the organization. Human values are what leads to a comprehensive business strategy, and value based culture.
- Tune in for my radio interview – on June 4
- Decisions making is based on emotions, before logic.Technologies like fMRI and EEG measure levels of activation in decision-making regions of the brain.Most importantly, insights from neural metrics are applied to the Marketing or Advertising strategy, and used to generate recommendations for better customer understanding.
- TIM VisionHuman values centered - Neuromarketing can benefit the world (non-profit, government)Growing knowledge of the brain – Neuromarketing research must be shared to advance global understanding of decision making in the brain.Objective analysis – In time, there’s need for peer-reviewed research.