How can I anticipate what consumers need? How can I predict the probability of success or failure of a campaign? What can I offer so that the purchase experience is memorable? What happens in the minds of the consumers before, during and after the purchase, and how can this affect my sales in the future? We suggest three neuromarketing TED conferences that give ideas on how to answer these questions.
These and many more other questions are asked by neuromarketing professionals and the advertising sector on a daily basis. Technology and access to information have empowered the consumer, giving information on the different products available on the market, with the possibility of leaving feedback that could benefit or damage the brands. The scenario has become much more competitive, and only those that decide to innovate with the possibility of charming the buyer will survive.
The new technological era has also provided the brands with tools to better know the consumers and anticipate their behavior. Technologies such as EEG, eye-tracking devices and galvanic skin response (GSR) devices, and massive information management tools such as BigData along with new scientific developments have become indispensable for the large - and not as large - corporations, which are now conscious of the fact that if they do not innovate, also by including market investigation, they are condemned to failure.
Therefore, there is plenty of curiosity from companies and consumers to know what is behind decision making, what motivates the purchase behavior, what emotions guide us to consume a specific brand and not another, and how this entire technological revolution benefits us as consumers, but also the brands as sellers.
Neuromarketing TED talks
Access to information has been enabled by new technologies that, through the internet, provide data on courses, blogs, scientific papers, and neuromarketing companies and keep us up to speed on this new discipline. We can also watch interesting videos on neuromarketing, BigData or consumer psychology. These videos cover broad aspects such as how the minds of consumers work, how they react to stimuli such as publicity and point of sale, and how new technologies can help us understand how to offer a better shopping experience. Also, science contributes with new, unprecedented information on the mind and the human brain in general, and more specifically, of the consumer.
We have selected three TED talks on neuromarketing, related to decision making and shopping behavior:
Decision making and BigData
Devora opens the Tedx talk by mentioning that the action of purchasing obeys a decision-making process. Brands ask themselves how long the consumers think about a product, if they have searched for information previously, what were the sources consulted and what influenced the most in their decision-making process. Consumers consult an average of 10.4 information sources before deciding to purchase an item and, depending on the product, more or fewer sources are consulted.
Information search on Google has been converted into a form of entertainment for people and this generates much more information on what motivates us, what scares us, and what we desire. Devora called this the construction of “consumer DNA”. Moreover, for several years, this information has already been available in real time, directly from supermarkets and grocery stores. This tool helps better know the consumers and even predicts their behavior with lower error rates, says Devora.
Nevertheless, Devora affirms that, despite all this amount of information, we still cannot exactly predict consumer behavior. This occurs because the reasons motivating our actions are so varied and uncontrollable that we cannot enumerate them all; although we can define the majority of reasons, in the end, the consumers themselves are the sole owners of their actions.
Scientific biases and misleading headlines
During her TED talk, Molly Crocket invites us to be critical with the headlines we see and the claims we hear on scientific advances, as these usually present biases. For example, after a magnetic ressonance study it was affirmed that we are in love with our Iphones. Molly clarifies that, although a brain area related to love and compassion is activated when we see a picture of our phone, it does not mean we are in love with it. The specific brain area activated, besides being related to those good feelings, is also associated with hatred, pain, disgust, and sadness. Realities such as these could, therefore, give place to completely opposite headlines. In summary, the brain is very complex to understand and consequently, also denies affirmations such as the existence of the buy button.
Improving shopping experience at the point of sale with technology
Raymond R. Burke, a Business Administration professor at the Indiana University, explains how supermarkets carry out studies that register the shopping behavior of consumers with technology such as eye-trackers and biometrics to improve the client’s experience at the point of sale, and therefore, also improves sales.
If you are curious to know more about different subjects but you don’t have the time to watch documentaries or read all the books you’d like to, we recommend you to check the other TED talks where you can listen to great lecturers and experts talking about their specialties in a dynamic and fun manner.
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