According to Harvard Business School Professor Emeritus Gerald Zaltman, 95% of purchase decisions are made by the subconscious.
What is Neuromarketing?
In simple words, Neuromarketing is the application of Neuroscience to the field of Marketing.
Neuroscience is a branch of science that studies our “anatomy, physiology, biochemistry, molecular biology of nerves and nervous tissue and especially with their relation to behavior and learning” (1).
Hence, Neuromarketing is the science of analysing what’s in our brains through the collection of data on our thoughtssuch as biometric engagement, eye tracking, facial coding to create more persuasive advertisements.
Is it the future of Marketing?
According to Harvard Business School Professor Emeritus Gerald Zaltman, 95% of purchase decisions are made by the subconscious. (8)
Understanding and profiling consumers is a significant part of any successful marketing strategy. Neuromarketing provides a way to accurately understand an audience reaction exposed to any media materials. It uses the data collected to create more persuasive advertisements. I believe the future of marketing is a mix of AI and Neuromarketing. The AI field has made significant advances on profiling through the development of machine learning. It’s likely that a combination of AI consumer profiling platforms such as predictive analytics, machine learning, natural language processing, facial recognitions software with Neuroscience will be an extremely powerful tool to understand people conscious and subconscious thoughts and decisions.
Should we be worried about it?
The development of Neuromarketing raises ethical concerns for two main reasons:
Breach of privacy:
Concerns and controversies raised regarding how organizations and governments can collect data on our online activities, purchases, centre of interest, surroundings to profile consumers and citizens have been raised.
Neuromarketing analyses our thoughts and subconscious physiological reactions to medias our situations. A common argument is that Neuromarketing goes a step further that an invasion to our private life, it will be an invasion of our brain, thoughts and subconscious.
The risk of political or Malicious use:
Kevin Randall published an article in The New York times in 2015 exposing how politician use Neuromarketing to create more powerful campaigns. (3)
Although it is development was supposed to be for a commercial use only, there are raising concerns about Neuromarketing potential application to politic campaigns, propaganda or organizations with malicious or dangerous agendas. This field of marketing is now used for other purpose that commercials and are be difficult to regulate.
Neuromarketers claim that their science it’s no more harmful than surveys but are more accurate and people couldn’t be manipulated that easily when it comes to voting or making important decisions. However, those concerns are understandable and the regulation on its usage are slow to catch up with its progress.
What is your opinion on Neuromarketing?
- Neuroscience. (2019). Merriam-Webster. Retrieved from https://www.merriam-webster.com/dictionary/neuroscience
- Odden, L. (2018). 54 Artificial Intelligence Powered Marketing Tools [Blog]. Retrieved from https://www.toprankblog.com/2018/03/artificial-intelligence-marketing-tools/
- Randall, K. (2019). Neuropolitics, Where Campaigns Try to Read Your Mind. The New York Times. Retrieved from https://www.nytimes.com/2015/11/04/world/americas/neuropolitics-where-campaigns-try-to-read-your-mind.html
- Ted X Tufts. (2019). Neuromarketing: Knowing Why You Buy [Video]. Retrieved from https://www.youtube.com/watch?v=hMkkVCQdoa4
- Veneziano, C. (2011). POLITICAL NEUROMARKETING An Empirical Research on Voter Decision-Making. Copenhagen Business School.
- What every marketer really needs to know about neuromarketing and behavioural economics. (2019). Marketingmag. Retrieved from https://www.marketingmag.com.au/hubs-c/what-every-marketer-really-needs-to-know-about-neuromarketing-and-behavioural-economics/
- Wieckowski, A. (2019). When Neuromarketing Crosses the Line. Harvard Business Revue. Retrieved from https://hbr.org/2019/01/when-neuromarketing-crosses-the-line
- Mahoney, M. (2003). The Subconscious Mind of the Consumer (And How To Reach It). Harvard Business School Review. Retrieved from https://hbswk.hbs.edu/item/the-subconscious-mind-of-the-consumer-and-how-to-reach-it