The first two post received great attention so we thought you might like more! Part 3: In our technologically-advanced world, Big Brother is always watching. In the context of neuromarketing, this translates to eye-tracking technology that allows neuromarketers to determine the ideal placement of menu items, what draws customers’ eyes first, and more. But in this case Big Brother leads to more informed marketing decisions and better results for businesses. In this third installment of the blog series, guest writer Jeremy Bagnall discusses neuroscience’s implications for the business world.
At FitzMartin, we’ve always relied on a solid base of cognitive science and behavioral marketing to inform our decisions for clients. We understand the value of knowing the science behind how and why consumers react the way they do, and the implications this has for business best practices in all areas. In this particular article, a new friend of ours, thinker and writer Jeremy Bagnall explores the implications that neurology can have on marketing, and what methods have already been used to improve the effectiveness of advertising.
Neuromarketing, or the application of neurology to marketing, is a concept that has been gaining momentum as technology increasingly evolves. As you’ll see in this first part of Jeremy’s writing, neuromarketing has the potential to impact how we approach marketing initiatives. Interesting food for thought…
The psychology of a consumer is subject to influence when companies are able to predict how they will react by appealing to their thoughts and emotions. Neuromarketing firms are becoming a more prominent business to business sector worldwide because of the high demand from corporations to perform neurological research. It is a growing industry that has tremendous potential to continue to expand because of the option to be a service sector, product sector, or a hybrid between service and production. The research is able to efficiently predict and further explain deficiencies in the current marketing methods utilized by companies.
Tobii Technology is a company well known worldwide for their eye tracking products that aid buyers to perform neurological experiments. Tobii positioned themselves to be a global leader that specializes specifically in eye tracking products and have benefited enormously from the recent spike in the last decade for demand for their products. Additionally, neuromarketing firms, like SalesBrain, are emerging in a business to business market providing the necessary services for companies to hire them to perform neuromarketing experiments and research.
However, the eye tracking method of neuromarketing was the chosen method to experiment with because it is a common technique currently used by major corporations as well as small scale businesses. For instance, Ford Motors is using eye tracking to procure research on the location of consumers’ focus in their advertisements to better position their pricing specials on vehicles. Small business like bars and restaurants utilize eye tracking experiments to determine effective location of items and pricing strategies on menus. This shows that there is a wide variety of firms that apply neuromarketing methods to further psychological effectiveness in their marketing niche.
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About the Author:
Jeremy Bagnall is a graduate of the University of Montevallo Stephens College of Business where he studied Marketing. He was also a student of the baseball diamond and one of the leading members of the Falcon Pitching Staff. Jeremy's passion for advertising is directly relevant to his passion on the pitcher’s mound. As he explains it, pitching comes down to the constant mental battle with the player at home plate. The pitcher is continuously striving to stay one step ahead, and plan his next move based upon what pitches he has displayed for the hitter. Both players are trying to get inside one another’s thought process and predict what is coming up next. Marketing is essentially the same concept; attempting to stay ahead of the curve and decipher consumer responses, behavior, and buying habits.