A fascinating enigma that meets more than just the eye can see.
Marketplaces, both on and offline, are becoming increasingly crowded making it even harder for newcomers to stand out. For household names that may not seem like a big deal. However, for small businesses, that’s a major red flag.
But what if we told you that there was a tool that could keep you ahead of the game even before you entered it?
Ladies and gentlemen, neuromarketing has entered the chat.
The human brain is home to all our feelings and emotions. The way we react to a certain word. How we connect to creatives. That all comes back to the human brain. And neuromarketing is a brilliant way to analyze these sentiments and consumer behavior to shift the conversation from “I like this” to “I need this”.
Traditional metrics such as shares, scroll time, and even likes can tell us a lot about how successful a campaign was. But the fact of the matter is that humans like to feel. What’s more… we want to be associated with such objects we resonate with. And neuromarketing allows us to create epic products and campaigns to exactly that.
Neuromarketing is not a new concept. Large companies such as NBC have been using the technique for years to understand and measure customer engagement. However, this dynamic practice is no longer exclusive to the elite names within an industry. Now, small businesses, start-ups, and even freelancers can use it to their advantage to scale their businesses.
What is Neuromarketing?
With so much talk about how great neuromarketing is, it begs the question, what even is it?
Neuromarketing combines neuroscience and marketing to create content that evokes emotional responses that drive purchasing decisions. While this may sound cool and interesting, the real question one should be asking is why is this important? Well, it makes it easier for brands to decide their future campaigns as they tap into the subconscious of their customers.
How Can Neuromarketing Be Used to Grow a Business?
With such a large scope to leverage neuromarketing’s potential to grow a business, we’ve shortlisted the top five most important factors:
Strategically Create Effective Ads:
People respond to other people. Specifically, at what they’re doing. It creates a natural eye flow to draw attention to the storyline of the ad, the copy, and, most importantly, the product.
It’s what’s on the inside that counts. Or at least that’s how the saying goes. That’s not always the case when it comes to marketing and sales. Consumers are drawn to attractive packing that is unique, quirky, and eccentric.
In most cases, the packaging is the first interaction potential customers have with your brand.
Less is more. It will always be more. And you can’t argue that.
While humans love choices, having too many choices can be stressful. We know… we’re a complicated, high-maintenance species, but it’s true. With too many choices, we eventually reach a point where we no longer feel liberated, but rather debilitated.
When brands shift their focus to the single, most valuable factor, they create something priceless. It not only drives sales but shifts other customers towards the brand.
Leverage Limited Stock:
Having a limited stock of products isn’t a bad thing. It’s a great thing. In fact, some of the biggest names ensure they have a quota on products to drive sales. Hermes is notorious for doing this.
Limited stock ad strategies force customers to decide, as customers feel that indecisions can lead to their loss of having something amazing, ultimately driving them to make the purchase.
Set the Price Right:
Have you ever paid for a product and wondered why the price was so irrational that it’s almost as if it’s had a seizer while others are effortless and simple?
Well, there’s logic behind it. Studies suggest that rounded prices, such as $100 or $1,000, are great when emotions are the purchasing driver. Other the other hand, precise prices… you know… the bizarre $4,935 or $2.043, works better for products purchased using logic.
Let’s break it down further with an example. Luxury items. We all love them; hence, we purchase them based on emotions. Furthermore, luxury is meant to be effortless. A seamless experience, from start to finish. And having a rounded price enables it by making it easier for our brains to comprehend
Neuromarketing allows businesses to read consumers’ minds. It’s a powerful tool as businesses can directly create a brand that customers instantly connect with.