Neuromarketing: The Science, Art and Opportunity

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What if you could read minds? I'm slowly becoming more and more intrigued by neuromarketing and the science of being able to read a consumer's mind.

Although, neuromarketing is nothing new. It’s been decades since advertisers, product developers and marketers first started using social psychology to influence what we buy. Companies have learned how to exploit basic human behaviors, and use science to understand how consumers react to marketing campaigns, products and eye-deceiving designs.

Traditional market research has undoubtedly brought great success for big corporations. That’s why companies have no issue spending millions of dollars on such studies. But as modern science and technology develop, companies hope for even more accurate answers about consumer behavior towards their products or services.

Enjoy The Great Influencer Marketing Takedown While You Can

Nearly a decade ago, I had a boss who was skeptical about social media. His first tweet went something like…

“Trying out this Twitter thing”

His second tweet read…

“I don’t get it. It’s a fad”

Fast forward to present time—Facebook alone looks to be the second coming of Google and billions of dollars are being made and funneled through social media in some form.

Product Differentiation with Win Win Pricing

Using marketing and pricing to create meaningful product differentiation separates you from competitors and allows you to command price premiums by eliminating bad discounts. Product differentiation is possible with win/win pricing.

Discounts should never lead to a loss of margin. Instead, discounts should reward customers for activities that improve their value — either by reducing your costs or improving overall demand. As a first step, evaluate and build systems that reward customers based on desired behaviors.