You Have to Choose between Neuromarketing and Traditional Market Research Methods


neuroscience myths

Old School Myths

 

Here’s the fourth post in the Neuromarketing Myths series. Here we will try and remove some of the mystery surrounding our profession, and address the most common misconceptions we encounter on a day-to-day basis.

 

We have definitely criticised certain traditional market research methods in the past , but this doesn’t mean that neuromarketing is trying to completely replace traditional market research. In fact, both approaches compliment each other and it helps taking both the exMarket Researchplicit (what people say) and the implicit (how people subconsciously feel) into account. This doesn’t have to increase your budget – traditional survey questions can easily be included when carrying out cognitive experiments online at no increased cost, and the insight from qualitative and observational research can often inform and optimise the experimental design for neuromarketing studies.

The way we see it is that neuromarketing and traditional market research don’t have to compete against one another – if a combination of both is the best approach to give our clients the answers to their questions, then that’s what we are going  to
suggest.

 

 


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Neuromarketing Myths (No. 3) – It’s too inaccessible and expensive

neuromarketing myths

Old School MythsHere’s the third post in the Neuromarketing Myths series.  Here we will try and remove some of the mystery surrounding our profession, and address the most common misconceptions we encounter on a day-to-day basis.

I could argue that if the research is really good then there’s going to be an excellent ROI. Fair point, but if you spend all of your research budget on new fangled neuromarketing and get no insight then you’ll soon be looking for a new job. PeoplBrain With Arms, Legs And Magnet On Hands, Catch Many Euro Bankne are loss averse (I know you knew that already). Insight specialists are no different. The status quo bias reminds us that change can seem as a loss so shifting over to new approaches is difficult enough but shifting to expensive new approaches is too big a step to take.

One of the reasons that fMRI and EEG based research isn’t as popular as the press actually suggests is that it’s expensive to do right. This is especially so if the testing is to be done on more than 100 people. The anchoring effect of neuromarketing prices from 10 years ago lingers but the truth is that you can now get comprehensive quantitative insight into emotions, attitudes and perceptions for the cost of many traditional market research approaches.


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Neuromarketing Myths (No. 2) – It’s all about brain scans

neuromarketing myths

 

Old School Myths

Here’s the second installment to our Neuromarketing Myths series. Neuromarketing techniques are increasingly being used by companies in order to test their brand perceptions, new concepts, products, packaging, communications and much more. Its use is so widespread that it is surprising how much misunderstanding there still is around neuromarketing. Here we will try and remove some of the mystery surrounding our profession, and address the most common misconceptions we encounter on a day-to-day basis.

 

It’s all about brain scansModern Examination In The Hospital

It is true that neuromarketing started out with a strong focus on technologies such as fMRI (brain scans) and EEG (measuring electrical brain activity). Modern neuromarketing now however is much more about scalable psychological and cognitive tests that can be carried out online. This is not just because they are cheaper,  faster to turn around and allow us to test many more participants, but also because they tend to provide clear and comparable data that can directly answer many market research questions. Automated facial encoding using webcam and implicit testing (refered to as IAT or IRT) is now becoming mainstream.

 

Neurobollocks

Many people who don’t have a background in psychology and neuroscience seem to believe that brain imaging techniques such as fMRI will give them better answers. Research has shown that people are more likely to be convinced by statements if these are presented next to a brain image and they seem to be similarly seduced by the idea of brain scanning in market research. But results from these studies are often much less clear than they may appear.

Neuromarketing has had some bad press, quite rightly at times. One particular neuromarketing study was lambasted after a New York Times OP-Ed piece compared iPhone addiction to cocaine use and falling in love because the insula’ lit up. The problem is that the insula lights up for loads of things. The same brain area may also be involved in working memory, physical pain, disgust, anger, visual perception, motor sequencing, and memory retrieval.

Insight professionals want to better understand the mechanisms of decision making and neuromarketing can and does help. It’s just a shame that some people get it so very very wrong and make the industry look stupid.


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Neuromarketing Myths (No. 1) – We can brainwash you!

neuromarketing myths

Old School Myths  Neuromarketing techniques are increasingly being used by companies in order to test their brand perceptions, new concepts, products, packaging, communications and much more. Its use is so widespread that it is surprising how much misunderstanding there still is around neuromarketing. Here we will try and remove some of the mystery surrounding our profession, and address the most common misconceptions we encounter on a day-to-day basis.

 

We can read minds (and brainwash you)

One of the most common things we hear when new clients first get in touch with us (or even when we just talk to friends about our jobs) is that they feel there is something ‘spooky’ or ‘scary’ about what we do. People either seem to think that we try and ‘read their mind’ to uncover aspects of themselves that they weren’t even aware of, or brainwash them into buying the latest product, or both.

Let’s be clear here: WhileMind Control it’s flattering that you put this much faith into our abilities as psychologists, neuroscientists, market researchers and data analysts, we’re really not that great. What seems to create this fear in people is neither currently possible nor desirable. Fundamentally, we try to answer the same questions as traditional market research, we just believe we have a better approach to it. Instead of just asking people for their opinion, we measure things such as their gut feelings about a product, how their opinion about a brand has been (very subtly) changed by communications, and whether they pay attention to an advert or not.

None of this has anything to do with brainwashing (not any more than advertising always has) or subliminal messaging. We are simply capturing people’s opinions and attitudes in a more effective way than traditional market research alone does.

Every year $billions are spent on ineffective market research. The aim of neuromarketing is to make market research spend more effective.

 Mindlab offers the most accurate and effective market research available because we don’t just ask people what they think, we find out how they feel.


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