Neuromarketing Myths (No. 3) – It’s too inaccessible and expensive
By Duncan Smith
Here’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. People 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.