Internet has undoubtedly changed the way marketing is done. Interactive marketing has taken over static Internet marketing. Â Interactive marketing is faster, smarter and more appealing. But consumers are not behind and they have become savvy, more aware, and more pricky towards their choice of products. In spite of this growth, what is lacking is the ability of the consumers to state their choices and the inability of the markets to interpret consumer’s preferences. This is where Neuromarketing comes into picture.
In traditional marketing, marketers can use various behavior patterns of their consumers to predict trends, modify their products and tailor everything from development to distribution. Using Neuromarketing, marketers can get a lot more data and better results of their marketing efforts.
By using techniques such as galvanic skin response, EEG, and fMRI, new information can be generated that can allow deep and direct access to consumer preferences. In neuromarketing, neuroscientists interpret consumer reactions, brain waves, oxygenated blood responses or any other physiological data, thus, giving a complete and accurate picture of consumers’ preferences.
The science of neuromarketing is not new. There are technologies available for marketing companies to apply this science to better their marketing strategies but they have not. Despite questions of ethics and a lack of trained professionals accomplished in neuromarketing execution, the true barrier is the exorbitant cost associated with neuromarketing analysis. Even though the results are excellent, neuromarketing is still a dream for many organizations due to the high price of execution. The marketing industry will await for the time till the benefits of neuromarketing are greater than or equal to the cost incurred.