In today’s fast-paced marketplace, businesses must stay up to date with the latest marketing techniques to stay competitive. One of the most promising approaches is neuromarketing – a relatively new sector that makes use of neuroscience to decode how customers respond emotionally to products and services. However, not every business has the expertise to confidently dive into this field, which puts them at risk of falling prey to fraudulent agencies that make fake claims or provide unreliable results. To ensure your business makes the most out of neuromarketing, it is important to understand what authentic neuromarketing service providers can offer and how to choose the right agency partner. By investing in these precautions, businesses can make informed decisions and maximize their returns on neuromarketing investment, which could prove vital in the constantly evolving market trends.
Key highlights from the article :
- Evolving consumer behaviour and its impact on marketing.
- Businesses should equip themselves with information on reliable neuromarketing service providers to ensure their investments don’t go wasted.
- Guidelines for selection of the right neuromarketing research tools and providers.
How Institute for Neuromarketing can help?
The world we live in is constantly evolving, and with the advancement of technology, our habits and behaviours are changing too. Dictionaries, magazines, and books are no longer our go-to sources for information, as Google search, blogs, and Kindle have taken over. Malls are becoming a thing of the past, replaced by the convenience of online shopping, and social meetings are being replaced by virtual gatherings. But what’s next? With the rise of artificial intelligence, even Google search may soon be replaced by ChatGPT! As consumers and professionals, we must adapt to these changes and embrace the new ways of the world. This shift has raised the bar of expectations for marketers and businesses alike, as understanding consumer behaviour and delivering personalized experiences are crucial to success in today’s market. The conventional techniques of market research are no longer enough to tackle these challenges.
Modern marketing problems need novel solutions!
Marketing’s role in managing innovation is critical since it interacts with numerous stakeholders in the innovation process, including R&D and future customers. Rather than taking corrective approach of understand consumer behaviour after product launch, neuromarketing techniques can help to test the efficacy of new product or messaging improvements before they are released to the public (Brem and Viardot, 2015)
Neuromarketing involves using techniques to measure physiological and neural responses to gain a better understanding of customers’ motivations, preferences, and decision-making processes. This information can be used to develop more effective advertising, products, pricing strategies, and other areas of marketing. In the recent years Neuromarketing has been the area of interest of many researchers and academicians. Many studies have been conducted and techniques have been commercially used by companies to improve their product experience and marketing strategies (Bhardwaj et al., 2022).
But, even as neuromarketing is getting established, its adoption is still sluggish due to lack of knowledge about the subject. Marketers frequently face dilemmas, including whether investing in neuromarketing research is worthwhile, whether it involves encroaching on consumer privacy, and whether it is a valid approach (Crespo-Pereira et al., 2021). Just like the ripple effect, where one negative element can spoil an entire batch, the presence of a few under-qualified neuromarketing firms in the market is damaging the reputation of the entire industry (Stanton, Sinnott-Armstrong, & Huettel, 2017).
Current research on Neuromarketing clearly indicates the significant potential and positive impact of this field. However, to utilize neuromarketing effectively and responsibly, it is essential for marketers to carefully consider the key factors such as capability, credentials, integrity, and dignity of the neuromarketing service provider.
Choosing the Right Neuroscience Research Tools and Providers
The Neuromarketing Science & Business Association (NMSBA), a leading global organization that plays a crucial role in promoting the ethical use of neuromarketing techniques, has compiled an exhaustive list of 36 questions, as suggested by the European Society for Opinion and Marketing Research (ESOMAR), for businesses to consider when commissioning neuroscience research to consultancies. These have been summarised below as 8 checkpoints :
- Complete profile of the Neuromarketing agency or provider
It is possible to get an overview of the company’s capability, credibility, and offerings by considering factors such as :
Company’s experience with providing market research using neuroscience techniques, including the number of years in the field, the number of projects carried out, and the number of participants involved.
The education and experience of the team in using neuroscience techniques for market research, including academic qualifications, relevant publications, and experience with neuroscience and market research and adherence to market research codes of conduct.
The type of industries the company focuses on and relevant case histories or testimonials from clients in those industries.
- The portfolio of neuroscientific techniques used by the provider.
Consider below points to learn about neuroscience techniques used by the provider :
What are the techniques used for market research, their definitions, and the metrics derived from them & why these techniques are best suited to meet a given study’s research objectives?
Know whether the company provides other “traditional” market research techniques, such as surveys, qualitative research, and behavioural response studies. This will help clarify what types of research are available.
The response of company on when to use neuroscience techniques versus traditional market research techniques, and when a combination of both is appropriate can help to clarify the company’s philosophical perspective on the use of different research method.
- Specific tools & metrics used for measurement.
Consider understanding “Specific Tools and Metrics”, by asking providers about the specific neuroscience measures or metrics they offer, with clear definitions and explanations for each metric.
Ask about the scientific background for the validity of the provider’s technology, methods, and metrics, as well as techniques they use to measure emotions, memory, and attention and to what degree.
Deeper understanding on metrices can provide better clarity. For instance, ask if metrics are available on a moment-to-moment/element-by-element basis, i.e. if they are recorded continuously throughout the entire marketing stimulus (such as an advertisement) and can be analysed in real-time to determine the precise moments or elements that elicit certain responses or as one static measurement i.e. if the responses are measured at one or a few specific time points during the stimulus presentation.
And how does the provider ensure that the responses collected are in line with the audience’s experience of the creative.
- The portability of equipment to be used in the market research.
Understand portability of equipment:This is important for marketers as it can impact the feasibility and cost-effectiveness of conducting research in different locations or environments. The portability of equipment used for market research varies depending on the methodology. Natural environments provide a more realistic exposure to marketing stimuli, but researchers have less control over measurement conditions. Some techniques require the use of trained technicians and specialized hardware in a dedicated location, while others can be conducted in-home with the use of a webcam, delivered equipment or online programs.
Know about their sample size recommendations as they tend to vary among providers. Most neuroscience market research agencies recommending smaller sample sizes for quantitative research than traditional research. The sample size may also depend on the target consumer definition and sub-group analysis requirements. It is important to understand the rationale behind sample size recommendations and whether they have been validated.
- The source and composition of sample
The sample source and composition are important to consider in neuroscience market research as it helps to maintain transparency.
Confirm the source of the sample that a provider uses, whether it’s their own dedicated panel or a third-party panel.
Understand any restrictions on the sample due to the technique or technology used, as certain techniques cannot be used on specific groups of respondents due to ethical concerns, health restrictions, or technical limitations.
Get to know the drop-out and co-operation rates to evaluate sample quality, also understand what people are told when they are recruited and how the sample is validated.
- The statistical analysis and database comparison method
It is vital to understand :
How is statistical analysis and database comparison done by the provider to understand the accuracy, quality & reliability of the data. For instance, it can be useful to know if they use significance testing and, if so, what their approach and philosophy are towards it. This is crucial to determine if their methodology aligns with your company’s requirements.
Secondly, understand whether the provider uses database norms and their size and composition, how they ensure comparability of data between studies for various clients. It is essential to evaluate if their databases will be relevant for the research project in question.
Finally, assess their ability to model or predict consumer behaviour or business metrics using neuroscience metrics and capacity to assist with complex statistical analysis if required.
- Data quality and validity
Understand provider’s data quality control processes, such as procedures to eliminate corrupt data or unsuitable respondents and the identification of sources of error, what are the processes followed to ensure scientific standards are upheld during the measurement process and who oversees them?
Recognise whether the results are interpreted by qualified and experienced staff using standard academic practices.
See if provider considers innovative approaches, such as parallel testing versus control validation between online and offline methodologies.
If the agency provides any validated business measures (e.g., predicting purchase intent, viewership rates, etc.) for predicting market behaviour, and whether the provider can supply the client with testimonials.
- Policies and compliances of the provider
Finally knowing the policies and compliances of the provider can help compare with other providers in the market and clarify their standard sampling processes and ethical standards. Points to be considered include :
How the providers ensure the safety of respondents during the testing process.
Any other ethical considerations that the providers consider.
The age range for conducting research and the procedures for gaining permission to research minors.
By obtaining information on these key indicators, you can acquire a thorough comprehension of the capabilities of neuromarketing agency / service provider, detect any potential red flags beforehand, and ultimately arrive at a well-informed decision. Nonetheless, the process of gathering and interpreting such extensive information can be daunting.
Fear not! We are here to lend a helping hand.
Leverage the knowledge of our neuroscience experts to enhance your marketing endeavours!
The emergence of Neuromarketing over the years has changed the way in which businesses study consumer behaviour and anticipate their needs. However, doubts on the reliability of data were raised due to few misleading information and exaggerated promises by some agencies. Choosing the right neuromarketing agency, company or institution is critical for obtaining accurate results from market research endeavours. At Institute for Neuromarketing, we understand this need and strive to provide reliable support. We maintain full transparency with our clients and carry out academic as well as commercial research needed for neuromarketing studies. Our team of experienced and certified brain scientists, neuromarketing and marketing specialist ensures that brands have access to a reliable pool of data to develop marketing strategies based on consumer preference. With these guidelines, we assure you that you will have the confidence to choose the best neuromarketing agency partner. If you have any doubts or queries regarding this, feel free to reach out Institute for Neuromarketing today!
Dr. Sola, renowned neuromarketing scientist, the founder of the Institute for Neuromarketing and certified neuromarketing professional from the Neuromarketing Science and Business Association (NMSBA), talks about the ethical considerations involved in neuromarketing and the need for transparency in the industry. She emphasizes that neuromarketing should be used to enhance the customer experience, rather than manipulate consumers.
We believe collaboration is the future of success, and working together with other esteemed organisations only further strengthens our position as a leader in Neuromarketing. Our research has received top-tier academic and commercial reviews from some of the brightest minds in the industry, proving it academic and scientific rigour. Trustworthy results do not come by chance, but through careful planning, support from experts around the world, and targeted analysis of data. This is what Institute for Neuromarketing does best. Whether you are an academic looking for assistance with studies or a business trying to understand neuromarketing better, we have the know-how and experience to bring you tangible and reliable results you can trust. For more information on how Institute for Neuromarketing can help you get ahead in your projects or work, give us a call today!
- Bhardwaj, S., Rana, G. A., Behl, A., & Gallego de Caceres, S. J. (2022). Exploring the boundaries of Neuromarketing through systematic investigation. Elsevier Inc. Retrieved October 23, 2022, from https://doi.org/10.1016/j.ijresmar.2022.10.002
- Brem, A. and Viardot, E. (2015). Adoption of innovation: balancing internal and external stakeholders in the marketing of innovation. In A. Brem and E. Viardot (eds), Adoption of Innovation: Balancing Internal and External Stakeholders in the Marketing of Innovation (pp. 1-10). Cham: Springer. doi: 10.1007/978-3-319-14523-5_1
- Crespo-Pereira, V., Legerén-Lago, B., & Arregui-McGullion, J. (2021). Implementing Neuromarketing in the Enterprise: Factors That Impact the Adoption of Neuromarketing in Major Spanish Corporations. Journal of Business Research, 130, 496-504. doi: 10.3389/fcomm.2020.576789
- Neuromarketing Science & Business Association. (n.d.). Commissioning Neuroscience Research. Retrieved from https://nmsba.com/neuromarketing-companies/commissioning-neuroscience-research
- Stanton, S. J., Sinnott-Armstrong, W., and Huettel, S. A. (2017). Neuromarketing: ethical implications of its use and potential misuse. J. Bus. Ethics 144, 799–811. doi: 10.1007/s10551-016-3059-0