The purpose of the analytical report on neuromarketing research is twofold. First, it aims to provide an overview of the main technologies used for neuromarketing research and to identify the benefits that their application opens up for business. Secondly, the report reviews the market of neuromarketing research and highlights the key drivers and barriers to its development.
Recent research in consumer behavior and cognitive psychology has formed the basis for the concept of behavioral economics and marketing. A behavioral approach to understanding consumers provides insights to improve customer relationship management, adjust communication and customer choice architecture, employing advances of consumer neuroscience and neuromarketing technologies. Despite all the efforts to improve the methodology, the self-report techniques of researching consumer perception do not allow us to develop a full and objective understanding of consumer choice, due to the fact that consumers are not always willing or able to explain their preferences.
Consumer neuroscience aims to use a neuroscientific approach to capture cognitive and emotional responses to the stimuli (e.g., advertising poster) exposed. The authors of the analytical report identified two types of neuromarketing research: primary and secondary neuromarketing. Primary neuromarketing involves the collection and processing of the data obtained during the study which aims to solve a specific marketing-related problem and includes the recording of neuronal activity or biometric indicators and motor responses (for instance, the registration of gaze movement). Secondary neuromarketing consists of the processes of using and interpreting previously recorded data on the consumers’ neurophysiological reactions and applying machine learning technologies and artificial intelligence to predict consumer perceptions.
The report highlights the specifics of the neuromarketing research market, such as dynamics, market structure, main technologies and categories of services. Based on analysis of the practice of using neuromarketing tools, the categories of services offered by research companies were identified depending on marketing-related purposes.
The main categories of services provided by neuromarketing companies can be divided into the following segments:
• Improving the effectiveness of advertising campaigns. Companies test video commercials and posters to estimate consumer perception.
• Analysis of brand attributes: logo, brand perception, brand position in the competitive environment, brand assets.
• Advising on product adjustments: price, point-of-sales material, packaging, online (webpage/In-App) presentation, merchandising.
• Improving communication with consumers: analysis of brand claims, slogans, product names, customer reviews and complaints.
• User experience and user interface (UX/UI) research. Consulting on changing the interface, navigation on the site.
• Advising on the new product development and launch to the market.
Concerning the drivers of market development, it is necessary to highlight the point that modern neurotechnologies are expected to have a positive influence on the effectiveness of the studies. They help to minimize the risks of creating data distortions due to the unnatural experimental settings which were typical for earlier techniques of neuro-marketing studies. Also, customers are becoming more demanding and their experience should meet their expectations. This reinforces the need for companies to study consumer behavior and preferences in more detail.
Technology limitations remain one of the key barriers to market development, many of them still preventing studies to be conducted in the shopping environment, some because of practical considerations and others, but not all, because of their significant cost. Another important barrier is the limited awareness of business managers about the opportunities offered by neuromarketing research, together with the lack of understanding of what information such studies can provide to improve marketing performance.
This report will be useful for the aforementioned managers of the different companies who are looking for advanced and efficient approaches to improve market performance. It should help them to decide whether it is relevant to use the benefits provided by the neuromarketing research and to understand which neuromarketing tools they can use to develop and improve consumer perception of the products, services, customer experience, and communications of the brands that their company manages.