Archives for posts with tag: consumer psychology

Nielsen Neuro Labs headset

Nielsen Neuro Labs’ consumer neuroscience and neuro marketing team has some interesting developments for anyone in marketing wanting to get a better edit on their content.

The Labs teams’ Fourier One headset is powered by electroencephalography (EEG) technology and is able to measure your audience’s neural responses to content via the brainwaves of your grey matter.

This means that now you can edit out the ‘boring bits’, (as captured by your yawning consumer’s alpha waves), and show the most effective area to put your call to action for maximum recall using eye-tracking technology.

This is the way to do “surgical content” says by Nielsen Neuro Labs president Joe Willke, and is certainly a groundbreaking development for achieving optimised brand experiences in emotion, memory and attention for digital and TV content.

This could revolutionise your marketing in product packing, in-store comms, and more. Find more information about Nielsen Neuro Labs here.

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neuroeconomics car purchasing decisions

Full rights and credits to the content extracted here from Dr Vasily Klucharev. For more information please head to https://www.coursera.org/course/neuroec

 

In this mini-series of Neuroeconomics, we look at purchasing decisions of consumers and how the activity in the brain can predict purchasing behaviour.

While some of us may think we don’t want a car, let alone car what type we’d choose, Susan Erk’s study in 2002 showed that in fact many of us can have extreme car category preference wether we know the exact brand name or not.

In the study she asked male subjects to rate different categories of cars – sportscars, limousines and small cars.

The brain activity of the Nucleus Accumbens (see below) was found to correlate directly to the car category preference; the more the brain reacted, the more they liked the ‘sportscar’, and the inverse was true for the least liked ‘small car’.

car category

Full rights and credits to the content extracted here from Dr Vasily Klucharev. For more information please head to https://www.coursera.org/course/neuroec

 

The category of product alone was enough to strongly activate the NA part of the brain, and signal a specific purchase decision, regardless of the lack of a specific brand to consider.

This is an interesting insight into the potential powerful effects of marketing to associate values to general items and spur a purchase decision within a category alone. How much value do “luxury” brands need to carry if the category itself can carry them so far?

 

Full rights and credits to the content extracted here from Dr Vasily Klucharev’s course ‘Introduction to Neuroeconomics; how the brain makes decisions’ through the National Research University Russia. Available now as an online learning course through Coursera.com. For more information please head to https://www.coursera.org/course/neuroec

 

 

So far we’ve gathered that the level of activity in our Nucleus Accumbens shows our predicted values.

But can this can lead to actual financial decisions? Can we predict a person’s decision to buy a product based on their brain activity?

The answer is yes.

Our brain has an expected value – what it expects us to enjoy when it gets a cue like seeing our favourite chocolate bar in the shops. (That’s the point where we think “Yum that will taste good when I eat it”.)

shopping and brain

Full rights and credits to the content extracted here from Dr Vasily Klucharev. For more information please head to https://www.coursera.org/course/neuroec

And so our brain buzzes with excitement, and this activity in the Nucleus Accumbens, leading to a purchase of the chocolate bar.

Conversely, when people don’t buy it, the activity is less – as seen below. We’re just not so buzzed to pay the cash for the reward.

 

NA firing rate

Full rights and credits to the content extracted here from Dr Vasily Klucharev. For more information please head to https://www.coursera.org/course/neuroec

In Brian Knutson’s study using fMRI to predict financial choices, subjects were asked to press a buzzer when they saw a cue in order to receive money.

When that monetary figure was $5, the subject’s neurons fired more, but when it was $1, it fired less. So when the person expected to get more money, the brain showed activity related to what anticipated gain they thought they would get.

knutson monetary $5 test

Full rights and credits to the content extracted here from Dr Vasily Klucharev’s course ‘Introduction to Neuroeconomics; how the brain makes decisions’ at https://www.coursera.org/course/neuroec

Most interesting was that the neurons firing was actually strongest before the actual outcome – i.e. in the anticipation of it.

knutson firing rate

Full rights and credits to the content extracted here from Dr Vasily Klucharev. For more information please head to https://www.coursera.org/course/neuroec

So it seems we can’t quite help but buy that little black dress, great-smelling cake, refreshing cocktail or any other pleasurable experience we’ve had before.

We’re hard wired to prefer it, and act on that decision again. And again. And again.

Full rights and credits to the content extracted here from Dr Vasily Klucharev’s course ‘Introduction to Neuroeconomics; how the brain makes decisions’ through the National Research University Russia. Available now as an online learning course through Coursera.com. For more information please head to https://www.coursera.org/course/neuroec

 

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