The Neuromarketing Frontier
The field of neuromarketing is actually still very young. Although cognitive neuroscience has been researched for decades, neuroscience as it pertains to perception and decision-making in business is still in its infancy.
My research and experience with neuromarketing has taught me a few important things about the nature of this field. Before assuming the role that I am currently in now, I was actually looking to go back to school to obtain a PhD in neuromarketing. Over the past 18 months as I searched school by prestigious school I noticed something, there were little to no neuromarketing PhD programs – largely because there were little to no professors of neuromarketing.
Although specific research was being conducted at schools like Emory, Cal Berkley and many more, there was little academic support for neuromarketing as a major program inside business schools. This confused me as I continued to read study after mind-blowing study regarding neuromarketing, and then it hit me. The university labs that were conducting these studies were academic partners with major corporate sponsors and neuromarketing companies.
Where is Neuromarketing Research Coming From?
Companies like NeuroFocus, Buyology Inc., Sands Research, EmSense, and The Consumer Neuroscience Division of Millward Brown have been directing this field and driving neuromarketing research for all. As neuromarketing becomes a more familiar research tool for companies, these will be the names that businesses most likely to turn to improve their marketing effectiveness.
And suddenly you’re hit with a new and exciting thought – how do the companies that provide neuromarketing consulting effectively market to their customers in this new and soon to be highly competitive market? This is the beauty and superb difficulty of marketing and sales strategy that all companies face in varying capacities.
Neuromarketing companies, better than most, are supposed to understand the scientific process of marketing design, communication, and strategic execution – so it very exciting to see how they will approach business development in this new market. And it would seem that some of these companies are starting to make their first strategic marketing moves already.
NeuroStandards and The Law of Leadership
A month ago I came across a press release that announced that the world’s largest neuromarketing firm NeuroFocus had created NeuroStandards, the first and only set of scientifically sound principles for conducting EEG-based, full-brain measurements intended for application to market research studies. As I read the press release I recognized that this was no ordinary press announcement. It was also a strategic marketing move, and a very good one at that.
The Law of Leadership is a term that comes from Al Ries and Jack Trout’s book The 22 Immutable Laws of Marketing and builds off of positioning strategy. The core lesson behind positioning strategy is that it doesn’t matter where you’re at in the market place, but more importantly where you’re at in the mind of the consumer.
The Law of Leadership is the rule for the importance, and advantages, of being first in a product category in the mind of the consumer, and the marketing behaviors a company should take when widely recognized as a leader. And that brings us back to NeuroFocus, because in the past year they have been continually recognized as the world’s leading neuromarketing firm.
What stood out about NeuroStandards is that it was a press release that presented standards for conducting neuromarketing research for an entire industry. Rather than boast their own standards for research, NeuroFocus effectively positioned themselves firmly in the mind of the consumer as the leader by educating the consumer as well as other neuromarketing companies on best practices for the industry – something they can leverage in sales processes moving forward.
For example if the neuromarketing industry was a pie and each neuromarketing company was a slice that makes up the pie, as the leader it doesn’t make any sense to grow just your slice of the pie. It actually makes more sense to grow the pie as a whole – thus indirectly growing your slice of the pie. By using NeuroStandards, NeuroFocus was able to effectively communicate their role as the leader by providing industry-recognized education for all.
The Emerging Role of Education in Marketing
Today’s consumers are smarter than they have ever been. The Internet has drastically reshaped business by allowing people to research and compare every product, service, and company. This has prompted companies to add another layer, education, to their marketing and branding strategies.
I’ll end this post with a bit of sales and marketing advice that has helped me over the years. Provide education relevant to your customers, and sell industry knowledge just as much as you sell your products and services. Consumers are hungry for knowledge relating to their emotional buying intent and interests. So give them what they want, especially if you’re the one leading the pack.
Thank you for reading!