Neuromarketing is driven by the principle of neuroscience for marketing, which studies consumers’ cognitive, sensorimotor, and collective responses to marketing stimuli. It understands how consumers make decisions and what part of the brain is involved in decision-making. This enables marketers to predict the reactions and outcomes of their marketing campaigns. Many big brands have used neuromarketing tactics to understand human behaviour towards buying decisions. In 2008, Pepsi used eye-tracking to test various versions of its logo. Participants were shown two different versions of the Pepsi logo: one with a white border and one without. The company identified that people were likely to look at the new logo with a white border, which resulted in huge brand recognition. It led the company to change its logo to the version with a white border.
Neuromarketing clearly allows marketers to tap into subconscious consumer responses. This gives them a more authentic and accurate understanding of their preferences, emotions, and decision-making process. Pepsi was one company that used neuromarketing in its marketing strategy. Following this, many big companies have also adopted neuromarketing to increase their sales. For instance, Google and MediaVest collaborated to conduct a neuromarketing research study that used eye-tracking and biometrics methods to understand how companies respond to in-stream ads compared to traditional television ads.
As per the Strait Research Report, the global neuromarketing market was valued at USD 3,324.98 billion million in 2023. It is projected to reach USD 6,576.76 million by 2023, growing at a CAGR of 8.9%. Companies that want to expand their businesses must focus on creating a first impression of their brand. The key is to focus on eye-captivating visuals and designs. In today’s fast-paced world, understanding emotions is key to marketing. Businesses must be able to understand consumers’ demands, enhance their experience, and fulfil their genuine needs. Marketers must leverage advanced technology and neuroscience insights to decode the complexities of the consumer’s brain and eventually create more effective and engaging marketing campaigns to achieve set goals. Consumers are the primary point for the global neuromarketing market; if marketers also adapt to this strategy, they will surely excel in their business in the future.
