Every year companies spend 400 billion dollars as marketing and advertising budget. Despite the size of the figure, it is difficult to estimate how effectively return this money as a success. To eliminate huge losses and be in more effective using neuro-marketing will help companies to save Money. The first neuro-marketing studies started in the late 1990’s Harvard University. Scholars used new technology and methods to see the responses of consumers. fMRI was one the best technology in this field of study because it can demonstrate responses of the brain for marketing stimuli which will help other companies to develop their marketing plans, messages, advertorials and so forth. Since fMRI also give to the companies real responses they would know what they should invest in.
Measurement and Responses
Since Neuro-marketing is new for all of us, it has huge potential for the marketing field. Scholars use fMRI to measure changes in brain activity by examining different parts of the brain and searching an answer to the question of ‘Why consumers make the decisions they do, and what part of the brain is telling them to do it?’. Marketing Analysts use neuro-marketing to measure the consumer’s preferences and how or which part of the brain makes the decision. They also ask verbal questions however it is not possible to learn the truth all the time because consumers can also give biased answers for verbal questions.
fMRI results will help marketers to create more effective products and marketing campaigns because they focus on the brain response. The signals come from the brain can be measured and its demonstration is important because it may not be unconsciously perceived by the subject therefore; this data is more truthful than surveys or focus groups. People often discuss whether marketing is a science or an art. This subject is still open to debate however the neuro-marketing is relying on the science part of this spectrum obviously.