Much of the classic market research advice applies to consumer neuroscience as well – but the emerging field also features unique challenges. Companies once viewed neuromarketing as a risky, perhaps overhyped proposition. But scepticism is now retreating in the face of mounting research evidence. A raft of recent studies confirm that, used properly, brain-scan technology (e.g. fMRI, EEG, fNRIS) is capable of revealing the reasons for consumers’ preferences, capturing their emotional reactions to ads and products, and (in some cases) predicting their behaviour, with greater accuracy than conventional focus groups and surveys. A good neuromarketing study will be aimed at answering a few key questions, at most. More than that will require an excess of statistical comparisons that will bias your results and call for multiple comparison corrections. Neuromarketing studies are especially prone to technical glitches and random mischance, such as EEG sensors coming loose or excessive head motion distorting electromagnetic signals. To spot any mutant data before they influence results, it is crucial to visualise distributions before performing any data analysis. When it comes to the replicability and reliability of your results, don’t rely on assumptions. You should have a method for ascertaining the validity of your data-set. It is important to be sceptical of companies making overly simplistic claims about how the human brain works, or touting “secret sauce” analytical techniques or offering a single solution for every problem. Read More >>
Website visitors usually take five seconds to decide whether to leave a website or not. Website designs must be engaging to encourage visitors to stay. One way of doing this is to optimize load speed. When we land on a webpage, we expect it to load within 2 seconds. If it takes longer than that, we may get impatient. Anyone with access to a computer and an internet connection should be able to visit your website, regardless of their circumstances and abilities. To cater to everyone, you should design a website that is compliant with the Americans with Disabilities Act so that people with a wide array of disabilities can browse. This will also help you avoid any lawsuit connected to a non-compliant web design. A call-to-action is how you get your clients through the sales funnel. Without clear CTAs, your visitors have no idea where they are supposed to click next. Among your top priorities when you think website design is the ease of navigation. Your visitors will use the navigation to find any relevant information they are looking for. Without clear navigation, you end up with disappointed visitors that exit your website for better alternatives. The responsiveness of a well-designed website needs to be fluid and adjustable to all devices. It is especially critical to make it mobile-responsive as the number of users on mobile continues to increase annually. The importance of SEO is well established. Without it, search engines cannot find you. Technical SEO involves optimizing your website and servers so search engine spiders crawl to index your website better for improved organic results. While it mainly concerns on-page ranking factors, it also involves several off-page SEO ranking factors as well. Your website design has as a primary function to be the initial hook for your visitors. When best practices are correctly implemented, the user experience is elevated to create an emotional connection between your brand and the visitor. Read More >>
It’s hard to imagine a more challenging environment for marketers than the current moment. With a global pandemic affecting the way nearly everyone in the world works and lives, nothing feels certain anymore. And even the uncertainties are shifting rapidly. If you’re a marketing leader, one of the first things you want to do is pause everything that you can. This is easier said than done, however. These days many campaigns are automated, run by algorithms without a lot of human direction. This can make it challenging to even know which campaigns are even running. So before you can press pause, you need to figure out everything you’re doing across every channel. While some companies are dealing with an unexpected wave of demand, most are crippled with the opposite problem: business has dried up, and it’s dried up quickly. Even if you had a lot of money to spend on advertising, people are not feeling inspired to go spend a lot of money. For brands that do want to move forward with a campaign in the current environment, they need to ask whether their current message is still relevant and appropriate. Ultimately, brands need to make sure that whatever messaging they engage in, it is consistent with who they are and what their brand stands for. Read More >>
It is human nature to want to see ourselves as the heroes of our own story. So, in ways large and small, we work hard to maintain a positive self-image. Indeed, research has shown that one way we do this is by actively avoiding comparisons with people who are similar to us but who also possess negative characteristics. Yet, new research from the Kellogg School of Management suggests one context in which we are surprisingly willing to explore our darker selves: the world of fictional villains. The researchers suggest that, within the safe confines of fantasy, we’re able to explore our dark side without fear of negative consequences. Villains provide an interesting window into learning about parts of the self that we don’t normally explore. Humans are surprisingly willing to explore the darker selves in the world of fictional villains. Why do we feel drawn to our dark doppelgangers? One reason is that similarity is inherently attractive; it creates a common base for understanding and learning. The other factor is that villains provide an interesting window into learning about parts of the self that we don’t normally explore. A lot of people who are actually good human beings who would never want to be bad in the real world, may see fantasy as a means to entertain it. Read More >>
Predictive advertising is a subset of predictive analytics that uses historical data, ML techniques, and algorithms to accurately target audiences and optimize ad copy and media spends. Tools like Google’s Lookalike Audience and Facebook Similar Audiences use predictive advertising to study audience behavior, anticipate customer needs, increase click-through rates, and drive business profits. They also provide additional information regarding location, age range, interests, and more. Using cluster models and content automation with AI to produce high-quality content tailored to a specific audience or persona type. Businesses can use real-time data and optimize their ad placement strategy to deliver appropriate advertising and cash-in on the micro-moments. Read More >>
Most companies focus on their own sales targets instead of those of their clients’. Delivering a distinctive customer experience starts with a focus on the customer’s needs and wants, as well as an anticipation of the problems that customers may be unaware of. That focus is difficult with individual customers because everyone has their own desires and problems. Every company’s focus should be their customers’ outcomes, while paying close attention to the people, processes, and technology. Companies should start with their customers’ most critical issues first. It is important to pay attention to why the customers claim that they haven’t been able to solve a particular problem. Read More >>
The marketing skills are divided into 3 different segments namely product marketing, demand generation, and brand marketing. Each kind of marketer possesses critical skills that are imperial to the company. However, marketing hires frequently fail in a startup because they do not hire marketors with the right skill set at the right time, which leads to the question of who should be hired first? In the past decade hiring a product marketer at start has fetched consistent success to Startups, the reason behind that is the fact that by laying down a firm foundation for the company in terms of the target audience and what should be conveyed to the audience, further marketing is made more efficient by having campaigns that are well-directed and are more relatable. This paves way for the demand generators and brand marketors to reap benefits from the already existing framework of the company and the company to thrive better because they have a better understanding of their customers. Read More>>
Roese, a professor of marketing at the Kellogg School who studies the psychology of judgment and decision-making claims that as a company develops its branding they make a transition from purely functional aspects of the product and service to the psychological side, that is critical for the creation of a long sustaining brand. Roese suggests 3 methods that the entrepreneurs can adapt in order to include early-stage branding into their startup plans.
- Define the personality of your brand i.e how it would behave if it was a person and this helps the company to have a vision and set up the guidelines for future growth.
- Develop a brand design Plan, Entrepreneurs will have to find the right balance between specificity and abstraction while defining their branding elements, so that there will be room for improvement keeping the same general theme.
- Having a well-defined brand, This makes the brand easily identifiable and ensures that the customers are familiar with your company even as you scale into new markets. Read More>>
This is a marketing strategy or mentality adopted by tech-savvy companies like Amazon, Uber, Netflix and also by companies such as Nike in order to provide their customers with a personalised service experience on multiple platforms. This method also involves reducing the response time involved in replying to a customers request or grievance call, not only does this help the companies stay relevant to their customers but also fosters new business opportunities. Read More>>
Derek Rucker, a professor of marketing at the Kellogg School, and PhD student Rebecca Krause were intrigued by the fact narratives that help as a powerful tool for persuasion sometimes backfire to a great extent, they further studied the link between narratives and persuasion and understood that in many cases the reliability of the facts being used in telling a story is the deciding factor , If the facts are very strong it is better to convey them directly in the form of lists rather than narrating them. However, the advantage of the story is that it can hinder the listener’s ability to process facts and you could get away with flimsy facts. Read More>>