23 Oct Neuromarketing and consumers
Neuromarketing is not only involved in purchasing decisions, there are many other factors (price, demand, product alternatives, etc.) that also affect consumers’ decisions. It has to be said that the results are not 100% reliable, because these measures (that indicate which areas of the brain are activated by certain impulses or experiments) are sometimes not clearly explained.
In this article we will refer to the marketing aspects related to the brain which will greatly affect marketing and purchasing decisions.
We know that the brain has two circuits, the decision/fast thinking circuit and the decision/slow thinking circuit. Psychologist and Nobel Laureate in Economics Daniel Kahneman called them Thought 1 and Thought 2.
The brain difference between the two is that the intervention of the medial prefrontal cortex that upper mammals have (think 2, slow) or are not considered (fast 1) (compared to humans) is greater and has more complex functions. Primates, for example.
It can be said that in so-called “impulse buying”, Thought 1 mainly involves the almost ineffective prefrontal cortex. However, it will certainly not interfere with situations that are considered directly dangerous.
We know that at the time of the Covid 19 lockdown (in Spain from 14 March to 30 May 2020), food sales have shot up. Due to the feeling of danger. Thinking the danger (thought1) because if we reason( thought 2). We know that the Spanish food industry and the global food industry continue to produce and supply markets.
We also know that the sales of certain types of furniture and mattresses have increased a lot: Idea 2. Reasoning: Since we will stay at home longer, let’s make it more comfortable and convenient.
Now let’s take a look at buying luxury items. The brain is an important social organ, but at the same time, it expects to get more votes in the game of continuity and reproduction (Darwin); this is one of the reasons why it has to be differentiated from the others, one of them being the use of luxury goods. The luxury goods brand is just a status indicator. Only a few people believe that this is how they show this status.
Another problem is the choice of rational analysis or intuition. As we all know, the first mentioned is the left hemisphere main function and the second is the right hemisphere. The two hemisphere functions are complementary and necessary for survival, which is main task of the brain.
One of the most amazing experiments was carried out with families that had to buy a house. An important decision, because it means an long-term economic effort. In some cases, it requires one group of families to consider several aspects such as, location, size, quality of the building, etc. when deciding to buy, the other group to decide which one can be bought, but only after seeing and navigating without detailed analysis.
In conclusion, the latter decision is more accurate than the decision of a rational group. There is no witchcraft, because intelligent intuition is based on the processing of our previous experience stored in memory.