An emerging field in India and explored field in western countries. Neuromarketing is studying the consumers brain rather than asking questions through a survey. The term was coined by “Ale Smidts” in the year 2002, the research works started to proliferate from the year 2004. A book titled “Buyology” written by Martin Lindstorm is completely based on Neuromarketing research. Neuromarketing research explores the brain of the consumers to capture their unconscious brain. Researchers were able to find that humans are taking most of their decisions irrationally rather than rationality. Irrational thinking happens due to emotional response and unconscious brain. To understand better, when you were learning to ride a bike every part of your body was consciously working to control the bike and think about your situation now you are controlling the bike unconsciously. Even when you are buying a product you do the same, while choosing a product you are not using your rational brain instead your irrational brain (emotional) works better. To understand a conscious brain it’s easy, but to understand the unconscious brain it’s tough so researchers took the help from neuroscience. And that’s why neuromarketing is important. Continue reading
Archive for January, 2015
New year for anyone is setting standards for themselves, we actually aspire to do lot of good things in the coming year. Successful people when they deliver a lecture or in an interview say they had a focused plan to achieve their objectives. Some of them say they have set a goal for their life and working on them with a checklist. I have never ever taken resolution when a new year starts but for 2015 I have planned to frame few resolutions and aiming to achieve it. I really liked the book “NUDGE“ written by Carl Sunstien and Richard Thaler on human behavior and efficient way to use them. Humans have lot of biases which we cannot control them but if we use it properly by a Nudge, it will certainly benefit them a lot.
Do you use the same soap or do you switch brand every time you buy?. If you say I switch brand every time based on the price and quality, certainly you don’t really belong to the world of humans, you will be called as econs ( when you make the right purchase, even if you switch). We are bound to be irrational all the time rather then being rational. If you say I use the same and I don’t worry about the price change, you are actually subjected to an bias called as “Status Quo” or “Default error”. We like to do things repeatedly without much change in order to avoid risk even though there is a worthy alternative available. Likewise, I’m simply going to Nudge myself with this bias. Following up something that I’m writing here as resolution for the year 2015 ( it works like default error ). I’m writing only few resolutions for this year since the management concepts say you should have SMART goals ( S – Specific, M – Measurable, A – Achievable, R – Realistic and T – Timely). Here begins my list of resolutions Continue reading