Neuromarketing has been around for more than a decade now in the marketing world helping to bridge the gap between consumers and brands. It’s becoming an integral part of marketing research methods and brands have begun to allocate a significant budget for it to devise ways to boost sales conversion rates and brand image.
Behavioural economics is considered the science behind understanding the human decision-making process. Through experiments and trials, researchers try to understand and uncover how we as humans think and arrive at decisions. Basic questions like how are information processed and how is our behaviour influenced are addressed.
Mental accounting also referred to as psychological accounting, refers to mental categories and values people associate with money, be it losses or expenses. This behavioural economics aspect points out that people may not always be logical about their expense and investment decisions because they view money in different categories, with some categories given more prominence than others.
Colour may rightly be called the most important element in branding and design. Human minds associate meanings to colours. Psychiatrists believe that humans tend to have bodily reactions to stimuli from colours. Hence marketers should use them carefully to send the right messages and create the desired impressions in consumers’ minds.
In today’s world, having good quality products need not be enough for success. A good marketing strategy is crucial to make or break a brand. Be it through word-of-mouth or through advertisements, marketing helps to lessen the gap between brands and consumers. Since the advent of digital marketing, it’s become a two way process – in addition to brand communication, customers also communicate their needs, feedback and suggestions to brands.