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Neuromarketing
Hyderabad, 01st March 2023: Institute of Management Technology (IMT) Hyderabad, on March 01, 2023, organized its fourth session of the Global Immersion Program (GIP). The guest speaker for the session was Prof. Swee Hoon Ang, Associate Professor – at NUS B-School in Singapore. She has written several leading marketing textbooks with Philip Kotler for Asia, Australia, and New Zealand. The session centered around the different cognitive strategies used by marketers. The opening address was delivered by Prof. (Dr.) Nitin Gupta, Professor, IMT Hyderabad, who extended a warm welcome to the speaker and participants.
The speaker's session on "Neuromarketing" was aimed at educating attendees on how neuroscience and cognitive science can be applied to marketing to influence people's preferences. The objective was to provide insights into the strategies used to draw customers' attention, such as measuring pupil movement, physiology, and other biological responses. Professor Ang discussed how these strategies could be used to understand the response of people's brains to various marketing stimuli and how this information can be used to design more effective marketing campaigns.
The speaker began her session by asking the attendees why they drink Coke, a popular soft drink brand. She then introduced the Pepsi-Coke challenge example, where consumers were blindfolded and given both drinks to identify which one they preferred. The speaker used this example to explain how brand experience can influence consumer behaviour. She highlighted that the experience of drinking Coke, including its packaging, advertising, and overall brand image, affects consumer preferences more than the drink's taste.
The speaker proceeded by comparing traditional marketing methods with neuroscience-based approaches, where traditional methods focus on understanding the "why" behind consumer behaviour, while neuroscience emphasizes on "what" aspect of behaviour. She also discussed the importance of emotional and metaphoric advertisements over purely functional ones, leading to higher brand recognition and recall. The speaker also talked about sensory neuromarketing and how it utilizes techniques such as eye gazing to understand consumer behaviour. She mentioned that scent could enhance attention and recall, even if it is different from the advertised product.
The speaker delved into the influence of colors on consumer behaviour and emotions, citing the color emotion guide as a valuable tool for eliciting particular emotional responses with different hues. An example of the IMT logo was given, where the colors chosen symbolize specific values. Additionally, the speaker touched on the concept of decision paralysis, where an overwhelming number of choices can result in poor or no decisions. To address this issue, marketers can take advantage of consumers' decision paralysis by limiting choices and presenting options clearly and concisely to simplify decision-making.
The end of the session featured a brief question-and-answer portion where Prof. Swee Hoon Ang responded to the students' inquiries regarding Neuromarketing strategies. Following that, a token of gratitude was expressed to acknowledge the session's significance and educational value.
