Neuromarketing: Have you Tried it?

According to Wikipedia, "neuromarketing is a new field of marketing that studies consumers' sensorimotor, cognitive, and affective responses to marketing stimuli. Researchers use technologies such as functional magnetic resonance imaging (fMRI) to measure changes in activity in parts of the brain, electroencephalography (EEG) to measure activity in specific regional spectra of the brain response, and/or sensors to measure changes in one's physiological state such as heart rate, respiratory rate, galvanic skin response, etc. The goal is to learn why consumers make the decisions they do, and what part of the brain is telling them to do it."

It's long been known that people aren't necessarily truthful when asked if they like a product and why? So, neuromarketing takes market research to the next level and focuses on the subliminal nature of the brain's response. It's really neuroscience combined with marketing research. Neuromarketing helps the marketer understand what exactly the consumer is reacting to, whether it be the color of the package, the sound the product makes, or some other nuance.

In a recent article in the Wall Street Journal, the author described how Campbell's Soup recently used neuromarketing to rebrand its soups. They now have categorized their various product lines and have made the brand more evident by color coding the labeling. The company identity is much smaller and at a lower eye level so it isn't so prominent. Campbell's is hoping that an emotional response will be triggered when consumers see the new branding in grocery stores, and, in turn, will stimulate sales of their soups.

In the past, neuromarketing was a very expensive approach to marketing, but it is definitely more affordable as technological advances have been made. So, it is more accessible to more companies. Now, you may not be ready to embrace this type of market research for your company, but you may be able to stretch your marketing efforts a bit to really understand what drives your customers to purchase your products. As the technology matures, neuromarketing also will grow in popularity and use.

Happy Valentine's Day

Tomorrow is Valentine's Day...a day when we show our sweethearts how much we love them. But, do you also show your customers how much you care for them? Do you nurture those sales leads? Do you follow up with customer inquiries? Do you handle customer complaints in an efficient, caring way? I'll bet you that many companies don't spread the love to their customers on a consistent basis. You're probably too busy chasing new customers and dropping the ball on paying attention to existing customers. So, why is customer retention so important?

Yes, I agree we all need new customers and we all need to continue to grow our database of prospects. But, marketing tends to generate inquiries and doesn't think about developing programs to maintain and preserve the equity they already have in their existing customers. I know we would all like to have our customers stay with us "until death do us part" but we know in reality that isn't possible. But, what can you do to spread a little love to your customers? Here are a few tips.

• Make sure you are in constant contact with your customers. This is easily accomplished through monthly e-newsletters, your blog, or some other type of regular correspondence.

• Offer your loyal customers some incentive to remain loyal. Make them feel special. Give them special previews of things to come. Provide them information before you send it out to the general public.

• Create special marketing programs just for existing customers. You could offer a discount or invite them to a unique event for customers only. Whatever you do, make sure they feel special.

• Ask your customers to participate in surveys so you receive feedback (both good and bad) in order to improve your customer service, products, or how you interact with those customers.

• Plan an open house and showcase your facility. This is a great opportunity for your customers to have one-on-one conversations with your executive management. This can be a very good learning experience for all.

So, this Valentine's Day, don't just think about your sweetheart. Think about how you can make your customers feel loved. You'll reap many dividends for years to come.