Why is Neuroscience-backed Market Research so different from Classical Market Research? Here’s why.
“How do you know if you’ve truly understood how your consumers feel?”
When posed this question, some companies may reply something along the lines of “Well, if i’m able to achieve a certain number of likes on my new product post, it’s sufficient for me to know my consumers are in favour of it!”
Traditionally, classical market research measures (also known as social media analytics) are a good way of measuring how responsive consumers are towards a company’s brand or products. Afterall, in the wide, complex, all-powerful world of social media, a “Like” may be akin to a currency. It could also be interpreted as a symbol of approval exclusively given to you by your audience, a form of endorsement, a sign that you’re doing things right and that you’ve earned their approval. With every “Like” you may accumulate, it may be taken as a win for your brand, for your marketing team.
With valuable data gleaned from classical market research, we’re able to obtain a quantitative analysis of whether we’ve effectively reached our consumers and to also find out if what we’re proposing has met their needs. However, there may be a drawback as well. Founded on the beliefs of rational consumer behaviour, the responses gathered from classical market research may not always be sufficient to understand consumers’ true desires and beliefs. Thus, beyond classical market research strategies, are there other ways we can further improve our understanding of consumers’ perceptions?
Well, we now can with Neuroscience-backed market research. Striving towards a better understanding of our consumers, Neuroscience-backed market research targets the subconscious and empowers us to understand their brand perceptions on a deeper level. But how exactly different is Neuroscience-backed market research from classical market research?
1. We Can Get Subconscious Responses
Going beyond our consumers’ logic-based responses.
Delve deeper into our consumers’ subconscious psyche. With neuroscience-backed market research, we can now truly understand how they feel - beyond their conscious responses. We could identify how they feel - be it positive or negative - and the degree to which they feel these emotions towards your brand. Feelings aside, we could even track using how attentive they are and how much of your brand message do they remember. Utilising neuroscience, these valuable insights and data gleaned from our consumers’ subconscious psyche would not only add immense value to marketing efforts but would also certainly allow us to have a better understanding of our consumers.
2. Efficiency - Time is Money!
A cheaper, faster and more effective way of understanding consumers.
Classical market research provides us with immensely valuable data such as respondents’ verbal thoughts and opinions. To obtain these valuable data, we would often have to conduct expensive and manpower-intensive focus groups. However, it doesn’t necessarily always have to be this way. We could change this - we could minimise our costs and at the same time obtain equally powerful results with the help of neuroscience-backed market research. Utilising only 30 respondents and various neurophysiological equipments, it’s a cost-effective and quick solution which requires minimal manpower all while giving us an insight into our consumers’ subconscious and true desires.
Looking forward, we’re optimistic that Neuroscience would transform the market research industry - setting new, unparalleled standards and extending the market research frontier. We truly believe that the application of Neuroscience would allow companies to better understand their consumers on the subconscious level and in turn develop holistic, targeted solutions catered to their consumers’ needs.
And with this belief, our team at Neurotrend is continuously motivated to deliver only the best for all of our clients.