How can we better predict what consumers want and need?
The majority of marketers are asking this question on a daily basis. With technology progressing, and hundreds of new services appearing on the market every day, the competition to attract new customers is continually intensifying.
Neuromarketing is helping marketers get a better understanding of consumer behavior by using a variety of biosensor technologies, such as eye tracking, facial expression analysis, galvanic skin response, and EEG.
To spread the word about neuromarketing in an entertaining – yet educational way – we have identified the top 5 TED talks about consumer behavior and neuromarketing based on the number of views and their relevance to neuromarketing.
We hope you will enjoy these 5 TED talks as much as we did.
1. Joseph Pine
In the first TED talk, Joseph Pine, the author of a book “Mass Customization”, describes how the consumer economy is shifting from purchasing a simple commodity to buying an authentic experience.
Summary of the things Joseph elaborates on during the TED talk:
- Change from commodities to experiences
- Experience economy
- Example of Starbucks as a business focused on customer experience
- Authenticity as one of the most important aspects of our purchase decision
- Real + fake matrix
You can follow Joseph on Twitter: https://twitter.com/joepine
2. Patrick Renvoise
In the second TED talk, Patrick Renvoisé, Co-Founder and President of the world’s first neuromarketing company SalesBrain, talks about the basics of neuromarketing. He also compares 3 parts of our brain, and reveals, which part of the brain is responsible for compulsive decisions.
Summary of the things Patrick elaborates on during the TED talk:
- What is neuromarketing + the technology behind neuromarketing
- Examples of using neuromarketing for good causes and commercial purposes
- 3 parts of brain – rational, emotional, instinctual (=reptile)
- Description of 6 stimuli
You can follow Patrick on Twitter: https://twitter.com/patrickrenvoise
3. Devora Rogers
In the third TED talk, a progressive marketing and insights leader, Devora Rogers, talks about the shoppers, and how big data are used to optimize the shopping experience.
Summary of the things Devora elaborates on during the TED talk:
- What is shopping and how shoppers think
- Neutral shopping map with a funnel
- Using big data to gather information about shoppers to improve shopping experience
- Predicting shopping rather than mapping the purchases afterwards
- Why Amazon provides the best customer experience
You can follow Devora on Linkedin: https://www.linkedin.com/in/devorarogers/
4. Ray Burke
In the fourth TED talk, Raymond R. Burke, the E.W. Kelley Professor of Business Administration at Indiana University’s Kelley School of Business, and founding director of the School’s Customer Interface Laboratory, explains how retails track consumer shopping behavior by using a variety of biometric technology.
Summary of the things Ray elaborates on during the TED talk:
- A lab simulating shopping experience – VR, eye tracking, facial expression analysis
- “Spying on shoppers in stores” => improving customer experience and business results
- Example with a family shopping at Marsh
- Using eye tracking to determine the best packaging and positioning on the shelves
- Data privacy for shoppers
Follow Ray on ResearchGate: https://www.researchgate.net/profile/Raymond_Burke3
5. Molly Crockett
In the last TED talk, Neuroscientist Molly Crockett, who has been investigating human altruism, morality and economic decision-making, will make you think twice about the claims stated on products you buy.
Summary of the things Molly elaborates on during the TED talk:
- Influence of brain chemicals on the decision-making
- Example of what happens when we reduce the level of serotonin and oxytocin
- False claims on products – biased research
- Increasing credibility by using an image of brain
You can follow Molly on Twitter: https://twitter.com/mollycrockett
If you are simply curious and love to expand your horizons, we would highly recommend you to visit TED.com, where you can watch hours of high-quality educational content shared by the brightest minds.
We hope you got something out of the talks. If you are curious to learn more about one of the central methods involved in neuromarketing – eye tracking – then download our free comprehensive guide below.