You may hear some buzz about neuromarketing, or “System 1 Thinking,” an emerging approach to marketing research that combines three well-established disciplines of brain science to give a new perspective on human behavior and give insight into nonconscious decision-making:
Neuroscience – the study of the human nervous system
Behavioral economics – the study of how people make economic decisions
Social psychology – the study of how people think and act in the presence of other people
Let’s look at one scary fact: 64 percent of American households have Amazon Prime*
And one scary quote:“I think that effectively you have a company that has conspired with about a million consumers and technology to destroy brands.” -Scott Gallaway, NYU Stern School of Business speaking at L2’s Amazon Clinic
Sixty-eight percent (68%!) of employees are not engaged in their work. That’s a huge number and comes from a study released by Gallup in 2016. This means that only 32 percent of employees are indeed engaged, which translates to the majority of people in workplaces feeling a bit lackluster and unmotivated by what they are doing every day.
Many of our clients ask for a quantitative segmentation to be done on their brand’s target audience. This almost always leads to an interesting discussion regarding types of segmentations. (Here’s where we hope some of you say, “Hey, I didn’t realize there were varying types.”)
There is no longer a question of whether or not mobile is changing how we do what we do. One of the last frontiers to be affected by the transition to mobile dependence has been market research, but our practice is now evolving at a rapid pace.
The name of your brand may be the second most critical decision that you, as a marketer, may have to make. The first most critical is whether or not you even have a product worthy of a brand. We understand your struggle. Let’s make things a little easier with these six best practices for brand name development.
Did you have a meeting today? A telephone conversation? A hallway chat? If this is your life, your chance to win lies in being a great listener. A skill, a talent; regardless of what you call it, embracing these Six Secrets to Stellar Listening will make every interaction a more powerful one.
It’s an exciting and crazy time to be a consumer. It’s an even more exciting and crazier time to be a marketer. Consumers’ perceptions of brands are now formed by limitless influences, some stemming from the brand itself and others outside the brand’s control. This puts immense pressure on marketers and brand builders to stay on top of all the tangibles and intangibles that combine to form consumer beliefs.
An interesting experiment took place in 1907. The English statistician, Sir Francis Galton, asked 787 villagers at a local county fair to guess the weight of an ox. No one guessed the right answer. However, when Galton averaged their answers together, the result was closer to the true weight than their individual answers or any of the cattle experts’ estimates.
When was the last time a video or TV commercial truly moved you? Sure there are funny or entertaining spots that may make you smile for a minute or two. But what about a brand message that was really relevant to you? One that you felt truly understood you and your day-to-day life?