One more year, The Neuromarketing Science & Business Association (NMSBA) has organised the Neuromarketing World Forum (NWF), which is one of its flagship activities. In this two-day event, held in Rome, there were 18 talks delivered by professionals in this sector.
Lluís Martínez-Ribes, who assisted this NWF19, highlights some aspects of its content.
One of the most relevant aspects is that the majority of the talks referred to neuromarketing as a method to measure customers’ body reaction towards certain stimuli. This means that neuromarketing is generally understood as a tool for stimuli validation. However, none of the speakers mentioned how useful and interesting it can be to use the learnings from neuroscience to conceptualise brands, retail formulas or products created from scratch.
In this regard, what can be obtained by using neuromarketing as a tool to validate stimuli are some incremental improvements, but not disruptive innovations. Therefore, it will be necessary to consider other methods offered by neuromarketing, such as brain-pleasing marketing, which is already being successfully applied in projects from a very diverse nature.
Considering all this, Lluís Martinez-Ribes has written an article on which, besides providing his own interpretation of the content of this NWF19, he also makes some assumptions about the future paths in the use of neuromarketing in the near future.
This article, published in Lluis’ LinkedIn profile, is called ‘Decoding the Neuromarketing World Forum 2019’. You can read the complete text here.
This week, Lluís Martínez-Ribes, m+f=! co-founder, is offering a Brain-Pleasing Marketing workshop in Asebuss Business School in Bucharest.
Asebuss is one of the leading business schools in Romania and offers business education programs for managers, entrepreneurs or consultants. The teaching methodology used in this business school is characterised by being innovative and continuously improved. One of the things that make these programs -including Executive MBA and Entrepreneurial MBA- stand out is its relevant international dimension. Asebuss has partnerships with universities from The United States and, indeed, most of its professors have been trained in American universities.
On this occasion, Lluis will be offering an intensive 2-day workshop for open-minded professionals who will learn methods to innovate in their job by using latest -generation marketing.
Moreover, Lluis has had the privilege to be interviewed by Cariere journal, one of the most well-known business magazine in Romania.
Rome has turned, for a few days, into the Neuromarketing Capital of the World. The Neuromarketing Science & Business Association (NMSBA) has chosen the Italian city to host the eighth edition of the event Neuromarketing World Forum 2019.
Lluis Martinez-Ribes, m+f=! co-founder, has been attending this event. Among other things, he has attended different conferences delivered by some of the most relevant experts in the sector. This annual meeting, which is one of the most important in the neuromarketing field, lets attendees know about the latest news and get inspired listening to other professionals talking about the most recent innovations.
Some of the issues addressed are: understanding shopper behavior, updates on neuromarketing techniques or the relationship between the academia and the industry in neuromarketing.
In the NMSBA website you can access the complete program of this Neuromarketing World Forum 2019 and know more in detail the work done by this association.
This March, from Wednesday 6 to Friday 8, there will be another adrenaline rush at ESADE Creapolis.
It will be something similar to what happened in the Changing the Game of Retail Bootcamp. Now, it will be the same transformative experience but with one difference: this one will be a multisector bootcamp -products, services, associations, etc- in order to learn from people with different sensibilities. It is going to be the first event of these characteristics in Spain.
A reduced group of managers will be 2,5 days putting innovation into practice. The brain-pleasing marketing methods will be learnt by experiencing them. Thus, participants will learn the way to create a positive sentiment and the customers’ sustained preference towards a brand, product or experience, on the basis of how the brain works.
It is not about seeking ‘best practices’, but ‘next practices’.
It will be an intense and passionate workshop for daring people, not the typical academic program with a sequence of powerpoints. An interactive methodology will be used in which participants will work in small groups.
Moreover, inspiring guests speakers such as Sebastià Serrano and Montse Maresch will participate in this event. Lluis Martinez-Ribes, m+f=! co-founder, will share the methods and guide the dynamics during the group work.
On this website, you can find all the information about this event.
Finding out the customers’ preferences and tastes is not an easy job. Many companies strive to know how their product should be in order to appeal to their customers and make their eyes shine.
Back in time, managers would commonly ask advice to someone wiser (read: the boss) in order to avoid bad decisions. However, many times the boss’ preferences don’t match with those of the customers. With time, businesses learnt that they had better focus on customers and ask them.
Today, thanks to neuroscience, we know that people make most of their decisions non-consciously. Therefore, it no longer makes sense to ask them whether they prefer one product or another through marketing surveys. Many times they might prefer one product without really knowing why and they finish looking for objective arguments -that most of the time are not true- to justify why they like it over the other. Therefore, instead of focusing on the typical marketing surveys, it will be more fruitful and reliable to use the so-called ‘neuromarketing techniques’.
These technologies measure the customers’ body reaction when they are exposed to certain stimuli (this is, the products that we show to them to see which one they prefer). As a consequence, the person feels a specific emotion triggered by these stimuli. In this case, the reaction identified and measured by the ‘neuromarketing techniques’ is more reliable than the one achieved through the previously mentioned marketing surveys, since it is based on non-conscious body reactions. Once we know how customers react to our brand, we can adapt our strategy in order to trigger the desired emotion in them and create an emotional connection.
At this point, we should ask ourselves: ‘Is this what I really need to do to make my business run better?’ ‘If my clients have an emotional connection with my brand, my business will go better?’ It may seem so, right?
Well then, in the article ‘Do you really want an emotional connection with your customers?’ Lluís Martínez-Ribes -co-founder and partner of m+f=!- explains that despite the fact that triggering a positive emotion in our customers is essential if we want them to buy our brand, this will not make they prefer us repeatedly. To achieve our customers loyalty, we need something more. You can read the complete text on this link.
It is pretty likely that one day traveling in a car, you have seen endless corn fields by the side of the road. Corn as far as the eye can see. But after the first moments of astonishment at seeing so much of the same, the fields end up looking all similar and they are not that fascinating anymore. As a result, the next corn fields become invisible to you.
This feeling of ‘more of the same’ is also experienced by customers when they want to acquire a commodity: when there is much of the same, it gets less interesting and it doesn’t seem relevant to them. When it comes to selling commodities (such as raw materials or simple products) the prices are usually low, as they depend on the relation between supply and demand.
In order to avoid a price decrease, the product needs to be differentiated from those of the competitors. The traditional way of differentiating from the competitors has been highlighting the product’s competitive advantages. However, even when provided with sound arguments about the product’s unique positive features, clients often decide to buy the one from the competitors. This is because most of the time people don’t make decisions consciously but non-consciously.
If we want customers to prefer our product – and pay a bit more for it – the commodity should be turned into a brand. Of course, this doesn’t mean just putting a label with a logo on it! Now, based on neuroscience, we know how brands are created in people’s brains and, consequently, which is the best way to create a relevant and differentiated brand.
In his article ‘Brain-pleasing Branding’ Lluis, m+f=! co-founder, explains based on neuroscience the process by which a product or a service becomes a strong mental representation in people’s brains. But not only that: he also explains how to achieve the ongoing customers’ preference for a product. This means that the customers keep choosing the product again and again, even when it is not on special offer.
You can access the complete article on Lluis’ LinkedIn profile, by clicking here.
For some years now, people are living in a new OnOff context characterised by the constant use of smartphones (we call them ‘e-bodies’). This affects all spheres of our lives, including the purchase of fashion items which are increasingly bought via web or app.
Zara – the company that invented fast fashion retail about 30 years ago – is aware of this new OnOff context and will launch a new retail concept in a flagship store in Westfield (London) in May 2018.
One of the consequences of purchasing fashion products via the internet or the app is that the customers do not always keep all the things they have previously ordered. Therefore, a large portion of the purchases are returned. This implies an additional cost for the selling company: it has to “revitalise” the returned garments and then reintroduce them to the logistic-commercial flow so that they can be acquired by other customers.
Considering that Zara’s business model is based on the freshness of its products, every time that a garment is returned, its useful commercial life is shortened.
Time management is utterly important to Zara. Paradoxically, the more their sales via the web/app increase, the more Zara’s business model is jeopardised.
Zara addresses this challenge with a new OnOff retail concept whose strategical impact could be pretty important.
If you want to read the complete article that Lluis has published on Linkedin, just click here: https://www.linkedin.com/pulse/how-zara-reinvents-fast-fashion-retail-lluis-martinez-ribes?trk=portfolio_article-card_title
– May I come in?
– Of course! The door is open.
From the corridor, through the glass walls of the room, you can already see pondering faces and a hand running over some paper on the wall, leaving behind words, circles, lines and arrows as it goes. “I like it”, someone states…
If you want to know more about how we cook ideas at m+f=!, don’t miss the chance to read Lluis’ post:
This is how we “cook ideas” at m+f=!