Since Professor Richard Thaler has got Nobel in Economics for his theory about “Exuberance is Rational,” it is sort of introspection for me to sit and re-look the concepts of marketing I know. I always perceived myself as an irrational customer, that’s why I was reluctant to pay the maintenance fee for 1 year at CR7 CRUNCH when I am about to use it for 9 months. Yes, Eli (MRCB Partner in crime) found it weird, and I kept my point explaining the concept of rationality.
Prof Thomas Ramsoy did answer my question in a beautiful way that how important it is for managers and academicians to collaborate and work to achieve the purpose of grabbing “attention” of customers in the times of cognitive overload.
Neuromarketing is indeed a beautiful invention of cutting-edge technology to analyze what a consumer never shares. It indeed tells us how a consumer “behaves” in a particular situation without even consciously intended to. Learning about the brain always makes me inquisitive that how capable it is, thanks to my association to positive psychology.
It was an informative session from an eminent professor, who is also the founder of Neurons Inc, revealing the exciting facts about brain and how it is targeted in the world of marketing. In a race of seizing the pie of a customer’s market-share, how brands end up without even getting noticed.
There is no tunnel with a single way, while the time is limited and the customer is impatient. It is the matter of a couple of seconds, in which customer makes its purchasing decisions. Challenge is to focus on direct emotions, not just liking.
Nevertheless, there is a lot to learn for marketers from Neuroscience, and it is the time to “re-search” the subconscious!
As the market-ing entered into the digital era and thus continuously evolving its concepts. Marketers have to re-look and re-arrange the strategical inputs to co-create the whole thing. Unsurprisingly, marketing has adopted the process of digitalization at its best to understand and connect the customers, thereby creating the superior value propositions.
In the digital world, communities are the new segments & brand-advocacy is the new customer-loyalty. Customers are socially connected and they find themselves in a better position to believe the recommendation of a stranger rather than organizations. Such communities serve as a medium of the noiseless decision-making process and refrain from falling into the trap of luring advertisements. Today, consistently communicating and maximising touch points do not necessarily translated into the desired results. On the other hand, a calculated attempt of winning a customer can result in a better return. With increasing mobility and connectivity, this is the challenge that marketers have to come up with.
In the era of traditional marketing, customer loyalty was somehow considered as customers retention and “word of mouth” was restricted within a group or area. The term is now evolved as “Brand Advocacy,” to let the customer endorse a product or service in a better-connected world and this is crucial to the success and failure of the product or service. Its importance increases with increasing trends of communities and especially when it is unlikely to influence the decision-making process of today’s customer.
It brings a change to the earliest and widely used framework to describe the customer buying process is AIDA (attention, interest, desire, action). Derek Rucker has proposed a modification of AIDA that he calls the four A’s: aware, attitude, act and act again. Four A’s further modified by Philip Kotler: aware, appeal, ask, act and advocate, to make them more relevant in connectivity era. The terms, “act again” & “advocate,” clearly signify the target area of marketers.