At Prisma Campaigns we often wonder about what makes some companies so successful and we strongly recommend any company willing to grow to do the same. Despite being so simple, this humble question can be very powerful.
Where does the success behind great marketing for financial institutions come from?
What is the role that technology in banking has in all of this?
Despite the numerous technological advances, many banks and financial institutions are still basing important decisions on surveys, focus groups, card swipes, and GPS tracking. Yet market research from sources such as the Digital Banking Report, BCG and Deloitte’s show time and again that customers want to feel good about their digital experiences, more than they want those experiences to be efficient or effective or any other measurable quality. In fact, more than feeling good, they are looking for the extraordinary. It is being extraordinary that sets the best bank marketing campaigns apart from the rest.
Although we can measure many things, when it comes to measuring human reactions, or gauging the emotional impact or the degree of resonance of a campaign, the challenge may be hard but not impossible. It is now possible to target intangibles, like feelings, that are now becoming the most crucial indicators of a marketing campaign’s success.
Is it possible for a good bank marketing campaign to be extraordinary without tormenting clients with e-mails they have no interest in? Yes, the key is to send them just one deal that with help make their life a little easier.
A greater understanding of consumer behavior has led to the conclusion that customers make conscious choices often influenced at a subconscious level. This takes marketing into the realm of human cognitive behavior and psychology. We are now seeing neuroscience, psychology, and digital marketing merging into the growing field of neuro-analytics, which is tapping into the subconscious to better target customers by leveraging a more precise understanding of their emotional reactions.
Neuromarketing is “a commercial marketing communication field that applies neuropsychology to marketing research, studying consumers' sensorimotor, cognitive, and affective response to marketing stimuli.” It helps understanding the behavior that guides consumer choices but can also define what steers the use of social media, web search behavior and even the mechanisms that will make a customer willingly advertise a company or brand for free.
A number of consulting firms provide neuro-marketing services whilst some of the largest companies with a vested need to predict consumer behavior, are investing in their own neuro-marketing departments. Both are heavily involved with academia in these projects. It is possible with small, wearable sensors to actually gauge certain neuro-chemical and neurophysiological responses in customers which show the degree of emotional engagement whilst attempting to analyze and understand the rationale behind a consumer’s decisions and their responses to market stimuli.
This does not imply the manipulation of peoples’ needs but rather measuring emotion and attention in order to achieve more effective and efficient marketing campaigns, fewer campaign failures, and more cost-effective marketing.
Neuro-analytics can also detect which consumers make choices intuitively, effortlessly and quickly as opposed to the slower, more thoughtful, conscious reasoning of others. Research has shown that the majority of online purchases are driven by mood and emotions, which can sometimes make them spontaneous and even compulsive. This varies both with gender and age-group, and the most vulnerable to this sort of compulsiveness being adolescents.
Of course neuro-analytics has its detractors, people who see it as pseudoscience, excessively invasive and manipulative. An attempt at control and regulation has been condensed through the Neuromarketing Science and Business Association. The reality is that neuro-marketing, pseudoscience or not, is one more tool available to marketers.
It is not intended to replace the human marketers or the human criteria but to provide insights into the customer decision-making process using a wider range of data. No matter where we get our insights, the thing is to creatively discover what can be done with it.
Neuromarketing is both touted as a silver bullet and junk science. But no matter what we think of it, neuromarketing is here to stay.