Navigating the Neuromarketing Landscape: Valuable Insights for Businesses in a Post-Pandemic World

ABSTRACT

Purpose: There has been a significant rise in usage of neuromarketing for conducting marketing research, but a large number of businesses are still skeptical about integrating such methods into their marketing research toolkit. The reason for such skepticism may be certain misconceptions. One such misconception is that neuromarketing is a difficult and expensive marketing research tool. Another misconception is whether neuromarketing is a mere gimmick or an insightful marketing research method. Hence, this study explores the present stance of neuromarketing and its pertinent misconceptions.

Methodology: The study conducts qualitative, in-depth interviews with neuromarketing experts from eleven countries. The study then subjects interview transcripts to thematic analysis. Through this analysis, the study divulges three themes and eight subthemes related to the present stance of neuromarketing and its pertinent misconceptions.

Findings: The study divulges three notable findings. First, the present stance of neuromarketing highlights the growth and importance of neuromarketing methods in the marketing research industry. It also demonstrates the application of neuromarketing in making strategic marketing decisions. Second, the study clarifies that factors such as the elongated learning curve, complexities, adaptation, and economic considerations hinder neuromarketing adoption. Third, the study clarifies that neuromarketing is not a gimmick and expounds on the value and efficacy of neuromarketing methods in conducting marketing research studies. It also outlines the importance of combating bogus neuromarketing consultants who negatively impact the perception of neuromarketing among businesses, consumers, and regulatory bodies.

Research implications: This study undertook the initiative to procure primary qualitative data through in-depth interviews to provide first-hand perspectives into what experts in the marketing research industry think about the present stance of neuromarketing and its pertinent misconceptions. It builds upon existing literature on the present stance of neuromarketing, which largely relies on secondary data. The study also extends prior literature on neuromarketing by highlighting the need for specialized expertise, the necessity for considering ethical considerations, and the need for cost-effective solutions. Besides this, the contribution of this study also aligns with the prior discussions on evolving methodologies in consumer behavior research.

Practical implications: This study implies that neuromarketing enables businesses to make informed strategic marketing decisions, anticipate marketing trends, and foster sustainable growth. Businesses must allocate substantial resources to hire marketing research companies or third-party neuromarketing consultants. However, before making such investments, businesses should thoroughly evaluate the reliability and validity of claims made by neuromarketing consultants and marketing research companies. Due to the complexities and stringent ethical regulations, it is essential to collaborate exclusively with reputable marketing research firms or independent neuromarketing consultants with a proven track record of success.

Originality/Value: Contrary to the prior studies based on secondary data, this study leverages primary qualitative data to explore the present stance of neuromarketing and its pertinent misconceptions. The study emphasizes misconceptions hindering the adoption of neuromarketing, which was primarily left unexplored in the extant literature. In this way, the study creates unprecedented value for businesses, marketing research companies, regulatory bodies, and independent neuromarketers.

KEYWORDS:

• Neuromarketing
• present-stance
• difficult
• expensive
• gimmick
• insightful
• marketing research

Disclosure statement

No potential conflict of interest was reported by the author(s).