Neuromarketing: the hope and hype of neuroimaging in business

Abstract

The application of neuroimaging methods to product marketing - neuromarketing - has recently gained considerable popularity. We propose that there are two main reasons for this trend. First, the possibility that neuroimaging will become cheaper and faster than other marketing methods; and second, the hope that neuroimaging will provide marketers with information that is not obtainable through conventional marketing methods. Although neuroimaging is unlikely to be cheaper than other tools in the near future, there is growing evidence that it may provide hidden information about the consumer experience. The most promising application of neuroimaging methods to marketing may come before a product is even released - when it is just an idea being developed.

Figure 1. Product development cycle

Neuromarketing applications of functional MRI (fMRI) can potentially enter into the product development cycle in two places. In the first, fMRI can be used as part of the design process itself. Here, neural responses could be used to refine the product before it is released. In the second, fMRI can be used after the product is fully designed, typically to measure neural responses as part of an advertising campaign to increase sales.