By Chelsea Macleod, Account Director
I’ve always been fascinated by human behaviour. Psychology was one of my favourite school subjects, and I’m the kind of person who can lose hours in a good true crime podcast, not because of the mystery, but because I’m genuinely curious about why people do what they do. That curiosity has naturally carried over into my professional life, particularly when it comes to understanding buyer behaviour…
When a recent CIM webinar on neuromarketing came up, I jumped at the chance to attend. The speaker, Katy Hart MSc gave some interesting insights on how marketing professionals can use neuroscience to understand customers and enhance their marketing strategies.
One of the key takeaways was that up to 95% of decision-making is unconscious. So this means that focus groups, market research and customer interviews become increasingly important to get right, and the results need to analysed by skilled marketing professionals, due to the fact it gives key and critical insight to conscious buying behaviour. A deep understanding of your customers, market and competitor landscape will transform marketing strategies.
As for the unconscious buying behaviour, there are things that we can do to support buying behaviour and customer acquisition which can be adapted to fit both B2B and B2C businesses.
1. Emotions are important
Marketing teams can often craft messaging assuming customers make logical decisions. But neuroscience tells us that emotion comes first. The subconscious brain (the area where emotions, gut reactions, and instinct live) is usually the key driver.
This means that a shift from purely product or service led messaging to storytelling that triggers emotional responses will gain better results. In the B2B world, from early on in sales and marketing careers, we are always told to sell the benefits not the features and this sage advice makes complete sense when you understand the science behind it.
Whether your product or service is aspirational or problem solving, this should be the key focus.
2. Dopamine Spikes in Anticipation, Not in Ownership
One of the most surprising insights I discovered from the session is that our brains release the most dopamine (the “feel-good” chemical) when we’re anticipating a purchase, not when we actually receive the product or service.
This is one of the reasons that you see many B2C brands build up the pre-purchase excitement using tactics such as teaser campaigns. Studies have shown that anticipating what is to come makes the journey toward the buy feel like part of the reward.
However on the flip side, if the reality of the product or service doesn’t meet the expectations, this disappointment can lead to buyer’s remorse and lack of customer retention. To avoid this, organisations who focus on aftersales care, customer service and building a customer community that validates the choice will build trust. This is especially important for B2B businesses who typically have longer sales cycles and invest in account management to nurture leads and engage in client development.
3. Revealing Price Triggers Pain (literally)
During the session, I was surprised to learn that when a price is revealed, the same area of the brain that processes pain (The Insula) lights up. Price feels like a loss, which can trigger resistance.
Cost will always be an important part of business and marketing strategy, it can’t be avoided. However, if you build an emotional connection with your customer through showcasing the benefits of your product and service first before revealing price, it feels less like a loss. The science tells us that price led messaging is unlikely to garner the results you want.
From a B2B perspective, it can be very tempting to show potential prospects that your product or solution is more cost effective than your competitors, instead focusing on how you can bring added value to your customer’s and client’s lives. Focus on innovation, service and company values as a measure of comparison to competitors in the early brand awareness phase of the funnel.
What this means for marketing strategy
Whilst it’s hugely important focus on features, funnels, and ROI metrics in marketing, a deep understanding your customers is what will set you apart from competitors.
At Genoa Black, we differentiate ourselves by taking a strategy first approach to marketing, our team will take a deep dive into your business to fully understand you, your customers and the complex marketplaces you operate in. This has allowed us to build long lasting and impactful relationships across various sectors.
We have always been proud of this approach, and it’s officially backed by neuroscience!
