Neuromarketing: 5 Emergent Startups

Neuromarketing: 5 Emergent Startups

Neuromarketing is nowadays used by almost every company to discover better the customer needs. Find out the 5 innovative startups in this field in the article!


Neuromarketing is a constantly evolving field because it is closely linked to the understanding we have of the brain. Knowledge about the functioning of our head is constantly expanding.

Neuromarketing is the application of neuroscientific knowledge and practices for marketing purposes. Indeed, this knowledge is used to better understand the needs and desires of the consumer. This deeper analysis can guarantee exceptional results.

Neuromarketing also aims to analyze those unconscious processes that take place in the mind of consumers. These are the processes that then influence purchasing decisions and the consumer’s emotional involvement with the brand.

For many years now, product developers, advertisers and marketers have been using social psychology to influence consumer purchases. Companies have found that neuroscience is a great tool for understanding how consumers react to deceptive marketing campaigns, products, and projects.

Neuromarketing uses tools that have a medical purpose for non-diagnostic purposes. Indeed, industry professionals read the brain’s electrical signals and analyze them to give their clients the answers they need.

During the years, a lot of startups have developed their core business in the field of neuromarketing. Let’s discover 5 startups that uses neuroscience for marketing purposes that operates or were born in Italy!



Thimus

Thimus is a company specialized in customer neuroscience, i.e. the scientifically based study of the elements that influence the success of a product, a brand, an experience.

Thimus is a startup born in Brescia which is now based in Bolzano and IT is the first italian entity in the field of neuromarketing startups.

It deals with neuroscience before neuromarketing. Indeed, it studies the neuronal mechanisms that influence consumer choice and optimizes them in the commercial field. The team then apply these mechanisms also to production efficiency, design and architecture.

They work with a series of tools with which they can monitor user activations and analyze parameters of different character. However, the most important tool remains the electroencephalogram. In the Startup they use this medical tool to study users’ reactions instead of for diagnostic purposes.


Neuralya

Neuralya is a team of data scientists, neuromarketing strategists and technical innovators who build and use innovative technologies to understand people and grow companies’ businesses.

Nauralya‘s team have designed and created a platform to help companies. Their goal is to improve the interactions of these companies with their consumers by analyzing the emotions during the buying process. The startup uses innovative technologies to measure consumer reactions and then develop an optimal strategy to grow the business of its customers.

Neuralya’s purpose is to collect all the data gathered from different devices in a single platform. This will make it easier to understand the wishes of customers and their perceptions of what they feel and see during a shopping experience and what influences their choice.


InVRsion

Invrsion is a company specialized in simulating ultra-realistic virtual reality environments. Their goal is to provide B2B customers with a better experience for themselves and their customers thanks to full reality.

With their software ShelfZone®, within the CPG (Consumer Packaged Goods) industry they help brands and resellers simulate any retail space and store management activities. Over the years this reality has managed to help many companies thanks to their house blend of VR (Virtual Reality) and AR (Augmented Reality). They created their innovative tool called by them full reality; this allows you to make the most of your experiences.

Since 2015, the year the Startup was founded, the team has wanted to bring something that was previously only linked to play and fun in other contexts. Virtual reality therefore becomes a tool for building the future shopping experience.


Mapendo

Mapendo is a service that applies artificial intelligence to smartphone advertising. Smartphones are now our extension and therefore monitoring them means studying our behavior.

The platform was developed by a team of engineers and advertising professionals to achieve an excellent result. Based on statistical data of millions of people every day they can understand the next behavior of users.

Their approach combines different real-time mobile traffic generators and thanks to this they can direct the interested audience to the right apps. All of this obviously takes place respecting the privacy of users because name and surname are not disclosed.

Their algorithms build profiles that establish a person’s most likely behavior. They have been collecting data for two and a half years and analyzing it thanks to a platform created by them that suggests useful correlations.


Smartlook

Smartlook is a tool for understanding users at the micro level. It was born in 2016 with the analysis of web data and then over the years has also begun to analyze the data of mobile apps.

Smartlook carries out a qualitative analysis of websites and apps that can help companies answer the doubts behind the actions of their users. Thanks to visitor registrations, this startup allows you to see what a user is doing on the website and to know if they perform specific actions.

With Smartlook you can see where users have clicked with the mouse, what they have written in the forms, where they spend their time and how they explore each page. In this way it is possible to understand if there are user experience problems, why a visitor leaves the site, or even understand what convinced a customer to make a purchase.


If you liked this article and you are interested in the world of startups, read more articles about it in our blog!

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How does the decoy effect lead us to spend more money? Discover more in this interesting article by Jeff Haden!


Jeff Haden, Inc. 12 January 2021

When I was a wedding photographer (because no one should be just one thing), my wife persuaded me to add an extremely expensive option to our list of wedding packages.

I figured it was a waste of time since no couple would ever choose it.

Turns out – as with countless instances where my wife’s better judgment is concerned – I was wrong. Some couples did choose that package. Even if we didn’t include that package in the calculation, our average sale price went up.

Possibly, because to some, “expensive” is a proxy for “excellent.”

But mostly because of what Dan Ariely, Duke professor and author of books like the excellent Predictably Irrationally, calls the decoy effect.

If you aren’t familiar, here’s how the decoy effect works. Some years ago, the magazine The Economist offered a digital subscription for $59 and a print subscription for $125.

Then they decided to offer a third option: A combined digital and print subscription for $125.

When two options were available, most people chose the digital subscription. It was cheaper.

But when the third option was available, people were more than 50 percent more likely to choose the digital/print offer.

The prices didn’t change. The only thing that changed was the addition of a decoy.

Another use of the decoy effect involves the number of choices offered. If there are two options, more people tend to choose the cheaper. If there are three, more people tend to choose the middle one. Partly that’s due to something called the center stage effect, a natural bias toward whatever is physically in the middle.

And also because people tend to not buy the least expensive, because that feels “cheap,” yet also not the most expensive, since that feels indulgent. Or wasteful. (Or something.)

But add a fourth option, and people tend to go for the second-most expensive, not the third-most expensive, even though both are kind of in the middle.

Which turned out to be true with wedding photography. Significantly more people chose the second-most expensive package out of four, especially when we made the most expensive package really expensive: by comparison, that package seemed like a bargain.

Granted, no amount of pricing strategy can overcome a poor price-to-value proposition.

But if your products or services are competitive and provide genuine value — which ours definitely were, and definitely did, otherwise we wouldn’t have had a business, much less a successful one — then a little tweaking can pay significant revenue dividends.

Especially with men: Research shows that people with higher levels of testosterone (read: males) tend to make less consistent choices and more “target” (decoy effect intended) choices.

(Yet more proof that men really aren’t more rational than women.)

Thinking Beyond Price

The decoy effect can play a role beyond purchasing decisions. Research shows the decoy effect can influence how employees decide between benefit plans. Other research shows the decoy effect can influence health care decisions.

Or say you want to encourage your employees to save for retirement. If you offer them the options of opting out or getting some sort of match if they put aside 5 percent of their pay, some may see 5 percent as too high a bar and opt out.

But if you offer a third option – a lesser match after employees contribute, say, 2 percent of their pay – then more people are likely to opt in.

And more people are likely to go for the 5 percent option, since getting a 5 percent match seems a lot better than 2.

Even though 5 percent is a lot better than 0 percent.

So if you want to be more persuasive – and hopefully use your powers for good – consider how you frame the options you provide. A little tweaking can make one option seem more attractive. A little tweaking can make one option seem less burdensome.

Add a relatively unattractive option and you might just find that what you hope will occur is much more likely to occur.

Behavioral science says so.

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