Technology in behavioral economics can identify which marketing opportunities should be prioritised and removed from how a consumer acts when making a purchase, and this data can bring more customers to the brand.
This technology is highly complex combining cognitive computing, machine learning, and psychological research. It takes into account small actions such as hovers and scrolls to interpret someone’s digital body language. This data can improve the site design and journey for all the different types of users.
Neuro-research involves analysing the electrical responses in the brain. Humans are emotional creatures, and having emotional connections between your customers is important. For example, people eat chocolate as an indulgence, and there are many reports on what chocolate does to the brain, so for a chocolate company (especially the Belgian ones) they advertise in a way that makes you crave them at that moment.
What you see in an advert is highly important, and these aspects can double the viewing time of an advert. Research has shown that mirroring the target audience’s demographic works the best, which links back to the emotional connection. Using this technology can pinpoint where in your advertisement the engagement rate drops and what can be done to play more to your company’s strengths.
Programmatic market research comes in the form of surveys. The data received from the surveys can be used for a more targeted approach, hence why cookies are put on websites. If the questions are more relevant to a person they are more likely to answer, although this method relies on people to answer and there are risks of invalid responses.
All this technology certainly enhances market research, but the personal touch should never be overlooked. There still must be a good understanding of what a brand wants from its study, the human touch is always needed.