TedX: Neuromarketing: The new science of consumer decisions (Terry Wu)

🧠 Neuromarketing is a new field that studies how our brains influence consumer decisions, often without our awareness. It explores the impact of emotions, intuition, and unconscious thoughts on our choices.

- A study at a wine store found that background music influenced shoppers' wine selections, even though they claimed it didn't. This shows that our buying decisions can be influenced by subtle factors.
- Coca-Cola's failure with New Coke demonstrated the importance of the emotional connection consumers had with their brand. The taste alone was not enough to maintain their loyalty.
- Neuroscience research has shown that about 95% of our decisions are made unconsciously, and without emotions, we cannot make decisions. Neuromarketing focuses on creating better consumer experiences based on this understanding.
- Companies like Google and Amazon use neuromarketing techniques to increase revenue. Google's change in the color of clickable links resulted in a $200 million increase in annual revenue, while Amazon's slight improvement in website speed led to a $1.7 billion increase in sales.
- Invisible social influence plays a significant role in decision-making. People tend to believe something is good or valuable if they perceive that more people want it. Amazon uses this bias to persuade customers by highlighting star ratings, customer reviews, and bestseller status.

Highlights

• 🧠 Neuromarketing studies how our brains influence consumer decisions unconsciously.
• 🍷 Background music influences shoppers' wine selections, despite their claim of no influence.
• 🥤 Coca-Cola's failure with New Coke highlights the importance of emotional connections in consumer decisions.
• 💰 Google and Amazon use neuromarketing techniques to increase revenue by leveraging subconscious influences.
• 👥 Invisible social influence shapes our decisions, and companies like Amazon use this bias to persuade customers.