Spread the Word . . .
-
Category Archives: MindSight
Underestimate Emotion at Own Risk
In this interview, Netflix CEO Reed Hastings concludes that his mistake reflected “arrogance” and “underestimating the emotional attachment to Netflix” among Netflix customers. His answer highlights two important points relative to MindSight®. Emotion is critical to brand building and business decisions, such as price increases, are fraught with emotion. Companies like Netflix ignore this at their peril. “Arrogance” is not an option. The good news is that MindSight® can identify the emotional intensity and explain the motivations driving customers to brands like Netflix – and can do so quickly, cost effectively and with thousands of globally dispersed respondents. It’s not that customers won’t expect or ever accept price increases. They do and will if it’s handled correctly. MindSight®can help companies correctly understand the emotional attachments customers have to their brand, providing guidance about how to better manage rollouts like the Netflix one and avoid fiascos.
How Can Neuroscience Work For You?
For over 60 years, the European Society for Opinion and Market Research (ESOMAR) has set the standard for market research around the globe through “encouraging, advancing and elevating” members of the market research industry, in addition to creating codes of conduct for participating members. As the market research world has changed over time, ESOMAR has created new guidelines for the different methodologies, along with lists of questions to ask consultants before investing in research with an organization.
In June of 2011, ESOMAR led a seminar on the subject of neuroscience, in recognition of the need to help market researchers understand when and how to use neuromarketing technologies. Similar to the “26 Questions” which helps researchers determine whether an online sampling approach is appropriate, ESOMAR has created the “36 Questions to help commission neuroscience research“. Be sure to read through guide and make sure your market research consultant can answer these questions before conducting research with them.
David Forbes Wins ARF Great Mind Award
Dr. David Forbes received an ARF Innovation award certificate Wednesday night, 3/28, at the 2012 ARF Re:Think Conference in New York. This award recognizes development of the most innovative research ideas.
Every year, the ARF celebrates outstanding research minds in the industry with Great Minds Awards. “It is an honor to win this award,” said David Forbes, CEO of Forbes Consulting. “This recognition reinforces the need to push the envelope in market research – to recognize that emotions are critical motivators and yet rarely researched.”
David Forbes won this prestigious award for developing MindSight®, a proprietary applied neuroscience technique that delivers authentic insights from the emotional brain by tapping the subconscious emotions driving consumer behavior.
Empowerment and Entrepreneurs
It’s no surprise that these millennial women entrepreneurs seek greater “control” and a stronger sense that their work and ideas have an “impact.” In MindSight® terms, it makes sense that a key emotion driving any entrepreneur is the desire for greater feelings of empowerment — power and control. It’s not limited to millennials or women.
Mobile Marketing in the Modern World
With the rise of smartphone usage among adults in the U.S. providing instant access to all types of media, marketing researchers are realizing the potential for gauging consumer opinions directly before, during, or after a purchase. In contrast, traditional online surveys rely on respondents’ memories of using or purchasing a product/service; depending on how long ago that purchase was made, the accuracy of responses can decline as memories fade. For example, if respondents are asked to think about the last time that they purchased toothpaste and it was over a week ago, they probably won’t remember where it was purchased, why it was purchased, or how much they spent on it. However, if respondents are asked this on their smartphones immediately after purchasing toothpaste, they should be able to answer survey questions more accurately since the purchase is still fresh in their minds. The prospect of gaining more accurate survey data “in the moment” is thus very compelling.
However, with this new way of reaching respondents, a new set of challenges have arisen such as privacy laws, data/texting charges, and system compatibility issues with the numerous types of smartphones. How to make sense of it all?
That’s where the Mobile Marketing Research Association (MMRA) comes in. In January of 2012, the MMRA launched with the mission to “unite and serve the industry in developing best practices, professional standards and ethics regarding the use of mobile devices for marketing research.” One way in which the MMRA practices this goal is by hosting the Market Research in the Mobile World conference, which unites market research professionals around the globe in order to share new insights and technologies related to mobile marketing, in addition to building best practices and a vision for the future. This year’s conference is being held on April 18th and 19th in Amsterdam. If you plan to attend, check out David Forbes’ session entitled “Developing a mobile platform tool for assessing consumer emotional states in target lifestyle moments,” where he’ll discuss applying MindSight technology to smartphones as a way of determining consumer emotions right at the point of purchase.
To learn more about the Market Research in the Mobile World conference, check out http://www.mrmw.net/.
Be sure to check out the recent launch of MindSight Mobile.
MindSight® at ARF Re:think 2012
Forbes Consulting will be at ARF Re:think 2012 in NYC soon and we hope you will too. We’d love to share our latest product innovation, MindSight®, with you. Stop by Booth #502 where we will be running demos for you to see how the technique allows you to read the mind of your most important prospects.
We will also be raffling off a Kindle Fire and custom case, so come say Hello.
What is MindSight®?
Mindsight® talks to the emotional mind to get beyond all of the self-presentation and rationalization of traditional Q&A research. In projects ranging in-depth interviews to surveys with thousands of globally dispersed respondents, MindSight® research technology delivers revolutionary emotional insights that are fast and affordable. MindSight® even deploys on mobile devices to enable research at the shelf and in the moment.
If you’re like to learn more about MindSight®, read the MindSight® section of our blog or contact Rebecca Schmidt at 781-863-5000 x133.
Building Brands with Emotional Advertising
Even big tech companies are deciding emotional advertising is the best way to create a connection with their consumers. Check out this ad from Google’s emotion based campaign. MindSight can help you access there emotions in your clients as well.
Learn more about Mindsight
The “Thrill of the Chase”…
NielsonWire recently reported that the “best-liked ads of Q3 2011 depict the pursuit of love”. According to Nielson, the appeal of ads like this one
from Chevy (which was the #1 new Q3 ad most liked by women), is the “thrill of the chase.” These findings from Nielson are based on respondents liking an ad “a lot.”
This stated measure obviously provides useful information. Yet, studies where techniques like MindSight® are able to get at information beyond what the respondent reports in standard question batteries, reveal that there may be a whole other world of emotional information we are often missing.
Video in particular is a medium quite adept at inspiring emotion. We sit on the edge of our seats when the detective is about to name the culprit in a murder mystery, or jump when a ghoul pops out during a horror flick. In the ad from Chevy, there is a feeling of suspense as the “marry me” banner flits by in the background followed by chagrin when we realize the girlfriend has missed it.
In fact, in their report Nielson notes that the underlying theme of the most popular ads seems to be an emotional one, a “thrill.” Thus, how much more powerful would it be to find out what a respondent’s emotional reaction to and feelings about an ad might be in addition to how much they liked it?
Learn more about MindSight
Understanding Consumers’ Motivations for Valentine’s Day Purchases
February 14th was declared as Valentine’s Day in 496 AD by Pope Gelasius I. It is a holiday observed honoring one or more early Christian martyrs named Saint Valentine. It is a day that traditionally loved ones express their love for one another by giving flowers, candy, and sending greeting cards known as “valentines.” Hand-written valentines have given way to mass-produced greeting cards. Esther Howland, a native of Worcester, Massachusetts, sold the first mass-produced Valentine cards in the 1840’s.
The U.S. Greeting Card Association estimates that approximately 190 million valentines are sent each year in the United States. At the turn of the millennium, the rise of Internet popularity has created new traditions. Now each year, millions of people send Valentine’s Day e-cards, love coupons, or printable greeting cards. An estimated 15 million e-valentines were sent in 2010.
The National Retail Federation’s Valentine’s Day Consumer Intentions and Actions survey predicts the average person will spend $126.03 this year, up 8.5 percent from last year’s $116.21, and up 22 percent from 2010’s $103.
Spending this Valentine’s Day is expected to reach $17.6 billion. Americans will spend the most on their partners with the average person planning to spend $74.12 which is up from $68.98 in 2011. Men are expected to spend more than women. With 50.5 percent planning to buy their loved ones candy (top gift of choice), followed by flowers and then dinner, approximately 19 percent will purchase jewelry – the highest in the survey’s history.
What motivates an individual to purchase one thing over another? Is it fear of a negative ramification or is it the need to nurture or be nurtured by your partner? Or is it the need to achieve by purchasing the ‘best’ gift? Retailers could benefit by commissioning The Forbes Consulting Group to do a MindSight® study. By using the company’s proprietary applied neuroscience technology, retailers can gain a better understanding of the specific emotions that influence buyers’ decision-making. This would help retailers understand why someone would choose to buy candy over flowers on Valentine’s Day for their loved one. With this understanding, retailers can strategize and target specific shoppers to help increase their sales revenue.
