Nov 28, 2023
In this episode of The Brainy Business podcast, you'll hear an insightful conversation between host Melina Palmer and guest Prince Ghuman, a renowned neuromarketer and author. The discussion centers around the importance of incorporating neuroscience and psychology in marketing strategies. Prince emphasizes the need for marketers to understand human behavior and behavior science in order to create more effective campaigns and improve customer satisfaction.
He discusses concepts like pattern recognition, the mere exposure effect, and the balance between novelty and familiarity. Prince also explores the adoption curve and how different consumer segments prefer varying degrees of newness and safety. By incorporating these insights into your marketing strategies, you can better connect with consumers and optimize your marketing efforts. This episode provides valuable knowledge and practical tools for marketers seeking to enhance their marketing strategies and campaigns.
In this episode, you will:
00:00:00 - Introduction,
Melina introduces the episode and welcomes Prince Ghuman as the
guest. They discuss the intersection of behavioral science and
marketing and Prince's background in the field.
00:02:08 - Prince's Background and Playbook,
Prince shares his journey into the world of behavioral science and
marketing. He discusses his experience working at startups and
established corporations, as well as his transition to becoming a
professor. Prince highlights the importance of neuroscience and
psychology in marketing and mentions the playbook he developed over
the years.
00:06:12 - Principles vs. Hard Science in Neuromarketing,
Prince explains the division between principles and hard science in
neuromarketing. He emphasizes the significance of understanding the
principles of human behavior and psychology in marketing, even if
neuroimaging is not accessible to all marketers.
00:08:23 - The Importance of Principles in Neuromarketing,
Prince discusses the importance of principles in neuromarketing and
how they can be applied to improve marketing strategies. He
mentions the lack of emphasis on neuroscience and psychology in
traditional marketing curricula and highlights the need for more
practical applications of behavioral science in marketing.
00:10:00 - Applying Decision-Making Science to Marketing,
Prince mentions the book Thinking, Fast and Slow by Daniel Kahneman
and its significance in understanding decision-making. However, he
emphasizes the need for tactics and practical applications of
decision-making science in marketing and customer experiences. He
envisions a future where neuromarketing principles are
integrated.
00:15:00 - Evolution of Marketing and A/B Testing,
The conversation begins with a discussion about the evolution of
marketing and the use of A/B testing. The guest emphasizes the
importance of understanding the psychological underpinnings behind
marketing strategies and conducting more scientifically informed
tests.
00:16:30 - Why We Like What We Like,
The guest introduces the concept of the mere exposure effect, which
states that the more we are exposed to something, the more likely
we are to prefer it. They also discuss the idea of "new and safe,"
where people are attracted to things that are both novel and
familiar. Understanding this concept can help brands come up with
better product tests and launch strategies.
00:18:16 - The Psychological Context of Product Adoption,
The guest explains how the psychological context of product
adoption is often overlooked. Early adopters are more accepting of
imbalances between new and safe, while late adopters prefer safety.
Understanding this can help brand managers tailor their launch
strategies and target different segments of the market.
00:21:14 - Using Familiarity and Novelty in Product Launches,
The guest uses the example of Oreo cookies to illustrate how brands
can incorporate familiarity and novelty to attract mass market
appeal. By sandwiching a new flavor between familiar elements,
brands can grab attention and break through established patterns,
even if the new flavor itself doesn't sell well.
00:24:34 - Pleasure in Pattern Recognition,
Prince addresses a question about why humans derive pleasure from
pattern recognition.
00:29:31 - The Use of Game Mechanics in Engagement,
The guest talks about how game mechanics are being used across
various genres of games to increase engagement. He gives examples
of sports games like NBA, soccer, FIFA, and NFL, as well as board
games like Monopoly. Unpredictability is a key factor in increasing
engagement, and this is seen in social media apps like Facebook,
Instagram, and TikTok, where users are constantly scrolling to see
what comes up next in their feed.
00:30:46 - Engagement 2.0 and Compulsive Behavior,
The guest discusses how engagement in digital products, like social
media apps, can lead to compulsive behavior. The unpredictability
of what comes next on these platforms keeps users engaged and
scrolling. He emphasizes that engagement is only a few steps away
from compulsive behavior and explains why some apps have come under
fire for exploiting this.
00:34:57 - The Role of Users in Data Science and Behavior
Modeling,
The guest points out that while tech companies are often criticized
for using data science unethically, users also play a role in this
behavior modeling. He suggests that consumers need to be willing to
pay for digital products and services if they want to see a change
in the way data science is used. He compares it to the organic food
movement, where consumers demanded and paid a premium for healthier
options.
00:36:27 - Marketers' Responsibility in Understanding
Neuroscience,
The guest emphasizes the importance for marketers to understand
neuroscience and psychology in order to create better products and
experiences for consumers.
00:43:10 - Importance of Understanding Your Customers,
Understanding your customers' goals and communication preferences
is crucial in business. Avoid comparing yourself to others and
focus on meeting your customers' needs. This is the foundation of
Melina Palmer's book What Your Customer Wants and Can't Tell
You.
00:43:37 - Conclusion,
Melina's top insights from the conversation. What stuck with you
while listening to the episode? What are you going to try? Come
share it with Melina on social media -- you'll find her as
@thebrainybiz everywhere and as Melina Palmer on LinkedIn.
Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.
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