I haven't been able to write on here since our second term started, but thought I'd post this video I came across lately.
Skittles & The Solution To Cognitive Overload
Firstly, happy holidays! I'm visiting family here in Stockholm, and I'm sitting here early xmas morning, reflecting on the last couple of months. As mentioned previously, I'm currently working towards getting my Masters in Market Research and Consumer Behavior and I just wrapped up my first term last Friday.
The program has a heavy focus on group projects, one of those being the Millward Brown Business Challenge this last term. The case, which involved the evaluation of a Skittles advertisement, was given to us, along with the case prompt & real supplemental primary and secondary research from Kantar Millward Brown, on a Friday. We had to present our conclusions and next steps to a panel of market research experts the following Monday. Saying that it was an intense weekend would be an understatement. Anywho, looks like christmas came a bit early (we found out that we won the challenge last week).
One of the supplemental research documents given to us for the challenge was an eye-tracker analysis for the advertisement. The technology's quite fascinating. According to Jaime Veiga, marketing professor at IE, we come across 4,000 to 10,000 brand impressions a day. At a supermarket, we have 30,000 to 50,000 products to choose from. Due to the cognitive overload we come across in our everyday lives, brands are failing to connect with potential customers. How are brands supposed to connect with their customers when it seems like every brand is trying to yell over the other in a crowded room? The solution - optimization via biometrics.
During the term, I had the chance to sit in on a talk led by Thomas Ramsoy, Founder and CEO of Neurons Inc, a Neuroscience consultancy company, where I first saw the eye-tracking technology in action.
Purchasing decisions happen in fractions of a second. To capture the attention of customers, brands have to understand how consumers think. Although traditional market research methods help gather consumer information to provide insights, new technologies like EEG scanners or eye-tracking devices provide measurements to how the brain and/or the body reacts to marketing stimuli. According to Thomas, these technologies can predict an accuracy of about 80%. With that being said, I can't wait for my neuromarketing class in the third term.
Overall, it was a great first term. Lots of ups and downs, but a learning experience nonetheless. In 2 weeks, I'll be starting up my second term. Some of the classes include:
- Consumer Decision Making
- Managing The Customer
- Marketing Products & Brands
- Observational Methods
- Product Launch Simulation
- Understanding Consumer Behavior II
I'm going to take the next two weeks to get some much needed R&R to get ready to crush this next term. See you guys in 2018!
Westfield Is Combating The Amazon Threat With Digital Upgrades At Its Malls
What Happens In Vegas...
Creepy = Relevant?
Someone in my graduate program shared this with the rest of our classmates in a WhatApp group we have going on (shout out to the IE MRCB Class of '18).
Nowadays, the usage of acquired data by marketers can come off a bit creepy. But, in order to create relevant products & corresponding ads & messaging, the question arises: is being creepy the only way to produce ads that'll capture the attention of potential customers? This reminds me of this Cost Plus World Market ad campaign I came across recently.