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The Price of Everything by Eduardo Porter

Book Review – The Price of Everything: Solving the Mystery of Why We Pay What We Do by Eduardo Porter

Looking for more novel pricing strategies for business, I picked up a copy of The Price of Everything by Eduardo […]

By |January 14th, 2011|

Unconscious Buying

In a fascinating study just published in the Journal of Neuroscience, researchers have shown that we make buying decisions even when we aren’t paying attention to the products, and that fMRI observation of brain activity can predict these decisions. […]

By |June 11th, 2010|

Sands Research: Faster EEG for Neuromarketing

In what it terms a “neuromarketing breakthrough,” Sands Research has announced the development of a higher speed EEG brain wave monitoring system. The new setup uses a high-density array of EEG sensors capable of measuring activity 10,000 times per second. This hardware is combined with proprietary software to analyze brain activity. […]

By |May 13th, 2010|

Five Ways to Sell in a Bad Economy

Some of my more popular posts over time have been those dealing with selling to two different customer groups: spendthrifts, who spend money freely, and tightwads, who don’t part with their money easily. (See Five Keys to Selling to Spendthrifts, Tightwads, Spendthrifts, and Everyone Else and Five Keys to Selling to Tightwads).

It’s safe to say that for the last few years, it was far more productive for marketers to target spendthrifts. In our overheated consumer economy, spendthrifts were a much more lucrative target than tightwads who had to be convinced to part with their cash. Now, though, we are all thinking like tightwads – even those who are still well-employed may harbor nagging doubts about their financial future. In this environment, it’s worth re-looking at some neuromarketing tips to succeed in selling to tightwads: […]

By |February 19th, 2009|

Bikinis, Babes, and Buying

Scantily clad women have been used to sell products to men for decades, and likely for millennia in one form or another. There’s little doubt that the typical male brain is wired to respond to attractive females in revealing attire. But is this a cheap attention-getting trick that has no real impact on sales, or does it actually work? Researchers shed new light on this topic by exposing subjects to either videos of women in bikinis or more neutral videos, and evaluating their decision making ability. […]

By |June 24th, 2008|

CMU Computers Read Thoughts

Most scientists have dismissed the idea of reading minds using technology as pure science fiction, but Carnegie Mellon University researchers have moved a step closer to doing so. Not only have they been able to identify which of several images a subject is looking at using fMRI scans of their brains. The most startling result is that the CMU researchers were able to take the data from the initial batch of subjects and repeat the identification feat with new subjects. […]

By |January 7th, 2008|

Penalty Pain: How to Make Your Customers Hate You

Neuromarketing readers are by now familiar with the idea of “buying pain” or “pain of paying” – when we buy something, the pain center in our brain can be activated. Work by Carnegie Mellon’s George Loewenstein and others shows that this effect is greatest when the price is perceived to be high or unfair. Buying a pack of gum for $10 would be a lot more “painful” than spending 50 cents for the same item. One wonders how painful paying multiple $40 bounced check fees would be, particularly if you knew your bank processed the largest checks first to ensure the maximum number of bounces. […]

By |November 5th, 2007|

Tightwads, Spendthrifts, and Everyone Else

Marketers love to segment their potential customers, and now there’s a new way to do it: spendthrifts, tightwads, and everyone else. Research at Carnegie Mellon University shows that 40% of consumers can be classified as either spendthrifts or tightwads, while 60% fall into a middle category without strong tendencies in either direction. Furthermore, this behavior is related to one of our favorite neuromarketing topics, buying pain. […]

By |October 1st, 2007|

Painful Sushi and Other Pricing Blunders

What’s the worst way to sell something? According to Carnegie Mellon University economics and psychology professor George Loewenstein (see The Pain of Buying and Brain Scans Predict Buying Behavior), selling products in a way that the consumer sees […]

By |March 27th, 2007|