Search Results | "Loewenstein"

Anchor Pricing Strategies

Anchor Pricing Strategies

Here’s a scenario… You decide to venture into a cell phone store despite your reluctance to deal with a bewildering number of phones, options, plans, along with a confusing price structure. As usual, you find you’ll have to wait a bit for a salesperson. The greeter hands you a card with a big “97″ printed [...]

Continue Reading...

Bikinis, Babes, and Buying

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 [...]

Continue Reading...

CMU Computers Read Thoughts

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 [...]

Continue Reading...

Cool Products and Neuromarketing

Cool Products and Neuromarketing

I’ve often said that the most exciting application of neuromarketing techniques isn’t that of choosing or developing advertisements, but rather designing better products. While some may feel that enhancing ad effectiveness with brain scans (for example) is somehow manipulative, who can argue against products that have more consumer appeal? After all, the objective of every [...]

Continue Reading...

Penalty Pain: How to Make Your Customers Hate You

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 [...]

Continue Reading...

Negative Shipping, Less Pain, More Gain

Negative Shipping, Less Pain, More Gain

If there’s one persistent theme here at Neuromarketing, it’s that good offers reduce buying pain for consumers, and bad offers increase it. My fellow Web marketer and occasional PubCon co-panelist Andy Beal has identified an ad that he terms “the most enticing banner ad ever,” and he might be right. Endless.com has moved beyond “Free [...]

Continue Reading...

Five Keys to Selling to Tightwads

Five Keys to Selling to Tightwads

One out of four potential customers for your product may not buy it, even if the purchase makes economic sense or is otherwise a good decision. A couple of days ago, in Tightwads, Spendthrifts, and Everyone Else, I wrote about research that found people could be categorized by their spending behavior into three major groups. [...]

Continue Reading...

Tightwads, Spendthrifts, and Everyone Else

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 [...]

Continue Reading...

Contest Marketing: Beating the Odds

Contest Marketing: Beating the Odds

In This is Your Brain on Money, I mentioned that I’d visit some of the other neuromarketing-related topics raised in Jason Zweig’s interesting article in Money, Your money and your brain. One of these is that our brains are programmed for “reward anticipation” but aren’t very good at calculating odds. Big potential rewards produce big [...]

Continue Reading...

Neuromarketing Careers

Neuromarketing Careers

I’m contacted periodically by those who think neuromarketing would be an interesting career, and want to get in on the ground floor. At the moment, it’s difficult to steer these individuals (usually college students), because there are no well-defined job descriptions or career paths. Indeed, a quick search of the bazillion jobs listed at Monster.com [...]

Continue Reading...