Disruption. Synergy. Neuromarketing. What are they and why are they important to your business?
What is disruption?
Disruption is an impactful change in the way you think, behave, do business, learn or act on a daily basis.
Many industries have experienced disruption in the way business is done. Airbnb disrupted the hospitality industry. Uber disrupted the taxi industry. Netflix disrupted the DVD mail service. Amazon disrupted brick and mortar commerce.
How can businesses protect themselves against disruption?
Don’t wait for your competitors (old or new to the market) to disrupt your business. Encourage your business to disrupt itself.
Allow it to break with convention and the ominous “it’s how we’ve always done it” way of thinking.
Look for new ways to delight your customers. Discover blind spots and identify opportunities to develop and improve.
For more inspiration, read Jeff Bezo’s 8 business lessons.
What is the meaning of synergy?
Synergy is the energy or effectiveness that people or businesses create when they merge their efforts.
The word synergy comes from the Greek sunergia, meaning cooperation, and sunergos, meaning working together.
Stephen Covey, the successful businessman and author of The Seven Habits of Highly Effective People, one of the most influential business books of the twentieth century, said this about synergy:
Synergy is what happens when one plus one equals ten or a hundred or even a thousand! It’s the profound result when two or more respectful human beings determine to go beyond their preconceived ideas to meet a great challenge.
Today the success of an organization is influenced by many factors such as technology developments, investments, government policy, even a pandemic. The organization can overcome any challenge if there is a great team working together. But working together is not enough. The team must work to achieve the highest synergy.
It is the leader’s responsibility to hire and attract talent in a team. Luis E Romero, entrepreneur and author, writes in his excellent piece on team synergy that to achieve synergy, the leader must recruit team members who share same values and interests, but have complementary talents, skills and abilities.
He also states that a team’s collective performance cannot be predicted by its member’s individual performances. Simply put, the team’s results are not the sum of its member’s contributions, it’s much more than that.
Synergy is achieved when the team’s members forge relationships based on personal affinities.
When this happens, the team members seek opportunities to leverage each other’s talents and to push each other to grow further.
The performance of a team in synergy is the highest when both team members and the organization stand to benefit.
What is neuromarketing?
Neuromarketing is the science that studies the behaviour of the consumer, by applying neuroscience knowledge and tools in order to reach the objectives of an advertising campaign, to persuade a target audience or design a product package.
Among the tools used in neuromarketing are brain scanning to measure neural activity and eye movement tracking to measure the interest focus of the viewer.
Brands use neuromarketing to gain insight into customers’ motivations, preferences, and decisions.
These valuable insights help brands make informed decisions when creating an ad, designing a product package or establishing product price.
Traditional marketing relies on quizzes, interviews and focus groups to discover whether their customers liked or disliked their products in terms of packaging, colours, imagery, functionality etc.
The problem with this method of gathering information is that people are easily influenced by uncorrelated factors: the weather, their emotional state, whether they are relaxed or stressed and so on. This means the results are distorted and unreliable more often than not.
With neuromarketing, marketers gain knowledge and insights into the brain’s subconscious reactions.
The brain’s responses to marketing stimuli are true and reliable because they are objective. That is why we see many ads featuring giggling babies, smiling people and beautiful individuals. These visuals trigger positive reactions: they are designed to attract and maintain the viewer’s attention long enough to establish brand awareness and finally, sales.
Brands also use neuromarketing strategies to set prices, decide brand colours and website layout, build marketing campaigns on the psychological principles of influence and persuasion etc.
Martin Lindstrom is a world-renowned consumer expert and pioneer in the fields of consumer psychology, marketing, and neuromarketing research. His book, Buyology: Truth and Lies About Why We Buy, a New York Times bestseller, is based on Martin’s $7 million neuromarketing study.
The study is the largest ever done and showed that people lie, but their brains tell the truth.
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