Neuromarketing in Action: How to Talk and Sell to the Brain by Patrick M Georges & Anne-Sophie Bayle-Tourtoulou & Michel Badoc

Author:Patrick M Georges & Anne-Sophie Bayle-Tourtoulou & Michel Badoc
Language: eng
Format: mobi
Publisher: Kogan Page
Published: 2013-12-02T14:00:00+00:00

OFFER CUSTOMERS WHAT REALLY SUITS THEM

CRM: an essential tool for improving knowledge of the customer

Thanks to more affordable IT techniques and data storage tools, businesses have access to a wealth of information on their customers. The CRM system helps organize this information based on complex statistical treatment tools. With these tools, marketing not only can enhance its knowledge of customers but also can foresee and anticipate their needs, sometimes before they are even aware of these needs. Thanks to loyalty cards, supermarkets can identify the surname, first name, address and other information concerning the customer buying nappies for his or her one-year-old baby. Based on this information, it is easy for the computer to anticipate all the purchases the customer will have to make as the child grows older. Well-calculated promotions will offer the customer bargains by purchasing a product just before or at the exact moment he or she needs it.

The same applies to car purchases. Many customers have a herd mentality. By studying the past behaviour of certain customers, it is possible to anticipate when a vehicle will be replaced. The CRM of the consumer credit institution can propose a credit offer at the right moment, even before the customer starts inquiring about purchasing a car, and long before he or she asks the bank for a loan.

By using the information and activating the data-processing and customer relationship software contained in the CRM’s ‘back office’ and ‘front office’, marketing can give customers what they expect. One-to-one marketing or mass customization can even be implemented, making it possible to provide each customer with a comprehensive marketing mix adapted to his or her needs and level of profitability and the risk the customer represents for the company (eg risk of insolvency or late payment).

The development of CRM systems is experiencing significant growth in companies that manufacture consumer goods and services with a large number of customers. CRM is a major marketing tool for increasing customer loyalty.

Use accurate segmentation

Customer segmentation has always been an essential marketing tool for enhancing knowledge of the customer. In addition to traditional segmentation criteria such as age, gender, habitat, income, profession, social level and wealth, psychologists and sociologists have attempted to define new segmentation criteria. These criteria are largely based on lifestyle and sociocultural behaviour. Neuroscience proposes other criteria, more adapted to how the brain works. Neuromarketing proposes a segmentation according to new criteria, including:

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