Technological advancements and opportunities in Neuromarketing: a systematic review

Abstract

Neuromarketing has become an academic and commercial area of interest, as the advancements in neural recording techniques and interpreting algorithms have made it an effective tool for recognizing the unspoken response of consumers to the marketing stimuli. This article presents the very first systematic review of the technological advancements in Neuromarketing field over the last 5 years. For this purpose, authors have selected and reviewed a total of 57 relevant literatures from valid databases which directly contribute to the Neuromarketing field with basic or empirical research findings. This review finds consumer goods as the prevalent marketing stimuli used in both product and promotion forms in these selected literatures. A trend of analyzing frontal and prefrontal alpha band signals is observed among the consumer emotion recognition-based experiments, which corresponds to frontal alpha asymmetry theory. The use of electroencephalogram (EEG) is found favorable by many researchers over functional magnetic resonance imaging (fMRI) in video advertisement-based Neuromarketing experiments, apparently due to its low cost and high time resolution advantages. Physiological response measuring techniques such as eye tracking, skin conductance recording, heart rate monitoring, and facial mapping have also been found in these empirical studies exclusively or in parallel with brain recordings. Alongside traditional filtering methods, independent component analysis (ICA) was found most commonly in artifact removal from neural signal. In consumer response prediction and classification, Artificial Neural Network (ANN), Support Vector Machine (SVM) and Linear Discriminant Analysis (LDA) have performed with the highest average accuracy among other machine learning algorithms used in these literatures. The authors hope, this review will assist the future researchers with vital information in the field of Neuromarketing for making novel contributions.

Neuromarketing: The popularity of the brain-imaging and physiological tools

“…This system is used to express the locations of electrodes on the scalp of the participants such as prefrontal (Fp), frontal (F), occipital (O), parietal (P), temporal (T), and central (C). EEG uses an equal number of electrodes on the right and left parts of the head (Rawnaque et al, 2020;Silverman, 1965). It also uses to understand how a consumer is reacting to an advertisement or to understand what is happening in a consumer's brain when interacting with a salesperson (Telpaz et al, 2015).…”

Mind the gap: State-of-the-art technologies and applications for EEG-based brain–computer interfaces

“…Similarly, EEG-based technologies have been extensively used in the field of neuromarketing, which uses neuropsychology tools to study consumer behavior. 169–171 This emerging field studies how different stimuli influence consumer response and the decision-making process involved in the purchasing of products and services. Furthermore, owing to the commercialization of cost-effective wEEG devices, eBCIs hold great promise for the collection of massive amounts of user data to develop more effective marketing strategies.…”

Threats to Global Mental Health From Unregulated Digital Phenotyping and Neuromarketing: Recommendations for COVID-19 Era and Beyond

“…Furthermore, neuromarketing research has recently turned to detecting clients' physiologic responses, such as heart rate changes, eye tracking, galvanic cutaneous reactions, and developing facial action coding systems, with or without utilizing brain signal recording techniques gauging occult clients' reactions (30). Digital neuromarketing is quite different from traditional marketing tools since it bypasses the clients' thinking processes and directly captures the response of the clients' nervous systems (34). The market of global neuromarketing is by no mean negligible; the market was valued 1.158 billion US dollar in 2020 and projected to be 1.896 billion dollar in 2026 (35).…”