The use of neuromarketing to decode consumer behaviour in Bangladesh's market

New life has been breathed into the study of consumer behaviour with the emergence of neuromarketing, an interdisciplinary field that merges marketing and neuroscience. With the addition of scientific methods used to analyse customer behaviour, neuromarketing has broken new ground in marketing. 

This opens up new avenues of inquiry for neuromarketing into consumer choice and inclination. This innovative technique measures how the intended audience reacts subliminally to different forms of advertising, illuminating previously hidden nuances. Bangladesh's increasing focus on this developing field has far-reaching effects and will influence how businesses in all sectors view and engage with their respective consumers.

In the early 2000s, neuromarketing emerged as a revolutionary method for learning about consumer behaviour worldwide. Its foundation in neuroscience prompted a significant change in marketing science. This development went beyond the simple inner workings of the human brain as studied by focus groups and surveys in the past. 

The advancement of technology and the study of the brain have brought about radical changes in this area. Methods such as electroencephalography (EEG), functional magnetic resonance imaging (fMRI) and eye-tracking are now a part of it, because they provide unique insights into consumers' unspoken emotions.

The world's largest corporations were the first to recognise neuromarketing's advantages and put them to use, enhancing the effectiveness of their advertising campaigns and deepening their connections with consumers. This started a chain reaction that encouraged businesses worldwide to adopt this scientific approach.

Although neuromarketing is in its infancy, interest and acceptance are rising in Bangladesh. About ten years ago, it was introduced to the marketing industry as an innovative and risky approach to doing business. 

At first, only the largest multinationals and local conglomerates could afford it. In recent years, its price has steadily dropped. Since then, small and medium-sized enterprises have been increasingly using neurotechnology because of its many benefits. Bangladesh's marketing scene has an exciting future thanks to the growing awareness of neuromarketing's potential. This realisation has paved the way for a promising future.

Marketers in several sectors use them, including fast-moving consumer goods (FMCG), telecommunications, and the fashion industry. Corporations have recently begun using neuromarketing approaches in market research to better understand and anticipate consumer behaviour. 

One of Bangladesh's most prominent providers of telecommunications services has started using neuromarketing to enhance its advertising strategies, focusing on the personal connections and intellectual influence it can make on consumers. Using insights from neuromarketing research, the company was able to refine the wording, imagery, and overall tone of its advertisements.  

Recent advertising campaigns have successfully enhanced customer engagement and brand recall. Throughout the campaign, neuromarketing's potential to help craft ads that resonate with people was hammered home.

Another leading local fast-moving consumer goods (FMCG) company  has done the same thing, particularly in the creation of commercials and the design of the packaging. Using eye-tracking software, they found out which parts of the design were noticed by clients and passed over. Based on these findings, they redesigned the packaging to boost sales and consumer interest. Sales increased dramatically after introducing the redesigned packaging, proving that neuromarketing is an effective tool for influencing consumers' decisions while in the store.

Successful implementation of neuromarketing strategies by these market leaders has prompted other businesses to consider adopting the technique. Although it's in its infancy in Bangladesh, neuromarketing already represents a significant shift in the way that marketing research is conducted here. The changes that this brings about are fascinating.

These successes with neuromarketing in Bangladesh show the enormous potential that exists in the country. Neuromarketing stresses its capacity to provide light on consumer behaviour, which conventional marketing research often needs to do. They also show that neuromarketing isn't just a passing trend but a powerful tool that may help businesses in Bangladesh boost their marketing strategies and overall performance.

In addition to its fantastic opportunities, neuromarketing poses some novel challenges for Bangladeshi firms. Much time and money, not to mention advanced tools and training, is usually required to implement neuromarketing strategies. Many local businesses may need help to afford the investment in such technology and the consulting services of an expert.

Second, there is an extreme scarcity of professionals versed in the nuances of neuroscience and its potential applications in advertising. This knowledge gap makes it difficult for organisations to effectively incorporate and capitalise on neuromarketing strategies.

Neuromarketing presents significant challenges, not the least of which are ethical concerns. Some critics argue that manipulating consumers' subliminal thoughts is unethical and violates their right to free will. Therefore, businesses must guarantee that their neuromarketing practices are ethical and considerate of customers' privacy.

In Bangladesh, authorities have responded to these challenges by adopting global neuromarketing best practices. It is the responsibility of businesses to perform their neuromarketing studies and applications in a morally responsible manner. Doing so will protect consumers' privacy and promote openness.

In addition, organisations representing businesses and government bodies in Bangladesh should oversee rules for the moral use of neuromarketing. This guarantees that the activity contributes positively without jeopardising consumer or societal rights or interests. Standards for its application need to be established, and consumer education and awareness must be prioritised.

Businesses across a wide range of sectors in Bangladesh are enthusiastic about neuromarketing, setting the stage for rapid expansion in the field. As more and more advanced technologies become more accessible and affordable, neuromarketing may end up being an integral part of a business's marketing strategy because it allows them to learn more about their customers' habits in Bangladesh's dynamic market, and it boosts growth, innovation and competitiveness.

Because of neuromarketing's ground-breaking integration of neuroscience and marketing, Bangladesh's business environment is witnessing a dramatic shift. Despite being in its infancy, it represents a potentially fruitful route for organisations interested in acquiring a deeper understanding of their customers. Despite potential roadblocks and ethical concerns, the strategic application of neuromarketing can boost innovation, competitiveness and growth in Bangladesh's fast-paced market.

Dr Mohammad Shahidul Islam is an Assistant Professor of Marketing at Brac Business School, Brac University. He can be reached at mohd.sh.islam@bracu.ac.bd

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.