Fashion industry neuromarketing
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marketing, neuromarketing, analysis, fashion, retail, neuroscience, market research
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Fashion industry neuromarketing
- 1. FASHION INDUSTRY NEUROMARKETING: STRENGTHENING MARKET INTELLIGENCE OPPORTUNITIES BY CAMILLE AVENT
- 2. INTRODUCTION Neuromarketing – new tool for the fashion industry to understand buying behavior • Tapping into the unconscious mind • Clearly defining brand attributes • Advanced marketing opportunities for the mass market
- 3. OVERVIEW OF DISCUSSION Structure of Problem Current Practices • Traditional Marketing vs. Neuromarketing Fashion Marketing Survey & Interview of Neuromarketing Professionals Define Consumer Behaviors • Marketing, Fashion Marketing, Neuromarketing Case Study Analysis Restructuring the Fashion Marketing Plan • JC Penney Neuromarketing Authors’ Interviews
- 4. HOW GREAT LEADERS INSPIRE ACTION • http://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action.html?utm_expid =166907-21
- 6. CONSUMER BEHAVIORS (http://managementation.com/5-stages-of-consumer-buying-decision-process/ 2013)
- 7. SUPPLY CHAIN DRIVERS http://www.mtgl.com/services/upstream-services/supply-chain-compression.htm, 2013
- 8. MARKETING PLAN Mission Statement Corporate Objectives Marketing Objective Marketing Audit Marketing Strategy Marketing Plan Implementation Evaluation & Control (Easey, 2002)
- 9. “I know half money I spend on advertising is wasted, I just don’t know which half.” - John Wanamaker
- 10. THE GOLDEN CIRCLE (Lindquist, 2010)
- 11. STRUCTURE OF PROBLEM (Riley, 2012)
- 12. NEUROMARKETING ETHICS I. Core Principles II. Integrity III. Credibility IV. Transparency V. Consent VI. Privacy VII. Participant Rights IX. Subcontracting XI. Commitment VIII. X. XII. Children and Young People Publication Implementation
- 13. APPLIED NEUROMARKETING STUDIES Neuromarketing Test Technique Eye Tracking Pixel level eye tracking equipment Galvanic Skin Response Measures emotional engagement Electroencephalographic Sensors measure brain responses to stimuli at (EEG) 2,000 times a second, across a full brain Functional Magnetic Resonance Imaging (fMRI) Measures brain activity by evaluating cerebral blood flow and neuronal activity
- 14. BRAIN MAP (Rob D Young, 2013)
- 15. NEUROMARKETING IN THE AUTO INDUSTRY (Fabrega, 2010)
- 16. NEUROMARKETING IN THE FOOD INDUSTRY • http://vimeo.com/57779652
- 17. (Fabrega, 2010)
- 18. BASED ON WHAT YOU KNOW ABOUT CONSUMER NEUROMARKETING STRATEGIES, FROM MY RESEARCH, WILL YOU CONSIDER ADAPTING SOME OF THESE PRACTICES? (Avent, 2013)
- 19. LAWS OF DIFFUSION OF INNOVATION (Rogers, 1995)
- 20. “In setting up a business under the name and meaning of the Golden Rule, I was publicly binding myself, in my business relations, to a principle which had been a real and intimate part of my family upbringing. Our idea was to make money and build business through serving the community with fair dealing and honest value.” -James Cash Penney
- 21. Internal Factors Management Strengths Familiar with key factors of JC Penney core values Offerings Quality price driven brands and promotions Marketing Familiarity with traditional family core consumer Product Development Continuing efforts to ensure quality merchandise External Factors Consumer/Social Opportunities Secure market, likely to be stable Competitive Distinctive brand name and product breadth Technological Neuromarketing technological breakthroughs enable the company to tap into the actual consumer emotions Consumer income has stabilized; but the ‘best deals’ are still very important to U.S. households Economic Weaknesses Stagnant approach to reinventing methods to refresh brand loyalty Brand abandonment because of mid-price place in the market, consumers do not understand differentiation Disconnection with younger market who dominate current market share opportunities Failure to partner with brands at the right time for the right merchandise Threats Everyday Low Price, impedes on perception of current consumer Loss of core consumer to competitors because the company misdirected marketing communication Competitors have gained economies in advanced retailing ahead of JC Penney Consumer’s ability have more choice in the market
Notes de l'éditeur
- Say this first, how difficult is it for an you to communicate effectively to motivate actions by others in their own lives How much more it is then, for a brand to ensure they are communicating the right messageAlign others with their visionAchieve investment opportunitiesGain market share advantages
- Current PracticesDefine Consumer BehaviorsMarketing, Fashion Marketing, NeuromarketingStructure of ProblemTraditional Marketing vs. NeuromarketingCase Study AnalysisFashion Marketing Survey & Interview of Neuromarketing ProfessionalsNeuromarketing Authors’ InterviewsRestructuring the Fashion Marketing PlanJC PenneySignificance of Neuromarketing in the Fashion Industry
- Start video at 1:30 and end after 8 minutesApplied neuromarketing provides scientific proof for neuromarketing theories, lets first explore general marketing key points …
- According to the textbook, Marketing 9/e, marketingis the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at largemarketingis the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large fashion marketing drives the supply chain by creating increased need in consumers for more merchandise in shorter time periodsneuromarketing exposes the voice of a brand by defining to the consumer “why” the company produces its merchandise as well the applications of neuroscience to marketing
- Need recognition: Marketers stimulate this in some ways, showing the shortcomings of currently owned and competing companies. Information search: relies on past experiences, personal, or public sources as a means to inspire their decision to buy. Evaluation of alternatives: the consumer evaluates the market. This is where marketers have the opportunity to clarify the mission of their company and create the best consumer value perception (Kerin, Hartley, & Rudelius, 2009). Purchase decision: The consumer actually buys merchandise.Post purchase behavior: simply satisfied or dissatisfied
- Additional question – why?Defines brand attributes for their consumers
- The mission statement is defined in terms of consumer need with a clear perception of the brands strength in relation to the competition. Corporate objectives should be more specific with quantified data. Marketing objectives will align with corporate ones and are goals for the company to gain market share. These will evaluate the current situation in the market to determine the goals. Strategy determines long-term decisions competition cannot easily react to quickly. The plan, implementation, evaluation and control are factors giving specific steps for the brand to reach its goals, including includes managing fashion cycles with design and communication. Though long term planning is difficult, it is important to involve all members in participating in the planning process, assisting them in understanding the indispensable “why” for the brand. This allows for fruitful production and operation throughout the supply chain.
- Marketing CommunicationRoger Dooley was motivated by the huge amount of marketing that is wasted. For example, when I was in the catalog business, many of our mailings generated a response from just 2% of the recipients. That means 98 out of every hundred catalogs went in the trash without creating a penny of revenue. Eliminating even a little of this waste would be good for businesses and consumers alike.Identifying brand attributes and communicating them simplistically alleviates wasted dollars.
- What: the “new brain” thinks, processes and rationalizes dataHow: the “middle brain” feels, processes emotions and feelingsWhy: the “old brain,” decides, controls decision making Communicating from the inside out
- People cannot easily express how they feel.Questionnaires are time consuming and risky.Data providers are not strategic advisors.This model represents to me, a group of marketers throwing spaghetti at a wall to see if it would stick (refer to grandmom)Ethical mandates are put in place to ensure consumer protection no matter what the strategy
- Like standards for marketing – as neuromarketing grows, a set of ethics develops as more businesses adopt the studies and principles
- Reptilian Brain and Golden Circleneuromarketing theories are developed within these three main brain layers. As mentioned earlier, they together to influence purchase decisions, specifically, the amygdala, the center of the brain where language and critical thinking have not been developed. The Limbic system is where the emotional center of the brain lies and the Neocortex is the outer part of the brain where consumers process decisions.
- In a research study on chocolate in the UK, neuroscientists partnered with BeyondDark, a brand promoting the taste of their chocolate as ‘the ultimate chocolate feel good treat.’ The company wanted to confirm this promise with scientific research in efforts for consumers to believe in the brand. Simon Sinek’s video on the Golden Circle states, “people don’t buy what you do, they buy why you do it… the goal is to do business with people who believe what you believe” (Simon Sinek: How Great Leaders Inspire Action, 2010). The company partnered with Birbeck University and technology company MyndPlay and used EEG headsets to measure the pleasure level consumers felt. With a scale to 100 being the greatest pleasurable feeling, just one chocolate drop elicited a pleasurable feeling of 65, which is less than finding money, but more than playing with kittens (Walker, 2013). This is important to the company because there are so many chocolate brands in the business making claims on ‘bliss’ and ‘deliciousness’, BeyondDark wanted to strengthen brand perception, solidifying the company’s chief principles and beliefs. Before fully penetrating the brand, it was the company’s goal to clearly define its message. They too, wanted to go beyond focus groups, market segmentation, etc. to provide evidence to its consumers of why their product is different from its competitors. The purpose of the study also was to entertain by filming the tests, persuade with actual scientific research, and create shareable news, according to James Nester and Graham Jenks, the Creative Directors at OgilvyOne, a consumer engagement agency (Walker, 2013). Collaboration between all these agencies not only enhanced the brand’s differentiation in the market, but also assisted in consumer neuromarketing’s forward motion into providing a valuable consumer relationship model for other industries to follow.
- Valentin Oliver Fabrega conducted two studies on consumers using Apple products. The study was to validate the question of whether having an Apple product promotes self-identification in a group:Brand loyalty is divulged from a deep sense of belonging to a group. In the fast moving world where instability is prevalent it is critical for consumers to develop an affinity with a brand encouraging stability and familiarity. Apple’s core structure are outlined through its products with philosophy and a different way of doing things, so it is easily understood when market intelligence was gathered, the majority believed they were part of a group which considered itself different than others.
- To further prove the hypothesis, there were several studies conducted to gauge problems faced in current market strategies, overall consumer neuromarketing understanding and if neuromarketers themselves believed in its opportunity for the fashion industry. The study was to grasp fashion marketing professionals understanding of current market intelligence and communication tools and observe whether there was a connection between neuromarketing and the fashion industry. Two additional interviews were conducted evaluating neuromarketing’s strategy in the fashion industry with Patrick Renvoise, the author of the book Sales brain, as well as with Roger Dooley, the author of Brainfluence.77% considering neuromarketing studies and theories to seek better market share, understanding what consumers are thinking, creating better supply chain alliances, and to generate better marketing communication campaigns. The remaining 23% found it may be difficult to convey the value of neuromarketing to brand executives.
- Addressing the 23% of non-believers in the survey, following diagram shows the laws of diffusion of innovation following the Technology Adoption Life Cycle Model from the book Crossing the Chasm by Geoffrey Moore. consumer neuromarketing (application or theory) is considered the technology. Technology is defined as the modification, usage, and knowledge of tools, techniques, and methods of organization to solve a problem, improve a preexisting solution to a problem, or achieve a goal. Innovators are those immediately seeing the value in new products and services. Early adopters see the value of new technologies and practices soon after. Early majority segments relate to technology, but wait to see how others have benefited first. Late majority adopters wait until the technology is a standard practice and laggards usually don’t bother with technology at all.
- Read Quote“In setting up a business under the name and meaning of the Golden Rule, I was publicly binding myself, in my business relations, to a principle which had been a real and intimate part of my family upbringing. Our idea was to make money and build business through serving the community with fair dealing and honest value.” (James Cash Penney, Adapted Quote)The mission of the company led to over a hundred years of business growth and billions of dollars earned for the heavyweight retailer, now with over 1100 stores. With the decline of business in their stores, largely due to other retailers entrance into the market, and global economic crises, the retailer began to experience a decline in revenues. Penney’s hired Ron Johnson, the Senior Vice President of Retail Operations at Apple, Inc. to refresh its business with a new marketing mix, in response JC Penney underwent a dramatic resistance amongst its core consumers and as a result lost over 25% of its sales.
- In JC Penney’s favor, the internal strengths of an experienced management team and board of directors, quality price driven brands, and a strong manufacturing and distribution system have allotted JC Penney to survive through financial hardships over the last century. Favorable external factors include increasing the appeal of JC Penney for department store retail consumers, infusing the value belief system all throughout, even with partners so the ideals of engaging consumer emotions to drive product sales stays at the forefront of all decisions made in the organization.JC Penney Perception. JC Penney’s current view in the U.S. media is troubling. It is portrayed as a stale and frumpy, retailer, attempting many ways to reposition itself in the marketplace. Because Americans are concerned about quality products that are simple and reliable, with a perceived value, JC Penney has the opportunity to recover from its setbacks due to the standard fervor created with sales and value pricing. It also has always been a retailer with substantial brand relationships.Placing the overall power of neuromarketing studies and theories in the marketing plan Describe where – Vendor/Buyer Relationships, Neuromarketing studies, Sales Brain Workshops and Marketing Coaching
- JC Penney logistics consist of a supply chain network comprising five distribution divisions – Store Support Centers, Distribution Furniture Warehouse, Furniture Outlet Stores, Retail Logistic Centers and Penny Expedited Package System. As the company adapts neuromarketing concepts and the ‘Golden Rule’ belief system, JC Penney will optimize the entire supply chain flow through creating a sense of service through our customers by providing the best possible value. Adopting the Sales Brain theme for diagnosing the pain, these channels will all work as one fulfilling consumer expectations.Recovering JC Penney’s image in the marketplace, while making the department store image more appealing to younger trend savvy consumer will be complex and will require creative marketing development and training to conduct the ‘pain’ analysis of our consumers and identifying our brand attributes clearly and consistently from concept to customer. Initial trials among the target market of traditional families will be the company’s first goal for choosing brands and promotions. The anticipated rollout schedule for the new store models will roll-out subsequently as brand image is improved and sales increase.The promotion and sales events will be monitored carefully to assess whether minor modifications may be required. As the store rollout, JC Penney will assess brand representation through neuromarketing studies, with emphasis on product placement and promotions.