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Conclusion

All in all, this paper focused on analyzing different studies that have been made in

a few of the major branches of neuromarketing as well as conducting an experiment to

validate and test neuromarketing techniques.

The literature review covered the history of neuromarketing and how this field has

been growing in the past years. Four major neuromarketing tools (facial coding, eye-

tracking, electroencephalogram, and neuroimaging) and different neuromarketing

techniques (use of colors, cognitive biases, heuristics, etc) have been covered and

explored and over 30 practical case studies and their findings have been mentioned and

analyzed. Previous research indicates that although it is hard to quantify the degree to

which neuromarketing can help a company increase sales amounts it does show that the results that come from implementing neuromarketing practices are positive both in marketing and sales performance.

Cases like Astro Pay (Kaminska,2022), Re:member (Hotjar, 2022), and Brand 24

(Hotjar, 2022), have shown that neuromarketing tools like facial coding and eye-tracking

can be used to identify problems and increase companies’ conversion rates. Other

studies have shown that neuromarketing techniques can help companies to better

understand consumer behavior, like how the height of a product in a store affects

customer perception (Van kerckhove, Geuens, and Vermeir, 2015), to predict if a product is likely to perform well in the market (Ullah et.Al, 2022), and predict future sales (Gregory S.Berns and Sara E.Moore, 2011).

The primary research has shown that the use of cognitive biases, heuristics, and colors can have a direct impact on how people perceive a brand. They also allow us to nudge customers and impact their behavior by using their unconscious to induce specific behaviors.

The facial coding experiment has shown that neuromarketing techniques do have

an impact on customers' preferences and are aligned with the findings and assumptions

of previous studies. The experiment showed that the use of colors, cognitive biases,

music, and other techniques can create a better perception from viewers and also showed that this type of analysis helps to understand the underlying reasons for certain customers’ behaviors and perceptions.

Overall, this study has shown that neuromarketing when correctly applied has a

direct impact on a company’s conversion rate, by improving the knowledge about

customers, which allows businesses to develop more effective and efficient strategies

that lead to better brand perception, positive attitude towards the brand, better sales

prediction, improved marketing metrics, etc. One of the advantages that come from83

neuromarketing is the ability that companies can have to predict behavior, adapt

strategies to catch customer attention, and nudge their perceptions and actions (Baños-

González, Baraybar-Fernández, and Rajas-Fernández, 2020).

Limitations

Despite the broad literature review, cases, and empirical research that indicates

neuromarketing does have a positive impact on brand perception, and the ability of a

company to convert clients, there are some limitations to this study.

Firstly, neuromarketing is composed of a broad set of tools and techniques, and this

research focused on understanding some of the major ones. It is important to bear in

mind that although the findings are promising, there are still more techniques and tools

that should be further evaluated and tested.

Secondly, this research aims to identify if neuromarketing techniques do have a direct impact on customer perception and willingness to purchase. The findings of the empiric experiment indicate that the use of cognitive biases, for instance, does influence viewers' perception of the brand and decision-making process. Despite that, the study

was limited to a sample size of 10 individuals, which is not the most appropriate sample

size for higher data reliability. For a strong reliability of the results, it is often necessary to collect a minimum of 50 reactions as explained by both Raquel Fructos and Pablo

Filomeno during our interviews.

Directions for future research

As it was mentioned by the interviewed specialists and other authors, one the

biggest problems the field of neuromarketing faces are the high technology costs and the lack of democratization of such field. It is critical that neuroscience and neuromarketing start to be more present in universities to not only increase awareness but also expand the amount of research and applications of neuromarketing.

It is also recommended that companies start to give more emphasis to

neuromarketing research and knowledge management systems to both develop internal

knowledge about their segments as well as disseminate such knowledge internally. This

would also allow the company to compile historical data on its customers which would

likely improve decision-making and be reflected in the company’s results.