Using Science and Data to Generate Profit When it comes to introducing your business to potential investors, employees...
Using Science and Data to Generate Profit
When it comes to introducing your business to potential investors, employees and prospective clients alike, their perception is reality. However, that doesn’t mean you have to feel powerless against these subconscious judgments. As technology drives our understanding of human behavior, marketing, economics and decision-making forward, a new branch of psychological principle has emerged — neuromarketing. Let’s dive into the basics of what neuromarketing is and how you can capitalize on the latest research to benefit your bottom line and improve your MSP marketing and sales efforts.
What is Neuromarketing?
Neuromarketing combines neuroscience and marketing by utilizing our understanding of the human brain and underlying psychological and behavioral principles. And with the abundance of data available for businesses to utilize, the worlds of marketing and technology are experiencing intense revolutions. This means that you have more data and greater technology to increase intentionality in your sales and marketing processes.
How Can I Leverage Neuromarketing Principles?
Luckily, you don’t have to be an expert in psychology or MSP marketing to start benefiting from the research and tools available. Here are three areas of neuromarketing research your team can focus on today to bring in more leads, more sales and more profit.
1) Consumers Love Personalization
You read that right. Consumers seek out a personalized experience and expect the data collection that helps companies to provide it. Salesforce research shows that “84% of consumers say being treated like a person, not a number, is very important to winning their business”. Personalization can be utilized both in the marketing and sales process to help convert your leads into engaged customers. Whether you use AI-based programs like Crystal to gain insight into the person you’ll be meeting with or tailoring your marketing to hit specific demographics, there’s power in selling intentionally. Take a look at your processes and audit yourself by asking, how can I create a more personalized experience for my prospects and clients?
2) Data Privacy Equates ROI
The numbers don’t lie. When companies invest in data privacy and security, there is a direct correlation to ROI. Cisco researchers discovered that the average company receives $2.70 in associated benefits for every dollar spent on privacy. Additionally, 97% of companies have seen benefits like a competitive advantage or investor appeal from investing in privacy, according to Cisco. These statistics are powerful and persuasive sales points to arm yourself with when discussing the importance of cybersecurity, vCIO and managed services with prospective clients. We understand the importance of data security, but the translation to financial impact can be the nudge that helps prospective clients over the finish line and signing a contract.
3) Behavioral Design Will Optimize Outcome
Humans are biologically inclined to make subconscious judgments rapidly. According to Forbes, “within the first seven seconds of meeting, people will have a solid impression of who you are — and some research suggests a tenth of a second is all it takes to start determining traits like trustworthiness.” But this split-second judgement isn’t isolated to physical interactions, Forbes also notes that “visitors may form an impression of your [web]site in as little as 50 milliseconds.”
This is why consistent, professionally branded marketing collateral and frequent sales enablement training are critical to winning business. And with digital tools readily available, you can collect further data on your collateral and make micro-adjustments to further enhance your close ratio.
Lean on Experts for Support
The rate of innovation within our fields excites us, and we want to help your business reap the benefits of what’s possible with today’s cutting-edge technologies and strategies. If you’re interested in learning more about how Marketopia can support your efforts in IT and MSP marketing, sales enablement or appointment setting, connect with one of our experienced growth consultants to schedule a free growth assessment for your business!
Want to Learn More About This Topic?
Check out what Prince Ghuman, expert neuromarketer and behavioral designer, has to say on the topic in his 2020 TEDxHultLondon talk: “Neuromarketing and the Future of A.I. Driven Behavior Design.”