How Spotify analyzed brain activity to improve its ad experience

Neuromarketing, a field that makes use of studies and research into the human mind, thoughts, feelings and experiences to design better products, increase sales as well as enhance the marketability of organizations has been gaining momentum. It involves developing an understanding of consumer needs by applying the techniques of neuroscience. While some techniques such as EEG, fMRI and the like are used to directly measure brain activity corresponding to specific functions, other tools include eye tracking and biometric data measurement.

Neuromarketing requires a good amount of investment. However, it is worth the expense since, in comparison to traditional forms of data collection, such as questionnaires and surveys, it directly collects information from the subconscious, a prime source of human decision-making. Moreover, manipulation of data is less likely using this method and it establishes a far better emotional connection with the audience. PepsiCo, Hyundai, Yahoo and eBay are some of the well-known organizations that have used neuromarketing. Spotify, the leading audio streaming platform has joined the list by recently collaborating with the neuro analytics company Neuro-Insight to conduct a brain wave study.

How was it conducted?

The study was based on the experience of 600 participants who listened to multiple genres of music, ranging from rap, pop, Latin, etc. Audio digital ads were allowed to play in between. Brain activity was measured by researchers using a brain tracking method known as Steady State Topography (SST). According to its developer, Richard Silberstein, founder of Neuro-Insight, It not only measures an individual’s speed of response to stimuli but also helps in understanding psychological processes by analyzing the speed of various brain sensitively.

What were the results?

  1. Emotional intensity can be increased by using digital audio since it keeps the long-term memory active and engaged in the process of searching for details and memories.
  2. The genre of music determines its impact on the brain. Rap music, which is driven by speech, tends to bring about more engagement. On the other hand, genres such as instrumental and rock produce more emotional attachment.  
  3. About 93 percent of the brain’s capacity to engage with the music or podcast impacts the engagement with ads. This was a particularly noteworthy aspect for Spotify, an ad-driven platform and can serve other similar platforms in the future.

Jon Gibs, who is the principal data scientist and global director at Spotify, reported that this study was conducted to ensure that Spotify serves content that aligns with the interests of the consumer. He believes that through Neuromarketing, brands can get good insights into a consumer’s thought process as they consume multiple types of media. Samrat Saran, who is the head of client solutions at Neuro-Insight, said that this study would enable them to determine Spotify’s efficiency as an ad-driven platform.

This study provided some valuable insights which can be very helpful to plenty of content creating and streaming platforms. Advertisers are always looking for customer-friendly platforms and through such studies, user experience can be optimized in such a way that more investors would be attracted to pitch in, which would, in turn, generate better revenues and services. Even though Neuromarketing is not yet widely used, it has the potential to transform the future of marketing.

What Is Affiliate Marketing ?

Affiliate marketing is an online marketing advertising channel that puts merchants in charge of an online marketing sales force. In simple words, affiliate marketing involves referring a product or service by sharing it on a blog, social media platforms, or website. The affiliate earns a commission each time someone makes a purchase through the unique link associated with their recommendation.

Affiliate Marketing

Roles in Affiliate Marketing

  • Merchants (Advertiser)

If you have a company and website, and you sell a product or service, you are a merchant. The merchants are the companies that sell a product and/or service, and they are the ones that pay affiliates for their marketing campaigns.

  • Affiliates (Publisher)

Affiliates are the website owners who allow a merchant to advertise on their site or blogs, respectively. They are the one who get paid whenever an ad performs, so it is in their best interest to have merchants with which they have an affiliate partnership.

  • The Affiliate Network

An Affiliate Network handles all tracking, reporting and payment to affiliates. It allows affiliates to find merchants which are suitable for their site.

It is a win-win situation for both affiliates and merchants.

Affiliate Marketing Process

Affiliate marketing is a transaction on a commission basis.

  • A website owner (e.g. a blogger) provides advertising space on his website (website owner: PUBLISHER/AFFILIATE).
  • The website owner offers this space to a company (or an organization) who wants to sell products or services (company: MERCHANT/ADVERTISER).
  • By placing the links of the partners on their webpages they pass on the traffic to the advertiser‘s webpage.

Some companies have a huge affiliate network at their disposal which guarantees them a constant flow of traffic.

How Does Affiliate Marketing Works?

  • Find and join an affiliate program
  • Choose which offers to promote
  • Obtain a unique affiliate link for each offer
  • Share those links on your blogs, social media platforms, or website
  • Collect a commission anytime someone uses your links to make a purchase.

Pros of the Affiliate Marketing

  • Zero/Minimal Investment – You can run your business almost with free of cost using different blogging sites. You just need to promote products.
  • Learning through earning – Affiliate marketing also can generate relatively passive income through commission, the ideal money-making scenario. Though initially you’ll have to invest time creating traffic sources, your affiliate links can continue to deliver a steady paycheck.
  • Work From Anywhere – One of the reason why affiliating marketing is booming on the internet is because you can run your business from anywhere in the world. You just need to have a laptop and internet connection to run your business.

Cons of Affiliating Marketing

  • Commission Based Payment – Companies largely paid the cost per click (traffic) on banner advertisements. As technology evolved, the focus turned to commissions on actual sales or qualified leads. Though there are still ads for the visitors to click on, affiliate programs usually only pay when a purchase takes place.
  • The early affiliate marketing programs were vulnerable to fraud because clicks could be generated by software, as could impressions.
  • No Guarantee of Revenue – Pay-per-performance can be a tremendous opportunity as well as a significant risk. No one promises that working as an affiliate marketer will be easy and that you are going to earn the expected revenue right away. It’s a challenge you have to face and put all your efforts into maximizing the opportunity, but all in all, it’s difficult to predict how much money you will make on it in the end.

Designing the Buyer Centric Funnel

In these industrial times, all the companies want to bait their customers, in fact for a much longer time than just one visit or purchase. This leads to continuous, relentless competition in the markets for the purpose of bagging more and more loyal customers. This is where the use of a Sales Funnel enters the talk. But is it possible to keep your customers devoted to your product without a well-designed, blockage-free funnel? The answer is ‘no’.  A sales funnel signifies the path which is taken by a customer from being just an explorer of your product to being a loyal customer for a long time. Through this article, we will go into depths of a customer’s psychology and get some insights on how to design a “buyer centric-funnel”.

Understanding the Funnel

The requirement of an effective method for better sales of a company’s product cannot be dismissed, keeping in view of the increase in a feud for loyal customers in the market. Also, with the coming up of e-commerce sites, grabbing a customer’s attention will be the predominant field to work upon, for the sellers. 

  1. Awareness- This is the key point that should be kept in mind while designing the funnel. Awareness does most of the work when it comes to putting the customer in a phase of scrutiny. To start with, we need to put forward a problem in front of the customer and provide a promising solution for the latter to build up the curiosity. At this stage, we wouldn’t mention our product to the customer.
  2. Consideration- Here, we need our customer to get so intimate with the product that he/she starts knowing about it like the back of his/her hand. We need to give out demos, free trials, triggers and customer stories to the customer to build up their trust in our firm because, to sell to a customer, you have to barge into the thought process of a customer.
  3. Purchase- Now you have to sell the product to your buyer and assure your product stands out from the products of all your competitors.
  1. Get into your buyer’s head- That’s where the whole concept of ‘Understanding the buyer’s psychology’ comes in. We need to ask ourselves questions like “What inspires them to buy our product?”, “How can our product be a solution to their problems?”, “How can we redesign our product to fit their needs?” and work on the answers to these questions.
  2. Slogans- Through close study, we come to a conclusion that firms with good slogans are doing better off in the market. The slogans and advertisements of these firms draw customers by getting stuck inside their brains.
  3.  Quality Maintenance- The quality of your product and extended benefits to loyal customers also gives your firm a new standing among the competitors. We also need to carefully appraise the field where our product fails to deliver and redesign it with wit.

Flipping the Sales Funnel refers to the process of retaining the loyal customers of the firm to gain new customers. Some firms in the market tend to forget its old customers in search of a bigger reach and new customers which lead to the degradation of the firm’s reputation in the market.

To gain ground, we need to build new customers on top of the old ones which can be done by referrals of the consumers to one another. Referral and reputation go and hand in hand. In fact, referrals are the leading intermediary stage for building a good reputation for the firm. According to a survey, 92% of people trust referrals from people they know.

We also need to adapt to the new rules of the market and focus more on redesigning products according to the wants of our targets for our technique to be successful. Rewarding the everlasting customers will be a plus point to this.

The design of a proper sales funnel is the most crucial part for the firm and should be done with patience and sheer determination through proper study and fact consideration, for the firm to leave its mark in this market race.

“The best sales questions have your expertise wrapped into them.”

-Jill Konrat

Importance of Scrutiny

The word “scrutiny” is derived from the Latin Manus, meaning “to happen”. Therefore, the management refers to the management of a particular business. It refers to the process of determining a specific, clear goals, and achieve them, by making best use of resources.

This will help the Group to achieve its Goals, the framing of factors of production, to collect and organize resources and to promote the effective integration of resources to achieve the goals . It will guide the group’s efforts to achieve pre-determined goals.

1. The Optimal use of resources:
Management to ensure the optimal use of resources, in order to prevent potential losses. This will help you make the best possible use of the resources within the limits set by your organization and its environment.

2. Effectively, leadership skills, and motivation:
In the absence of an institution or a business, the process is going to be random and non-systematic. The employees will feel more comfortable when they can see a group of people who are working day and night for the sake of the further development of the organization. The management of the group’s operations more efficient and effective. This will give the employees the opportunity to work together to achieve their aims in a coordinated manner.

3. Change and Growth are the following:
The activities of the group, is operating in a fast-paced environment with minimal supervision. Factors such as changes in technology, government policies, competition, etc.

4. In order to complete the objectives of:
The Precision of Contacts have hired people from Uttar Pradesh and gave it to them, not only work, but also in the homes, but also in memory, and their children, too. Employees, in turn, was a hard-working, and companies with high retention rates, and flexible labor force and gave them a competitive advantage.

WHAT IS SOCIAL MEDIA MARKETING?

 

Social Media Marketing is the use of social media platforms and websites to promote a product or service. Earlier, e-marketing and digital marketing were in vogue . But today, the term Social Media Marketing is gaining recognition. It connects you with your audience and helps in building your brand, increases sales and drives website traffic. It allows brands to establish their social media “tone” and “culture” and manage marketing campaign. 

The major social media platforms used are: Facebook, Twitter, Pintrest, Instagram, Snapchat and YouTube.

Through Social Media Marketing, companies keep in touch with individual followers. This helps instil loyalty into followers and potential customers. The use of new semantic analysis technology helps marketers detect buying signals. This includes content shared by people and questions posted.  

Below is a step by step guide you can use to enhance you social media presence:

  1. SETTING GOALS:

You should know what you want out of social media. Some may use social media for brand awareness whereas some may use it to drive website traffic. You should set realistic social media goals. To begin with, you should set small and achievable goals for yourself. This will scale your social media efforts and will be reasonable and affordable. 

You should pick out the social media platforms where your target audience is more. After creating a good social media presence on some platforms, you can expand it on other platforms as well. 

Your current social media marketing plan doesn’t have to be your plan forever. You can bring changes to it according to how your posts perform.

  1. PLANNING AND PUBLISHING:

Close to three billion people use the internet daily. In the initial stages, your main aim is being consistent on social media. All you’ve got to do is post pictures, videos or a blog post daily. This will bring you brand in the eyes of future customers. You need to plan your content beforehand and publish it at the right time. Also, being aware of your target audience is a must. Also, where does your target audience resides. A variety of social media scheduling tools allow you to publish your content on your preferred time.This saves your time and allows you to reach your audience when they engage with your content.

  1. ENGAGEMENT:

Engagement means that customers and stakeholders are active participants rather than passive. Engagement on social media can be divided into two parts: proactive and reactive conversations. Proactive means regularly posting content like photos and videos. Reactive conversations involve commenting and engaging. People might talk about your brand without your knowledge. So you will want to track conversations about your brand. But it is impossible to check all the notifications. Instead you can use a social media listening and engagement tool. It allows you to see all the mentions and messages throughout different platforms. It also enables you to see the posts that didn’t tag your business’s social media profile.

  1. ANALYTICS:

You will want to know how well your posts are doing in promoting and reaching out to people. You need to analyse the performance of your one post over the other. This will help you to fine tune your content for more engagement. Tracking the metrics of your content in real time will enable you to make small changes. It will save you from sweeping your entire strategy for a new one. You can be reactive in the short term to get the most out of your running campaign. Later,  proactively use these takeaways to inform your next major strategy. 

  1. ADVERTISING:

Promotion through social media ads is one way to promote your brand. It helps you reach greater audiences, even the people who don’t follow you. You can create ads according to your target audience. You can also specify the demographics, interests, etc. Social media advertising tools enable you to make bulk changes, automate processes and optimise ads.

Social media platforms are evolving everyday. You see some update almost everyday on the platforms you use. This means that social media marketing is also evolving everyday. Going with the current trends is one way of improving your content. People like to follow brands which post content with reference to the current trends. Because most of the users of social media consists of GenZs and millennials, it’s best to target them as your audience.

THE NEW AGE OF MARKETING

How User Interviews Will Improve Your Customer Journey—and Your Sales -  Salesforce Canada Blog

gone are those days when sellers ruled the market,and decided what a customer should buy . Sellers then focused more on their profit and never bothered about their customer satisfaction. Thankfully those days are gone and the new era of marketing has already started. the new age of marketing is way more advanced and systematic . Now customers decide, what a seller should sell and have equal power to control the market. “There is a famous saying that says” customer is the king , no doubt that in today’s scenario customers are more than king, rather they are now worshiped as God.

21st century is all about customer satisfaction. Now marketing is not just about selling the products but it is about selling the right product, to right person at right price and at right time.Today we have various marketing strategies which helps the companies and entrepreneurs to know their customer first, before developing a product or a service. They focus more on communication and consumer choices and then decide the price and the design of the product. so basically we can say that consumer are the geese who lay golden eggs everyday.

Now a whole lot of system is developed just to track the consumers needs to satisfy them. Isn’t it great that a company spends so much money just to keep their customers happy ? But that doesn’t mean the company is not making profit, well the company which takes care of their customers eventually end up having more profit. if a company has great marketing strategies and have loyal customers then it can easily grow and can also run for long term.

Apart from customer satisfaction today’s marketing is also all about going digital. Yes, so here i would be stating the importance of digital marketing in today’s era . Digital marketing has evolved a lot more in these years, with the help of this skill one can not only track their customer’s needs but, can also make money out of it. digital marketing helps the company to grow their brand and also helps the companies to understand their customers in a more easy way. In order to make a product unique digital marketing plays a crucial role.

Change in marketing concepts shows how far marketing has changed. starting from production concept to marketing concept everything has changed and have changed for good. i don’t know how the future of marketing will be but i am sure it will be more scientific , more valuable and more customer oriented.

Branding – A Powerful Strategy

Branding For Small Businesses Made Simple

shakesphere once said “what’s there in a name” , well this famous saying is not applicable in the case of marketing. In the world of marketing a name which i mean as brand is often used to increase sales , attract and retain customers. So basically in simple words, brand is an identity or a recognition of a product or a service. A brand can be a logo, a picture, or even just a word which distinguishes itself from other competitors. Hence this practice of creating a name or an image for a product or service is known as branding.

Companies and marketers are well aware of the power of branding, which is why they always end up in brand awareness. They know that in order to capture the mind of their target customers all they need to do is just advertise their brands instead of their products. But not every company focuses on their branding awareness some newly developed company can not depend upon their brand name just to increase their sales. But yes such small companies can simultaneously aware about their product and their new brand which can be useful for the companies to slowly improve their brand image.

More or less we somehow know why branding is important, because most of us while buying our daily essentials, we prefer to choose the brand, which we are well aware of . We might not be aware of the ingredients of a particular brand but if we know the brand then we do not think of anything else , and that’s the power of branding. hence, a powerful brand creates trust in the mind of it’s customers and within the market place.

So basically branding is a strategy which generates new customers and increases the value of the product. Let’s understand this in a very easy manner. Tell me what comes to your mind when you think of noodles ? ………Is it maggie ? , now think of a toothpaste ?…. Is it colgate ? okay last one , if you are asked to buy a branded notebook which notebook will you buy ? ….. wait, is it classmate ? I am sure most your answers were same as mine, probably we would have given the same answers in our subconscious state too, and that’s the power of these brands.

So far we came to know about the power of branding, but as there are two side of a coin, this strategy too has some disadvantages. A brand can also be the reason for the decline in the growth of a product. Let’s understand this with an example. Suppose their is company called ‘XYZ’ , this company’s name itself is a brand and it has got different product lines like XYZ-soaps , XYZ-drinks , XYZ- cosmetics. Some researchers found that this company is using harsh chemicals in it’s cosmetics but their other two product line has no flaws. But since their is a flaw in one of it’s product line people will start assuming that this brand uses harsh chemicals in all of it’s products and hence will stop buying the product which will eventually affect the company’s financial position.

That’s how simple is the concept of branding. As long as there will be competition in the market, companies will try hard to keep permanent impression of their product in their customer’s mind by improving their branding strategies.