Neuroeconomics: A New Type of Precision Marketing

We all make them. Decisions that is!

You decided to read this article, didn’t you?

So how do our brains decide on what we want and what we’ll do next?

Neuroeconomics is the term referring to the brains function behind decision making. Being a relatively new branch of science, it attempts to bridge the gap between economics, psychology and neuroscience.

By using brain image analysis techniques such as MRIs, scientists can see inside the brain and assess how you make decisions. However, as decision making is flexible and dependent on circumstances it’s very difficult to be accurate.

But imagine the endless prospects of this joint venture for business. We can find out what audiences will buy, aligning consumers with products ensures that company pipelines are constantly filled.

On the down side, loan sharks could pin point buyers through this type of precision marketing and target whole communities. Potentially adding to the current global economic deficit.

The Neuroscientists Opinion

Neuroscientists with an interest in psychology have already jumped on the band wagon of this new discipline.  As decision making is flexible, accuracy will be difficulty to achieve and results hard to interpret.

Consider also the hefty price tag that comes with performing brain scans. Combine that with the small number of study subjects that are used in scanning studies and you can see how getting meaningful results will be difficult to attain.

But imagine a future where we can measure how much you value something by just looking inside your brain. You don’t even have to tell us anything and we will know exactly what you’re thinking.

The opportunities are endless.