The Science of Branding

New technology is being used to determine what is successful and what is not successful in advertising. A new practice, known as neuro-marketing, measures the brainwaves of individuals while they watch or look at ads. Advertisers are paying thousands and thousands of dollars to use this technology, in hopes of gaining insight about their consumers. While some claim that this is the future of studying brands, others claim that this is not conclusive and even an invasion of privacy. On this episode, we look into neuro-marketing and other strategies that marketers are taking to study their consumers.

This week’s Brand Rant discusses how NBC is considering a new show where two advertisers would be involved weekly in the show. The show would follow a fictional advertising agency as they go after two real advertising accounts. And in the Brand Spotlight, we look into how Holiday Inn is spending $1 billion dollars to remodel its hotels and improve its image. Dr. Paul Bolls, co-director of the PRIME Lab at the University of Missouri - Columbia, joins us to discuss new technology that marketers are using to learn more about their consumers.

NBC is considering a new program where two advertisers would be showcased in the script each week.

Holiday Inn is remodeling all of its hotels and getting a new logo.

Neuro-marketing, where advertisers look at brain waves of consumers to determine whether an advertisement is effective or not, is being used more and more by marketers.

Drug makers are constantly trying to find the perfect name for a drug that will appeal to consumers and not cause medical problems.

Adding a nine to the end of a price can have an effect on the decision of the consumer.

Read how Wal-Mart uses a pricing strategy that creates a psychological feeling for shoppers.