The business world has seen many emerging fields over the last two decades or so. And believe it or not, neuroscience – which many people consider to be nothing but “science stuff” – is one of them. It has emerged as a field that is considered to have provided many essential contributions to the business world. People are realizing the importance of using the advancements made in the fields of neuroscience and decision making to help business leaders improve their processes.
Most of us are aware that brain and behaviour go hand in hand. As such, making use of the knowledge obtained in the field of neuroscience to the business world is essential. Research has shown that employing key skills (such as understanding of non-verbal and verbal communication, listening to customers and colleagues, and evaluating situations appropriately) are a sign of leadership potential and important in the business world.
Neuroscience can also provide insights into other processes, ranging from decision making and problem solving to consumer insights, that can be considered to contribute to the overall success of a business. It is also appropriate to mention that even famous business schools around the world like Harvard Business School have courses as part of their MBA program that surround leadership and the insights gained through the field of neuroscience.
Nowadays, neuroscience imaging techniques are also being used by many to especially gain consumer insights. They usually employ techniques such as Electroencephalogram (EGG), where brain waves are recorded when an advert is shown or Eye-tracking, where through a device you record the movement of the eyes to understand where the consumer had their focus while being shown an advert. Both these techniques are used by many companies to provide insights into consumer behaviour – including a few of our members at Sussex Innovation.
But before you dig deeper into how you can apply these techniques your company’s new marketing model to gain better consumer insights, it is essential to acquaint yourself with the ethics and practicality associated with their use. Professionals trained in the use of these techniques are essential, as not everyone can operate them and transform those results into usable data. Also, there are specific ethics mandated by different organisational bodies to govern their use, particularly in commercial settings.