Competitive Landscape: Neuromarketing/Neuromarket research
To analyze the global competitors in the neuromarketing/neuro market research industry in terms of revenue, clients, marketing, strategy, methodologies, approach, and competitive advantage to gain insight about other competitors in the industry.
- Revenue: according to Zoominfo the company has a revenue of $11.4 million.
- Clients: some of their clients include Google, Coca Cola, Facebook, Twitter, BBC, Amazon, and Samsung.
- Marketing: while the exact marketing strategy/approach is not made publically available, it was found that Neuro-Insight had recently launched a new brand identity with a new internal client services platform to deliver deeper insights at scale. In addition, the new corporate identity, website, and technology platform is said to represent the cutting-edge nature of their work, technology, and experience.
- Strategy: according to Head of Strategy at BBH London, Neuro-Insight "blends scientific expertise with creative EQ making them brilliant partners in fuelling, selling, and optimizing great work."
- Methodologies/Approach: Senior Manager of Innovation Process and Research at Samsung has stated that Neuro-Insight takes up a 4Ps approach of patience, persistence, perspective, and passion. The comment goes further to say that "their ways are unique, their technology is validated, their people are motivated, their method is collaborative, their instincts are sharp and that their leadership is fearless".
- Competitive advantage: based on the client testimonial from Pandora, the competitive advantage of the company appears to be their dynamic team and groundbreaking technology.
- This technology advantage is further emphasized by another source which states that Neuro-Insight uses a unique and patented technology called Steady-State Topography (SST) that uses unique brain-imaging technology to measure how the brain responds to communications and is said to to be the most accurate measurement of memory in the world.
- Revenue: Spark Neuro has a revenue of $10 million according to Zoominfo.
- Clients: include Paramount, FedEx, Hulu, NBC, Barclays, and General Motors.
- Marketing: while specific information on marketing initiatives taken up by the company was not publically available, it was found that Spark Neuro had recently participated in "The Brand Marketing Summit" in May 2019.
- Strategy: rather than rely on traditional approaches, Spark Neuro goes right to the source and measures brain and nervous system activity to identify when people are engaged and when they are not by quantifying attention and emotional levels with second-by-second precision.
- Methodologies/approach: the company's approach is evidenced through their product offering which includes ad/concept optimization through second-by-second recommendations, testing ad products for effectiveness, A/B testings of multiple creative options, and breakthrough practices to break through the clutter.
- Competitive advantage: Spark Neuro is the only company to combine EEG (Electroencephalography), GSR (Galvanic Skin Response), Facial Coding, and Eye Tracking into a holistic algorithm to provide accurate and precise viewer attention and emotion data.
Proposed next steps:
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It is recommended to continue with the research with 3 additional competitors in the global neuromarketing space based on the following criteria: revenue, clients, marketing, strategy, methodologies/approach, and competitive advantage. The competitor analysis will be presented in this spreadsheet: https://docs.google.com/spreadsheets/d/1gniMZzF7zLuuU_WRf929oOljSjcTBMnzCQ_ZyjZ6vro/edit#gid=0