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MarketBrain: An EEG based intelligent consumer preference prediction system.

Fazla Rabbi Mashrur, Mohammad Tohidul Islam Miya, Ferdousi Sabera Rawnaque

    Annual International Conference of the IEEE Engineering in Medicine and Biology Society. IEEE Engineering in Medicine and Biology Society. Annual International Conference
    |December 11, 2021
    PubMed
    Summary

    This study introduces MarketBrain, a neuromarketing framework using electroencephalography (EEG) to predict consumer preferences with high accuracy. This innovative approach offers a cost-effective alternative to traditional market research.

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    Area of Science:

    • Neuroscience
    • Marketing Science
    • Computational Intelligence

    Background:

    • Traditional marketing research methods like surveys and focus groups are expensive and may not capture genuine consumer preferences.
    • Neuromarketing offers advanced tools to overcome these limitations by directly measuring consumer responses.

    Purpose of the Study:

    • To propose and validate a novel framework, MarketBrain, for predicting consumer preferences using electroencephalography (EEG) signals.
    • To assess the efficacy of EEG-based neuromarketing in understanding consumer behavior and preference.

    Main Methods:

    • Administered marketing stimuli (products with endorsements) to participants.
    • Collected electroencephalography (EEG) data using EMOTIV EPOC+ device.
    • Applied signal processing (Wavelet Packet Transform) and machine learning (Support Vector Machine) for preference prediction.

    Main Results:

    • The MarketBrain framework achieved a high prediction accuracy of 96.01±0.71% using Support Vector Machine (SVM).
    • Identified that specific consumer demographics and endorser appearance significantly influence preference prediction.
    • Demonstrated the effectiveness of EEG signal analysis in discerning consumer choices.

    Conclusions:

    • EEG-based neuromarketing tools, like MarketBrain, provide an effective and accurate method for predicting consumer preferences.
    • This technology can significantly aid brands and businesses in developing intelligent market strategies.
    • Paves the way for advanced, data-driven neuromarketing applications.