Magazine article ABA Bank Marketing

Listen Closely and Connect the Dots

Magazine article ABA Bank Marketing

Listen Closely and Connect the Dots

Article excerpt

A RECENT STUDY BY HARVARD UNIVERSITY NEUROSCIENTISTS uncovered one of the reasons why interactive social media sites like Facebook are so popular. Their insights show how banks and other businesses can ramp up the effectiveness of their websites and other marketing initiatives.

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Using a combination of brain imaging and behavioral tests, scientists demonstrated that people love to talk about themselves. During the tests, people were offered money to answer questions about other people, such as President Obama, rather than about themselves. Answering questions about other people earned respondents financial rewards, while answering questions about themselves paid nothing. Despite the financial incentives, people distinctly preferred to talk about themselves.

Using customer narcissism to your advantage

In related tests, the scientists used magnetic resonance imaging scanners to show more mental activity and blood How in the brain while people were talking about their own beliefs as opposed to speculating about the beliefs of others. While talking about themselves, the scans lit up like Christmas trees to a level similar to that associated with food, money or sex.

Self disclosure is what s driving the success of Facebook, Twitter and other interactive Internet 2.0 sites like Pintercst, Socialcam and similar user engagement sites. While some feel that such sites appeal only to people's narcissism and create no value beyond perhaps an attraction to advertising links, other companies are using today's communications technology to solve real business problems with the help and insights of customers and the public at large. …

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