Neuromarketing and the Future of A.I. Driven Behavior Design | Prince Ghuman | TEDxHultLondon

Summary

In this insightful talk, Prince Cumin unravels the complex relationship between marketing, AI, and consumer data. He starts with Target's AI-driven pregnancy prediction and moves to the present, where AI and neuroscience are used for hyper-personalized marketing. Cumin discusses the power of OCEAN personality analysis and its impact on political campaigns. He also explores the future of marketing with deepfakes and the cocktail party effect, urging consumers to demand fair trade apps and take control of their data privacy.

Takeaways

• 🧠 The power of AI and data analytics: Target's prediction of a customer's pregnancy using AI and data analytics showcases the depth to which companies can analyze consumer behavior.
• 🔮 Predicting future behavior: Modern marketing combines AI with neuroscience to not only predict but also model future consumer actions, using methods like ocean analysis.
• 🌐 The OCEAN model: A personality assessment framework representing Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism, used to predict a wide range of outcomes including relationship success and attitudes.
• 🎯 Personalized marketing: The use of personal data to create highly targeted and persuasive advertisements, as seen in political campaigns like Brexit and the Trump election.
• 🤖 Deepfakes in marketing: The rise of deepfake technology, which has already been used to create convincing virtual models for brands, raises questions about authenticity and trust in advertising.
• 🎉 The cocktail party effect: A psychological phenomenon where people instinctively pay attention to their own name or face, which marketers could exploit in personalized advertising.
• 💼 Ethical considerations: The speaker's personal experience with the 'face app' highlights the ethical dilemmas surrounding data privacy and the use of personal information in marketing.
• 💰 The currency of data: In the digital world, data has become a new form of currency, with consumers often unknowingly trading their personal information for 'free' services.
• 🛡️ Demanding transparency: Consumers should demand 'Fairtrade apps' that respect privacy and offer alternatives to data-driven services, similar to the organic food movement.
• 🤝 Bridging the gap: The speaker advocates for a balanced relationship between consumers and marketers, where both parties understand and respect each other's needs and boundaries.
• 💡 Consumer empowerment: Emphasizes the power of consumers to shape the market by demanding and paying for services that respect their privacy and data.

Q & A

What is the main theme of Prince Cumin's speech?

The main theme of Prince Cumin's speech is the deep connection between data, AI, and marketing, and how these technologies are used to predict and model consumer behavior.

What was the controversial Target story about?

The controversial Target story was about how Target used AI to predict a teenager's pregnancy by analyzing her shopping patterns, which upset her father who was unaware of her pregnancy.

How did Target predict the teenager's pregnancy without her browsing pregnancy-related items?

Target predicted the pregnancy primarily using offline credit card data and the Target discount card, indicating that the prediction was based on broader shopping patterns rather than specific pregnancy-related purchases.

What is OCEAN analysis and how is it used in marketing?

OCEAN analysis is a personality assessment based on five key traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism. It is used in marketing to predict and model consumer behavior and create highly personalized ads.

What role did Cambridge Analytica play in the Brexit and the US presidential election?

Cambridge Analytica created unique OCEAN profiles for individuals using data from Facebook surveys and then used these profiles to create hyper-personalized ads, which influenced voters' decisions during Brexit and the US presidential election.

What is the 'cocktail party effect' and how does it relate to marketing?

The 'cocktail party effect' is a psychological phenomenon where people can focus on a single voice in a crowd by hearing their name. In marketing, it relates to the idea that personalized ads, such as those using a consumer's face or name, can capture attention more effectively.

What are deep fakes and how could they be used in marketing?

Deep fakes are AI-generated images or videos that convincingly replace a person's likeness with another's. They could be used in marketing to create convincing advertisements featuring fake endorsers or models.

How does Prince Cumin suggest consumers can have a healthier relationship with marketing?

Prince Cumin suggests that consumers should demand and be willing to pay for 'Fairtrade apps' that are free from tracking and data exploitation, thus promoting a healthier relationship with marketing.

What is the 'prenup' Prince Cumin refers to in the context of using apps?

The 'prenup' refers to the terms and conditions that users agree to when using apps, which often include permissions for the app to access and use personal data.

What does Prince Cumin mean by 'money is an outdated form of payment in the digital world'?

Prince Cumin means that in the digital world, consumers often 'pay' for services with their personal data rather than with money, and this data can be extracted through various interactions, such as using discount cards or participating in quizzes.

What is the 'visual cocktail party effect' and how could it be exploited in advertising?

The 'visual cocktail party effect' is the ability of people to notice and focus on their own face in a crowd. It could be exploited in advertising by using deep fakes or personalized images to grab consumers' attention more effectively.

What are the three takeaways Prince Cumin suggests for a healthy relationship with consumerism?

The three takeaways are: 1) Recognize that money is an outdated form of payment in the digital world and that consumers pay with their data; 2) Demand and pay for 'Fairtrade apps' that respect privacy; 3) Be proactive like Beyonce and take action to improve the relationship with marketing rather than passively accepting the status quo.