Everyone knows that functions such as Finance, Operations and Marketing have adapted well to the new data driven environment.
Most people believe that HR has the potential to be data driven as well.
But it is not quite there.
About a decade ago HR functions started dabbling with analytics. It was mostly reporting on productivity, level of employee engagement, motivation, compensation and performance.
Perhaps the greatest of all economists, John Maynard Keynes asserted that “the ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else”.
How right he was!
What is Neuromarketing?
Neuromarketing is a new field to understand consumer psychological response to marketing stimuli. It aims to understand the consumer decision process to buy based on marketing stimuli by measuring consumer psychological and neural responses.
A client loyalty metric created by Frederick R. Reichheld of Bain and Company and Satmetrix is known as Net Promoter Score (NPS). Reichheld has written about NPS in his article “One Number You Need to Grow” published by Harvard Business Review in 2003. Brand Loyalty and Customer Satisfaction can be assessed using NPS. Clients are surveyed and asked to rate on an eleven-point scale how likely they are to recommend the organization or brand to a another user. NPS is an administration apparatus that can be utilized to check the loyalty of a company’s clients.