Deep learning and neuromarketing can work together to help the art market by predicting consumer behavior and preferences. According to Harvard Business Review (2019) neuromarketing is the study of the brain to predict and potentially manipulate consumer behavior and decision making. It uses technology that tracks customers’ neurochemical and physiological responses while consuming marketing content to gauge the emotional resonance of marketing campaigns (Bhatia, 2014). Deep learning, a subset of machine learning, can be used to decode EEG data to predict consumer's willingness to pay for a product (Hakim, Golan , Yefet, & Levy: 2023). By combining these two fields, art market professionals can gain insight into consumers’ subjective valuations and predict responses to marketing campaigns.
For example, a study developed a deep learning network to predict subjects’ willingness to pay based on their EEG data. In each trial, subjects observed a product’s image and then reported their willingness to pay for the product. The deep learning network was able to predict subjects’ willingness to pay based on their EEG data, overcoming the limitations of small datasets, high dimensionality, elaborate manual feature extraction, intrinsic noise, and between-subject variations.
In addition, the study of visual perception through the lenses of art and neuroscience can translate students' creativity across domains. Neuroscience and art each provide a set of tools for investigating different levels of the constructive process, and through neuroscience, we develop a specific understanding of the models of the world that the brain uses to make sense of incoming visual data. By understanding how the brain finds more meaning in incoming data than is explained by the signal alone, marketers can design more effective ads and identify customers’ ad preferences.
In summary, deep learning and neuromarketing can work together to help the art market by predicting consumer behavior and preferences. By combining these two fields, art market professionals can gain insight into consumers’ subjective valuations and predict responses to marketing campaigns. The study of visual perception through the lenses of art and neuroscience can also translate students' creativity across domains and help marketers design more effective ads.
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Sources:
Harvard Business Review (2019). Neuromarketing: What You Need to Know (hbr.org)
Bhatia, K. (2014). Neuromarketing: Towards a better understanding of consumer behavior (researchgate.net)
Hakim A, Golan I, Yefet S, Levy DJ. DeePay: deep learning decodes EEG to predict consumer's willingness to pay for neuromarketing. Front Hum Neurosci. 2023 Jun 5;17:1153413. doi: 10.3389/fnhum.2023.1153413. PMID: 37342823; PMCID: PMC10277553. Neuromarketing: Towards a better understanding of consumer behavior (researchgate.net)
Blaszczyk, C. (2019). 3Q: The interface between art and neuroscience. 3Q: The interface between art and neuroscience | MIT News | Massachusetts Institute of Technology