MarketBrain: An EEG based intelligent consumer preference prediction system

The traditional marketing research tools (Personal Depth Interview, Surveys, FGD, etc.) are cost-prohibitive and often criticized for not extracting true consumer preferences. Neuromarketing tools promise to overcome such limitations. In this study, we proposed a framework, MarketBrain, to predict consumer preferences. In our experiment, we administered marketing stimuli (five products with endorsements), collected EEG signals by EMOTIV EPOC+, and used signal processing and classification algorithms to develop the prediction system. Wavelet Packet Transform was used to extract frequency bands (δ, θ, α, β
1
, β
2
, γ) and then statistical features were extracted for classification. Among the classifiers, Support Vector Machine (SVM) achieved the best accuracy (96.01±0.71) using 5-fold cross-validation. Results also suggested that specific target consumers and endorser appearance affect the prediction of the preference. So, it is evident that EEG-based neuromarketing tools can help brands and businesses effectively predict future consumer preferences. Hence, it will lead to the development of an intelligent market driving system for neuromarketing applications.