Over the years, neuroscience has emerged as a vital crux for market research studies. Neuromarketing techniques have become advantageous over regular market research as it helps marketers tap into the most important facets of marketing—emotions and motivations of customers. As we transcend further into a technology-driven world, neuroscience has become one of the most purposeful assets for helping marketers and businesses unlock customer requirements with utmost accuracy.
Although neuromarketing is a significant determinant of marketing, its potentials are yet to be leveraged by marketers. “The largest enterprises in the space still had a lot to learn about how advertising works and neuromarketing was not being fully leveraged,” believes Phillip Lomax. Phillip’s encounter with the concept of neuromarketing made him realize its significance in the market sphere.
Decorated Work Profile
Phillip was educated in international schools around the world and holds a decorated career portfolio. He received a Presidential Scholarship to attend Cornish College of the Arts where he focused on Acting for Theater and Musical Theater and graduated Cum Laude with Honors. In 2011, Phillip participated in Fox Networks’ The X Factor where he finished 4th in the Men’s category. He also raised over $450,000 for various charities and has showcased his singing talent at renowned platforms such as Frank Sinatra’s Bachelor Pad in Palm Springs and many more. He further ventured into hospitality as a Front Office Manager. and took over 24/7 operations of a hotel property in Seattle.
Phillip further broadened his business development skillset with the team of Uber Eats where he established partnerships with thousands of restaurants and enterprise chains for 3.5 years. By the time Phillip exited the company, he was one of the top 3 salespeople—in terms of accounts signed and revenue for the tech giant. While at Uber Eats, he attended Harvard Executive Education classes for 2 years and earned a grateful experience.
In 2019, Phillip attended the Neuromarketing World Forum hosted in Rome where he was astounded by neuromarketing and regarded it as one of the most advanced technologies he had ever witnessed throughout his career. Six months later it was when he was in Singapore at the Global Restaurant Leadership Conference, where he realized the potential of neuromarketing within the restaurant industry. Currently, Phillip serves as the SVP of Business Development at MediaScience and contributes to its continuous success.
Optimizing Experimental Design
MediaScience was established in 2008 by Dr. Duane Varan in partnership with Disney. He was approached by Disney with an intriguing proposal. Under this proposal, Dr. Varan was sought to perform advanced research—which he pioneered as an academic—on a broader scale and in a dedicated custom research lab for Disney’s properties. After an exclusive 5-year period with Disney, the company onboarded various clientele such as Warner, NBC, Google, and several others. MediaScience has collaborated with nearly every major TV network and social media platform in the industry today. With its method agnostic approach, MediaScience has been optimizing experimental design for the past decade to generate accurate data for its clients.
MediaScience focuses on accurate data collection by integrating new scientific methods to measure its audiences. It determines the audience’s true response using its neurometrics. Its toolbox includes multiple platforms that can be used to test advertising and programming, such as its in-home streaming platform, StreamPulse, a private streaming system that enables it to collect accurate consumer feedback in an environment where the audience is at ease.
“If a brand is looking for a more controlled environment, we have multiple laboratories across the United States where they can access our comprehensive toolbox,” quotes Phillip.
Wide Array of Industrial Targets
MediaScience targets a wide array of industries. The company is preferred by platforms and publishers, who wish to showcase the performance of their advertising formats, for its ability to accurately test their efficacy. It is trusted by brands for its ability to dig deeper than traditional measures, and agencies rely on its work to steer the whole industry toward innovation that works. Yet, Phillip believes that the full power of neuromarketing has yet to be leveraged and its applications are boundless and even reach past the media industry.
MediaScience begins with excellent data collection and translates its datasets into powerful insights that can be further used to develop an appropriate brand strategy for its clients. Using its refined algorithms and datasets, MediaScience has become an “emotion-smith” by understanding cognitive engagement, response intensity, emotional feedback, memory, and its impact on the consumer-brand journey.
“We use an ever-evolving process to make sure we are always on the cutting edge of the neuromarketing industry,” asserts Phillip.
Leading into New Verticals
Being at the helm of the company, Phillip leads the sales organization, partnership acquisition, and growth strategy of MediaScience into new verticals. He was responsible for the company’s brand refresh in 2020, its marketing strategy, and new client development. Phillip has also contributed to establishing the premise for some of the company’s self-funded research on various topics.
Enunciating Success Elements
Neuromarketing is an industry that demands the greatest minds, who are perpetually curious and always asking themselves, “why?”and a scientific mind is imperative to make it big. Phillip believes that a small group of people can change the world. Speaking of his experience at MediaScience, he adds that he is at the beginning of a journey with his team. He mentions that it is important to stay ever vigilant and optimistic towards the vision while also taking a step back and looking at the bigger picture by applying knowledge with the consideration of global culture. By doing this, and through experience, one will build wisdom.
Phillip believes that passion is the fuel that powers us internally, however, it is important to note that it is not exclusive and that people are multi-dimensional in their wants and needs. One does not get to pick their passions, but just be aware of them to harness their full potential.
“Following my passions has led me to my journey and brought me several successes – but I don’t feel “successful” yet, I’m still hungry to make an even greater impact. The ability to understand and measure your own success is unique to each person. Success is dynamic and internal,” concludes Phillip.
Read full magazine: The 10 Revolutionary Business Leaders, 2023