- MarketingCareers
- Posts
- WTH is Decoy Effect? | ChatGPT-powered Siri | Budget Allocator GPT
WTH is Decoy Effect? | ChatGPT-powered Siri | Budget Allocator GPT
Deep Kakkad
June 11, 2024
Looking for affordable, senior tech talent?
CloudDevs is your gateway to LatAm tech hiring.
🌎 Senior (7+ years) LatAm talent, tested for IQ, coding, and English fluency
💵 Affordable pricing with flexible plans
⏰ Hire in just 24 hours
Table of Contents
Curated Careers
Trends and Tidbits:
WTH is the Decoy Effect?
2 Resources for ad inspiration
AI Arena:
Advertisement Plan & Budget Allocator GPT
Apple + ChatGPT
Interesting reads for the week
If this was forwarded to you, consider joining our community through this link.
💼 Curated Careers 💼
💎 Trendy Tidbits 💎
➡️ WTH is Decoy Effect?
Imagine you're out getting popcorn at the movies. Three options:
A small for $3
A medium for $6.50
A large bag for $7
Wait what? Large comes at only $0.50 extra compared to the medium.
Now… most people would skip over the medium and jump straight for the large one because, hey, for just 50 cents more, why not get the biggest bang for your buck, right?
This, my friend, is the decoy effect at play.
It is also known as the "asymmetric dominance effect".
Why? Because, ultimately, it is a sneaky little trick used in marketing where consumers are swayed to choose one option over another by introducing a third option that's not really meant to be chosen (it’s a decoy).
It’s kind of like having a wingman that makes the main guy look better by comparison. The medium popcorn pricing makes the large pricing look better. Because — it's not priced to sell. It's priced to make the large seem more valuable by comparison.
As a result, it causes us to spend and consume more than what we really need.
Here’s a classic (but an extreme) case study:
There were 3 options for subscriptions to The Economist: $59 for an online subscription, $125 for a print-only subscription, and finally, $125 for both print and online access.
These options were presented to students and were asked to pick one.
16% of the students chose the cheaper online subscription
84% chose the print & web subscription and
(I am relieved to know) nobody chose the $125 print-only subscription.
Then, the option nobody wanted was removed ($125 print subscription)
And, another group was asked to pick from the two remaining options.
68% picked the $59 online subscription
AND ONLY 32% picked the print & web subscription.
The most popular option became the least popular one.
Amazing, isn’t it? You can listen to the guy who did the experiment.
The experimenter (Dan Ariely - author of Predictably Irrational) also said:
“Humans rarely choose things in absolute terms. We don’t have an internal value metre that tells us how much things are worth. Rather, we focus on the relative advantage of one thing over another, and estimate value accordingly.”
In other thoughts… a couple of nice resources:
Ad Creative Inspiration Library: Effortlessly
And a similar one but more B2B focused: Adfolio.Design
🤖 AI Arena 🤖
Advertisement Plan & Budget Allocator GPT
Just replace [budget] and [product] with your product and total budget.
Act like a senior marketing strategist with 20 years of experience in designing and implementing successful marketing campaigns for various products across different industries. Your expertise includes digital marketing, traditional marketing, and hybrid approaches. You excel in optimizing marketing strategies to fit various budget constraints while maximizing reach and engagement.
Objective: To create a comprehensive marketing plan for [product] with a specified budget of [budget]. The plan should include detailed insights into the type of marketing, the platforms to be used, the target audience, the allocation of budget, the confidence level in each strategy, and tips to enhance results.
Instructions:
- Identify Marketing Types: List different types of marketing strategies that could be effective for the product given the specified budget. These could include digital marketing, social media marketing, content marketing, influencer marketing, traditional advertising, email marketing, etc.
- Select Platforms: For each marketing type, specify the platforms that will be utilized (e.g., Facebook, Instagram, LinkedIn, Google Ads, TV, Radio, Print Media, etc.).
- Define Target Audience: Identify the target audience for each marketing strategy, detailing demographics, interests, and behaviors.
- Allocate Budget: Distribute the budget across the different marketing types and platforms. Provide a clear breakdown of how much will be allocated to each and justify the allocation.
- Evaluate Confidence Level: Assess the confidence level for the success of each marketing strategy (e.g., high, medium, low) and provide reasons for the assessment.
- Enhancement Tips: Offer tips and suggestions to enhance the effectiveness of each marketing strategy, considering the unique aspects of the product and its market.
Output Format:
Present the information in a detailed table with the following headings:
- Type of Marketing
- Platform
- Target Audience
- Budget
- Confidence Level on the Strategy
- Tips to Enhance the Result
Take a deep breath and work on this problem step-by-step.
Apple brings ChatGPT to its apps, including Siri — TechCrunch
Apple is bringing ChatGPT to Siri and other first-party apps.
Siri will be able to tap ChatGPT for “expertise” where it might be helpful.
You can include photos with the questions you ask ChatGPT via Siri.
ChatGPT integrations will arrive on iOS 18, iPadOS 18 & Sequoia.
Apple says that privacy protections are “built in” to the integrations.
Requests aren’t stored by OpenAI
Users’ IP addresses are obscured.
🧠Interesting reads🧠
🔗 Ethical Concerns of Artificial Intelligence → Link
🔗 Will AI take my marketing job? → Link
🔗 74 AI Statistics to Guide Your Marketing Plan → Link
🔗 10 Jobs AI Will Replace (and 10 That Are Safe) → Link
🔗 How to use AI to make more money and save more time → Link
Thanks,
Deep Kakkad, your marketer friend.
Reply