22/04/2020
2/5 Digital Marketing theory that every marketer needs to know:
ᴛʜᴇ ᴅᴇᴄᴏʏ ᴇꜰꜰᴇᴄᴛ
This decoy effect has a psychological occurrence, which means the consumers are more likely to change the way they decide between 2 options if you bring them a third less appealing option and you place it on top as a first choice! for example, think about a subscription for a fashion news magazine that you have to get a lot of subscribers for, without changing the prices of the most wanted deals, you can simply add a non-appealing deal, in which the new subscribers will pay more and benefit less, they will automatically pick the old 2 ones and convert more that way! It was proven right by the New York Times!
When creating a product page for your business, you can always take advantage of the decoy effect by using the same principle for your pricing strategy, or even in your articles content, same topic, a long worded blog post and a short Facebook post that has the same information but shorter, can convert better in this case.