Hi, this lecture is about the marketing implication of the decoy effect. How can you apply what you've learned here? This is the question. For one thing, every time you make a decision, and you have few options to choose from, you would know what forces drive your decision. So you would be able to act more rationally so to speak. Secondly, if you're an online entrepreneur, whose task is to work on a pricing strategy, the information from the previous lecture would come in handy.

When exactly to apply the decoy effect, I want to put it as simple as possible. You can apply this effect each and every time when your customers are about to make a decision in their comparing different options. I'm gonna I'm gonna I'm gonna say that again, every time each and every time when your customers are about to make a decision, and they're comparing different options. You have to have at least two variables to apply the decor effect. The first one is always the price. Sometimes there can be many variables in the whole situation becomes more complex and less obvious for the customers.

But this is a little bit more advanced. If you have an online service with monthly plans, you can try using decoy pricing, but take into consideration that in the online world we are in there is one factor that really is an important part of the decision making process. That factor is called design. That's right this factor is called design. When you combine design with decoy, you would really have some great results. The fact of the matter is that not so many people have service that product.

Most of us have digital products. My advice to you is this. Think of a way that you can combine different products. You have these combinations of products will serve as a second variable. You remember the first one is price. This is always the case.

For example, you have an ebook, online video course, the audiobook, in a number of interviews, you can create these packages, just like in the picture here. If you don't have these products yet, just create them, put some work in effort, do some research and create them. Worse, like research in theory shouldn't sound complex or scary to you. Even if you have a big project to work on. Let's say you've never written a book before and now you have to write 400 words book ebook. The best piece of advice I could give you is this.

Start small. Do it every day, or in other words, be consistent and do not give up. Okay, this was a little bit off topic. Right now, I and my team are working on an application that helps people grow Their Twitter accounts organically. And it has nothing to do with buying fake followers or bots or, or something like that. By the time of recording this video, the project is around 30% complete, but once it is ready, I'll definitely set up decoy pricing, the name of the application is get followed and that's going to be the URL, get follow dotnet.

And basically, it has three general functions, the first one growing clean your Twitter account. Second one, Shadow your post on all of your social media accounts. And finally, what marketers are most most interested in tracking or traffic statistics, but more on that when the application is ready. I'll give you a notice. The next lecture is about your take action PDF file. Please download it on your computer and solve the case I've given you there.

If you are in a position that you can implement the Tico effect straight to your practice. See, please go ahead and do it. Thank you for watching See you in the next lecture.