Monday Memo
A Byte of Knowledge
AI tools are pretty divided between broad, general-purpose tools and specialized, laser-focused ones. On one side you've got the ChatGPTs and Microsoft Copilots that help with many tasks. Remarkable, but sometimes they spread themselves so thin, they can't always deliver.
On the other side are tools built for specific roles, like Book.AI for accountants or Anvyl for supply chain managers. You won’t use them every day but when you need them, boom - they can save you tons of time and make you a lot more money.
It’s crucial to know when to use broad-based assistants and when to use targeted heavy hitters. Because all the shiny new AI toys can be very tempting. But if you’re not picking the right tool for the right task, you’re doing more harm than good.
Something to Ponder
Two powerful questions to ask yourself to get a leg-up in your business, career, or industry:
#1: What is now possible because of AI?
#2: What will never change even with AI?
Exploring AI's possibilities opens doors to cutting-edge innovation, whereas understanding what remains unchanged by AI anchors your business in timeless principles. Let's take an eComm store owner who sells gardening supplies and plans for example. Here's what they may come up with as answers:
#1 Personalization for Product Recommendations: You could use AI to analyze individual customer behaviors and past purchases to offer highly personalized recommendations. If a customer frequently buys organic seeds and eco-friendly gardening tools, AI could suggest new organic fertilizers or eco-conscious gardening kits as they browse in real-time.
#2 The Value of Expert Advice: Gardeners, from novices to experts, will always seek reliable advice on their projects. Whether it's from AI or a human, they're coming to your store because they need guidance. It's your job to position your brand as THE authority for gardeners.
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We Asked – AI Answered
Our Question: “What’s the consumer psychology behind why so many apps use 'streaks' and 'badges' ?”
ChatGPT's Answer: This strategy is deeply rooted in influencing certain psychological principles, like:
The Endowed Progress Effect
This psychological effect occurs when people are given a head start in a pursuit toward a goal (e.g., a badge or completion of a level). Even if the progress is artificial, it creates a sense of investment and makes users more likely to continue toward the goal.
Apps use this by giving users "free" progress towards their next badge or streak milestone, making the goal seem more attainable and encouraging continued use.
Variable Rewards
When they'll receive a badge or reach a milestone, makes the process addictive. This unpredictability taps into our natural curiosity and desire for rewards, keeping us engaged and continuously coming back for more. This principle is similar to how slot machines work, providing enough unpredictability to keep users engaged over long periods.
Fear of Missing Out (FOMO)
Losing a streak or failing to earn a badge can trigger the fear of missing out. This fear is potent, driving users to continue engaging with the app to avoid the negative feelings associated with loss. It's a psychological tactic that leverages loss aversion, where the pain of losing is more significant than the pleasure of gaining.
GOT 15 SECONDS?
Thanks for reading our new weekly "Monday Memo" edition.
Until next time!
The AI Marketers
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