The Power of AI: Discovering Its True Capabilities

I haven't really seen any one large company, I'm talking about multi-billion dollar companies where they're like, "We make all our money "from Facebook ads, or just Google ads, or SEO so most aren't really worried about a moat, or search, it's omnichannel.

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What we've seen with the big brands is the moment you take an omnichannel approach and you embrace everything, we notice that the CPAs for all your channels go down by more than 10%.

Yeah, I think that's pretty true, like when you get to a certain scale, you don't have one golden channel, you have multiple channels that actually acquit a certain part of your revenue. I guess because we're on tactics, and you are, you know, renowned for coming up with tactics across the web on different things if you had to sit a marketer down today and just say like, you know, "You're a best practice marketer, "like you actually see the world in terms "of like all this best practice advice, "and let me like correct you in a couple of things.

"Here are some controversial things you probably have never, "thought about that work really well." What are some of those, like some of the more controversial things that if you were in a, you know, a marketing conference, and you said it, would you get some certain reactions from marketers?

So one, I think the software is a race to the bottom. A great way to market is just to give away tools for free. HubSpot's been a big advocate of this for years. If you look at Dharmesh and what he did with, is it the Website Grader, The Website Grader is not a freemium tool, it's a free tool, and a portion of them, if you get a lot of users, I get all of them won't be HubSpot users, but a small fraction of them can be HubSpot users. Email signature, don't pay for email signature, it's free. A very, very small fraction of them, even though it's not the majority, can end up using your product.

If you look at Zapier, most companies, don't need to pay for Zapier. You can do a lot of it for free, especially if you're a small business. The moment you get big enough, you don't care, like you're already using it, you'll pay, because you have a lot of hooks, and you're making enough money where it's really worth it for you, then you don't have to hire full-time developers, right? So that's one controversial thing.

It's funny, I've talked to a lot of VCs, I was talking to Sequoia Capital, I don't know when this was like a year and a half ago, and I was telling them, you know, what's funny is like if you look at MailChimp as a market, like an email segment, we were doing back to the napkin math on how much, how many emails MailChimp sends out, they got bought out for, I think, $11 billion, or somewhere around there, and I could get the same amount of emails sent out as them using third parties for around $5 million a year. It was something like that. It actually wasn't that expensive to send out the emails. The big cost is to acquire the customer.

If you look at Paychex, Paychex, I think, is a 40-ish, 50-ish billion-dollar company? I'm guessing on the market cap, but it's somewhere there. I can actually Google the stock right now. So Paychex stock and Paychex is a payroll solution, so Paychex has a market cap of $39.43 billion for this recording, all right? You guys are all familiar with UnitedHealthcare, I'm assuming?UnitedHealthcare, Their stock is one of the biggest insurance companies, this health insurance, is $485 billion. They're 10 times bigger. It doesn't cost that much to send out payroll and just send people money.

There are ways to make this super, super efficient, and really affordable. The cost-per-click for a lot of these payroll software words is like 60, 80, sometimes even over $100 a click. That's not for a customer, that's for a click. Give away the software for free, make your money, to all the people that are using your software, eventually they get big enough and say, "Hey, do you want health insurance? "We offer it," plug and play And make your commission there.

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2 Responses to The Power of AI: Discovering Its True Capabilities

  1. HastWPer May 4, 2023 at 2:31 pm #

    Watching you talk buying stuff in millions and working with fortune 500 companies making me feel it’s so easy to get there talk millions lmao…

    • Neil Patel May 4, 2023 at 9:21 pm #

      I believe in you 🙂

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