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Scott Galloway is here today to talk about his new book “The Four,” which discusses the major four tech companies, Apple, Google, Amazon, and Facebook, and the ramifications of the world we live in.
In the process, we talk about how marketing works in today’s information economy, why irrational urges are the best space to work in because they provide massive margins, how Google has come to replace God in our lives, and why the more boring, less sexy industries are often the best opportunities to make good money.
Learn about all of that and more on this episode of The Tai Lopez Show!
Don’t forget, you can listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!
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Points to Keep In Mind
- Amazon does a very good job of dominating the news cycle with features announced carefully for this purpose, sometimes more for the purpose of the PR than for the feature itself
- Old media has basically been co-opted into being the investor PR department for big tech
- Traditionally, companies would try to under promise and over deliver. Because of the current news cycle, the reverse is the case with big tech
- The big four tech companies are getting to the point where they are starting to effectively replace religion in our lives
- Big tech is bringing very complex moral questions with it
- 80% of our phone time is spent in app, and 6 of the top 10 apps are owned by one company: Facebook
- Most of the money spent on advertising is with big tech companies
- As tech does better, it lowers prices, the reverse of the trend we see in traditional companies
- People now look to Google for truth, rather than traditional sources
- The question we have to wrestle with is: Is what is good for the consumer always good for society?
- We’ve had job destruction in the past, we’ve just never had companies as good at it as big tech is today
- Our evolutionary instinct is to want more, because lack causes starvation. But in the current first-world dynamic of plenty, this has some unintended consequences
- Irrational urges on the part of the consumer can lead to massive margins
- More households have a recurring revenue relationship with Amazon Prime than voted in the 2016 presidential election or have a landline
- Brands may need to start to open stores to maintain their irrational margins
- The more boring the industry, the higher the potential ROI