GaryVee - What Happens When ChatGPT Replaces Google? | GaryVee Q&A For ActionCoach UK
The conversation highlights concerns about the future of big tech companies like ChatGPT, which may prioritize their own services over directing users to external businesses. This shift necessitates businesses to focus on building strong brands to avoid becoming commodities. The speaker emphasizes the importance of creating a significant amount of content daily to establish a brand presence, using examples like Coca-Cola and IBM, which are recognized for their brands rather than individual leaders.
The speaker also discusses personal experiences in business, stressing the importance of resilience and adaptability. They share insights on pricing strategies, encouraging businesses to continually test and adjust their pricing based on market feedback. The conversation touches on the value of coaching and mentorship, acknowledging that while some may not need it in business, it can be beneficial in other areas of life. The speaker concludes by discussing a new project aimed at encouraging entrepreneurship among young people, particularly those who may not fit into traditional educational paths.
Key Points:
- Build a strong brand to avoid becoming a commodity in the AI era.
- Create 20-30 pieces of content daily to establish brand presence.
- Test and adjust pricing based on market feedback to find the right value.
- Resilience and adaptability are crucial for business success.
- Coaching can be beneficial, especially in areas outside one's expertise.
Details:
1. 💼 The Future of Big Tech: Control and Monetization
- Big tech companies are moving away from offering free services like Google traditionally did, indicating a shift towards increased monetization.
- Companies are increasingly charging for directing user traffic, such as when users search for services like plumbing, reflecting a strategic move to monetize user intent.
- There is a concern about AI tools, such as Chat GPT, potentially bypassing traditional service providers, like real estate agents, which suggests that tech companies may consolidate more power over market access, controlling user interactions and market dynamics.
- Examples of this shift include real estate platforms where tech companies charge for lead generation and direct access to potential clients, showing how traditional industries might be disrupted.
- This trend suggests a future where big tech not only monetizes services more aggressively but also exerts greater control over how users access various markets, impacting traditional service providers.
2. 📈 Building a Brand in the AI Era
- Tech initially expensive but becomes cheaper over time, allowing more businesses to adopt advanced solutions.
- Big tech companies may bypass traditional revenue streams, opting for larger profit opportunities directly through AI.
- Advanced users can leverage SEO on platforms like ChatGPT, enhancing visibility and engagement.
- A strong social media presence is crucial as AI advancements reshape consumer interaction and brand perception.
- Businesses must adapt to AI-driven changes in marketing and consumer behavior to remain competitive.
3. 🗣️ Authentic Content Creation: Staying True to Your Values
- Establishing a strong brand is crucial to avoid reliance on third-party platforms like Google or Facebook; a well-defined brand helps prevent commoditization.
- The speaker successfully built a business coaching company with 1,000 offices and $2.5 billion in sales, showing the power of brand over personal fame.
- For effective brand growth, businesses should aim to produce 20 to 30 pieces of content daily across social media platforms, focusing on authenticity.
- Avoid showcasing wealth or luxury in content, as this can undermine genuine brand building and alienate the audience.
- Active involvement in content creation, such as personally writing social media copy, helps leaders stay connected to their brand's core message.
- It's vital to charge appropriately for services, with market demand and feedback ultimately dictating value; this supports brand strength and pricing power.
- A strong brand enables businesses to command higher prices and fill large venues without external speakers, demonstrating leverage and influence.
4. ⚙️ Resilience and Adaptability: Key Traits for Entrepreneurs
- Resilience is likened to oxygen for business survival, underscoring its critical importance.
- Social media creativity offers a cost-effective growth strategy, emphasizing the need for adaptability.
- Prioritizing employee retention through genuine care addresses challenges related to employee optionality, enhancing stability.
- Business coaching is recommended for its benefits, although the speaker personally values experiential learning.
- External perspectives, such as therapy or personal training, are valuable for identifying growth areas.
- Candidness is a recognized weakness, with a distinction between public and private personas.