How Meta AI got 400M monthly active users/40M daily active users, and The $1 trillion dollar business with a crappy website

0:00Did you see how Meta has 400 million monthly active users for their AI? i did not okay and then it's it's so it's 400 million monthly active users and it's about i think 40 million daily active users or daus which is a lot right but here's the thing so the information reported this but i don't know about you neil but have you sometimes accidentally like when you're using whatsapp or let's say you're using instagram you accidentally use the ai well when you search if i'm not mistaken it's using the ai correct and i don't care for the I am just searching for a counter username, but they're probably counting it as Neil used Meta's AI where I didn't use it.

0:42And I tried using it and it's crap. Yeah. So the way daily active users or DAUs or MAUs are measured, it's very contingent on the criteria, right? And so one usage might count as like, oh, you're a monthly active user right there. That's, you know, and wow, 400 million users. That sounds like a lot. And, you know, Facebook or Meta in general has billions of users. Um, so I think they're, they're kind of like they're, they're, they're PRing the numbers really high to show that they're still competing with open AI or even growing faster to open AI. Right. Cause sometimes it's all about perception.

1:18Yeah. It was just like when, uh, meta at the time was called Facebook and they wanted to compete with YouTube. So they made it where you can start putting in videos within Facebook. And when you scrolled, it would automatically play. So they would count that as a play. Right. And they were touting how many video plays they're getting on their platform. But it's a really skewed number because when I'm scrolling, I'm not really watching a video. There's automatically playing it. And I may have gone through 10 videos before I found one, but yet it counted as 10 instead of one. Yep. So take it for what it is.

1:53Everything in front of you is marketing at the end of the day because everything's human psychology. And the way you get to be able to buy stuff is through psychology, right? I got to take a minute to tell you about the Agency Owners Association. This is a peer group for agency owners think YPO or EO but for agency owners and I just wanted to read you a couple of testimonials So this first one comes from carrie and we asked her. What do you like most about the group? She said having a group of people to discuss and bounce ideas. The leads are great, too Yes, we share leads in this group as well This one from alien he says the ability to really post whatever I want and need and the group responds great experience members getting a lot of insights from conversations with other members, getting a lot of value from sessions from Eric, getting advice from others as well.

2:32And so if you want to grow your agency faster and you want a peer group to do so, just go to marketingschool.io slash agency. This is a group that both Neil and I created. And our hope here is to create a vibrant community of agency owners and do a lot more with it in the future. So again, marketingschool.io slash agency, and we'll see you inside. All right, so we're going to talk about the$1 trillion business with a crappy website. Neil, do you know what that is? no yahoo you said billion or trillion i said trillion i said trillion so um basically i'm going to share my screen over here we're recording remotely everyone um so neil's in brazil i'm in dallas texas right now um so check this out so i'm going to read this to you you guys can see this on screen too um you can't make this up berkshire hathaway just hit one trillion in market cap and this is a screenshot of their website the company has bullets with links attached to them on a single page website.

3:24And then, so let's just click this. Can you see this, Neil? Yep. This is their website. What's their beeping noise on your background? The computer can't charge because my mic plug-in. I just unplugged it. But look at the footer over here. So the footer says, if you have any questions or if you have any comments about our webpage, you can write to us in the address shown above. However, due to a limited amount of personnel in our corporate office, we are unable to provide a direct response. Basically, it's telling you. If you need help, email us, but we can provide you a direct response. Yep. So it just goes to show you, like you and I, you know, we talk about CRO all the time and all these things, but it just depends on the business that you're in.

4:03So you can build a trillion dollar company with a crappy website. Very possible in 2024. Scroll up. Or was that it? That was it. That was it. Just that little piece. There's not even above or below the fold. It's just one little piece of website. Above the fold is the entire website. Wow. Yep. I had the same point that I released, I think, an Instagram post on this. And I was like, if you look at some of the biggest businesses, people don't know them, like Sensora, Danaher, Fordiv. These are all massive companies, multi, multi, multi billions, not just in market cap, in revenue. I think Sensora does over$200 billion a year in revenue.

4:43They're a pharmaceutical distributor for all the drugs that we take just in the United States. low margins, high revenue, but they still make an arm and a leg in profit. Like you can make what they make in a day or a week and never have to work again a day in your life, probably a day. You know, I think we can kind of go in a different direction here. So just so you all know, like me and I, we're reacting to the news cycle a little bit, but we're also kind of talking about the, like our stories and also talking about some of the classic marketing school episodes where we share how to's. I think we're in a unique situation right now because you and I are both traveling.

5:13I'm in Dallas speaking at a conference and you're in Brazil. I'm assuming you have client stuff. You've spoken to a couple of people. You've spoken at a couple of events, right? Yeah. Okay. But you're spot on about us talking about the news cycle and the Berkshire Hathaway. It's still mind boggling. I just can't believe that's their website. So, okay. What I wanted to talk about, I'm with you on that. What I wanted to talk about is like what we're getting out of the events, right? So like, for example, sure, I'm speaking at this thing. um it's run by my friend ken mcgillroy who's also a ypo guy um they have people like robert kiyosaki oh rfk speaking here um so it's like a very like you know it's an investor focused conference right and um you know i'm doing two podcasts live one with ken one with robert kiyosaki and then i'm speaking at my own thing and then i'm also on a panel this afternoon on like buying businesses um and you know for me like yesterday like i put a little dinner together right and i always talk about the beauty of these dinners and just from that dinner i'm gonna have a guy helping me with my YouTube and he's helped a couple of people get their YouTube to like a couple million long form views per month, which are way more valuable.

6:16So we're going to try to do something. Right. And then, then there's another, um, there's another company. They're like, Hey, you guys want to do like a joint webinar. They have like, like 1200 companies or so that are, let's just say they're doing like 10, 15 million plus minimum a year. And like, you want to do a webinar. Right. So you just, you kind of don't know what's going to happen and you meet a lot of interesting people. I think the good thing about conferences is there's a lot of serendipity, but we've always talked about how you have to make the most of them. Right. So you're doing little dinners or like when Neil and I are speaking at a conference together in Germany called This Is Marketing, like we're setting up a dinner there, you know, we're doing marketing school, but we'll probably try to do some other things, but you just don't know what's going to happen.

6:48And I kind of want to get your take, like Neil, what has happened to you on this trip? Yeah. So I'll break down a few things, but going back to your trip, I'm assuming you didn't know Robert Kiyosaki before the event and you got a podcast episode with him because of the conference you went to, correct? That's correct yeah and i i uh there was a potential angle to even get rfk on which would have been really cool but um couldn't make the schedule work on that one and then there's a there's actually a republican congressman here he has like an eyepatch dan crenshaw um but you know couldn't make that work either so anyway the point is like if you can speak and plus you have a podcast you can probably get a couple of these people that you want yeah and you don't have to give them a dollar no for them to be on your podcast i've never had to pay for any guests before yeah no No, it's amazing.

7:34So here in Brazil, I've done, I don't know how many events. I think four, four events. I'm losing count. This week. Four speeches. So four speeches, four events. One of them was a corporate event. That's why I was a little fuzzy on the number, but they had everyone from their marketing team join. The company is so big. They also have an internal agency separate from the marketing, but just their own internal agency has over 100 people. and then each product has their own small marketing team that helps with the product and then they can outsource work to their quote-unquote in-house agency. But I got quite a few things from this event.

8:15One thing is I've met some great investors, not looking to raise money or anything like that, but I met some great investors that have done some really cool deals and they're just like, hey, do you want interest to some of the companies? Maybe they could be clients. Do you want to invest in any of the rounds? I passed on investing in the rounds. I realized I make better returns just investing in my stuff. One could say I'm a terrible investor because of that, but I've just done better putting money into my own stuff than giving it to others. I've done a lot of venture funds as an LP, which I find to be much easier than just writing a startup a check because it's a ton of paperwork at the end, at least when it comes to tax time.

8:56and then you don't have to deal with anything. You just write someone a check and they go find the investments. But going back to the point, some of the things I got was potential clients. I got more engagement on social media. There's people who have million plus followers who are sharing my speech and taking pictures. Three, I got a lot of raw footage that I can use for social content. I'm starting to repurpose more versus spending all the time tweeting. I just don't have as much time and it's really exhausting versus just repurposing this content that you and I are doing here. You've been pushing me on this for probably a year.

9:28Yeah, I've been continuing on it. I was just telling you you should do it. No, that's what I'm saying. You've been pushing me for over a year that I should be using the podcast content. The other thing that I got is I met this lady. Her dad created a company, and it's publicly traded. She's on the board. It's a multi-billion dollar company. Her dad's on the Forbes list. She's on the board for her father. pretty much the executive chairman and she gave me business advice even though she herself hasn't done much as an entrepreneur but she's watched her dad and her grandfather and she says you know a lot of people want to build businesses and make them big and she's just like i have seen my family build generational wealth and i've seen multiple people build multi-billion dollar businesses in my family.

10:22And all their a lot of their friends are billionaires, not all but a lot of their friends are billionaires. And the one most common thing that they all have is they've all been doing this for more than 30 years in the same business. The Black Friday Cyber Monday weekend is where systems get stress tested. Traffic surges, inventory moves fast and every second counts. You need a platform built for the moment. That's Shopify, the commerce platform behind millions of businesses and 10 % of all US e commerce. With Shopify, you can launch fast with 1000s of templates and tools that make your site not just beautiful, but conversion ready.

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11:27Go to shopify.com slash marketing school and make this Black Friday one to remember. And she's like, just think about it. Majority of the people who are billionaires, she's like, go look it up, go find. She's like, they've been doing it for 30 plus years in that business. Not 30 plus years as an entrepreneur, but a lot of wealth is just built from people doing the same thing for a very, very long time. And it just made me think, I think in 10 year cycles, five on the low end, but 10 on the high end. And I was like, huh, maybe I should start also planning for 20 years, 30 years, and even further out.

11:59I want to take a second to tell you about my podcast co-host agency. So NP Digital. So Neil Patel Digital. What they do is they do a whole host of marketing services and they are global. They're worldwide. They have SMB services as well. They have mid-market to enterprise services as well. They cover the entire gamut. So you can just go to mpdigital.com to learn more about it. And now back to the episode. We've been saying that on this podcast. I don't know if you remember. I've been saying like it's not 10 years. It's 20, 30 years or so. And it's just reinforced. And let me give you a good one over here.

12:32So Ken, my buddy Ken that's running this event. So he's got the 1.6 billion in real estate. And so there's a period of time. This was maybe 15 years ago. and this is, he met a YPO friend, right? They went to like a YPO event. And so Ken, the way, imagine this, like, let's say you're in a group of entrepreneurs, right, Neil? And let's say everyone's successful. What do you think on a scale of one to 10, how happy the men are usually? If everyone's successful, maybe a four or five max. Out of 10. Yeah, out of 10. Okay. I think a lot of rich people are not happy. you it's so this event in particular they ran a survey right it was nine out of ten so they're really happy right but the spouses were six out of ten right so they weren't that happy it's like okay well why is that so the way ken had prioritized 15 years ago was like i'm focused on the business first because it brings the bacon home for the family then i'm focused on the kids then i'm focused on the spouse and he's like his friend was like no no you got that all wrong his friend's like way more experienced than he is you know older right his friend's like no it's not even the kids first it's the spouse first then the kids and then the business once and that clicked for him immediately and when he said that i was like oh it clicked for me immediately too and i was looking my friend who came up with the question steve who runs prey.com because he's worried about it too it's like we spend so much time on the business but if you take care of the spouse first then that's a good relationship for the kids to look it brings stability to the kids and then it brings stability to the business too right um and so for me at least i can't speak for you but i'm I'm like, I've always been, and I'm not married or anything, but I'm like, yeah, that does make a lot of sense because I'm very business right now.

14:07There are no kids. There is no spouse. You know what I mean? So I'm keen to get your take on it. Yeah, I would say you and I are in a really different situation than most people. I think you and I are in the same situation because we were entrepreneurs really young. I don't think most people in their late teens, early 20s are creating businesses. So I am a big believer. I agree with you. spouse first because spouse takes care of the household and if you have stability it's easier to focus on a business but more so i would actually rephrase it and tell people if you're young it's one of the best times to start a business because you don't have a lot of responsibilities and you can focus and build up a solid foundation then when you want to get married you don't have to worry about a lot of the other stuff that people have to worry about in your life is much more stress-free.

14:58Like for you, I know you're single, um, and you date, but the way I look at it is you've been doing this long enough. And I know your profit fluctuates quite a bit per year, but it fluctuates quite a bit per year due to your own choice. You decide to either reinvest heavily in a year, or you decide that you want more profit. Uh, and overall you're seeing good growth. But the day you get married, you can have a very stable, functional, not just relationship, but business life balance with the relationship. And I don't think it would be too chaotic. You know, so it's interesting because I was in an Uber ride today and then this dude's the same age as us.

15:38Right. And he's like, he has two daughters and you know, he's like, he's like, I'm starting my entrepreneur journey. I want to do coaching and all that. And then we kind of both settled on like, man, it's a little tough to start something now. Cause at that age, right. He's like, yeah, I'm trying to get, I'm like, he's like, yeah, I'm very much like kids and a spouse first. Right. But, um, the problem with that is you can't put all your energy into it. So in your twenties, pre-marriage, ideally you're all in on your business for as long as you can do it. Um, and then you can switch over. So I think that's a, that's a fair statement because I saw the pain in his eyes.

16:11Dude. Okay. Imagine you're not married and you're in your thirties, which funny enough you are but imagine you starting your business today with no other external responsibilities it's still really tough because then you're just like man i'm in my 30s i still gotta eventually save up for a home and i gotta do all these other things and get married but even if you don't own a home and you spent all your money on your business and your business is growing and is spitting off cash everything else is solvable with money i'm not talking about the relationship side but the rest of the stuff that we need to live food transportation homes which is a lot of the issues that cause tensions within a marriage.

16:49So if you can just focus as being an entrepreneur as young as possible and learn from your mistakes, and it took Eric and I a long time to learn from our mistakes, but eventually we, I think both of us, we learned from our mistakes in our thirties versus our twenties. We thought we learned from our mistakes in our twenties, but we really learned from them in our thirties. And we may end up saying the same thing in our forties, but that's what will really cause you to start doing better and better. And we're still gonna, we're still going to make more mistakes at the end of the day. That is it for today.

17:20Please don't forget to rate, view, subscribe and visit marketing school.io slash agency to apply for the agency owners association. So we're changing it to application only now. And if you're qualified, we'll give you a call and yeah, we will go from there. We will see you guys tomorrow.