Top Business Trends | Sam Parr on The James Altucher Show

Check out The James Altucher Show Episode Page & Show Notes

Key Takeaways

  • 2020 has been a crazy year: Australian wildfires, possible war with Iran, impeachment hearings, COVID, riots, protests, and more
  • Sam Parr is bullish on “dumb phones”- phones which usually only allow calling and texting 
    • “Dumb phones are going to be a lot more popular than they are now” – Sam Parr
  • James Altucher wishes there was an email service that also acted as a networking tool by reminding him to reach out to contacts he hasn’t spoken with for a while
  • A cool email service idea: Tack news reports about your contacts so that if someone reached out to you but you never got back to them and there’s a huge spike in news reports about them, the email service would recommend you to contact that person
  • “I think that the opportunity for these services, to me this is like bitcoin in 2011…the market is going to pull something amazing out of you, the likelihood of failing is quite low even if your product is bad with these email services” – Sam Parr
  • Since a lot of people are overwhelmed with email, expect more companies to shift to texting their customers with services like Community
    • “I think text right now is underutilized” – James Altucher
    •  The average open rate of a newsletter is 15-25% while for texts it’s around 90%

Intro

Books Mentioned

  •  Sam has been doing exercises from the book The Happy Body by Aniela & Jerzy Gregorek, and says it’s been life changing for his posture

Analyzing The Email Business

  • AOL still makes roughly $600 million annually from their email subscriptions
  • Two new email services that have taken off:
    • Superhuman: It’s keyboard focused so it’s faster than using a mouse but takes a while to learn
    • Hey.com: It’s all about privacy; they ban tracking and don’t sell your data
      •  Increasingly, Americans are becoming concerned with their privacy and keeping their data out of the hands of companies
        • “It’s going to be like this weird email service that people are going to brag about that they’re part of a cult where you can’t be tracked” – Sam Parr
  • Privacy concerns are growing, Sam has seen more billboards for Duckduckgo (a search engine that keeps your information private) 
  • James wishes there was an email service that also acted as a networking tool by reminding him to reach out to contacts he hasn’t spoken with for a while
  • A cool email service idea: Tack news reports about your contacts so that if someone reached out to you but you never got back to them and there’s a huge spike in news reports about them, the email service would recommend you to contact that person
  • “I think that the opportunity for these services, to me this is like bitcoin in 2011…the market is going to pull something amazing out of you, the likelihood of failing is quite low even if your product is bad with these email services” – Sam Parr

The Future of The Email 

  • Since a lot of people are overwhelmed with email , expect more companies to shift to texting their customers with services like Community
    • “I think text right now is underutilized” – James Altucher
    •  The average open rate of a newsletter is 15-25% while for texts it’s around 90%
  • Sam is extremely bullish on AMP (accelerated mobile pages) and believes you’ll be able to buy products directly from your email inbox
    • You’ll be able to pick clothing styles and colors directly in email, and tap a button to buy the product
      • “You’re not going to go to a website ever again” – Sam Parr

Grocery Stores & Data

  • When you go to a grocery store and give them your phone number in exchange for coupons, the store is actually tracking your purchases and collecting data on you to understand customer behavior
    • There’s a famous story about Target sending coupons for pregnancy products to a 16-year old because their data indicated she was likely pregnant and her parents found out their daughter’s pregnancy through Target before their daughter told them
      • Grocery stores track all of your buying records and if you email them, you can get a copy of their information on you

The Posture Business

  • Sam has been doing exercises from the book The Happy Body by Aniela & Jerzy Gregorek, and says it’s been life changing for his posture
    • Sam believes more companies around posture will pop up, especially since more and more people are working on computers and always slouching over
      • Expect to see a Calm like app but for posture

James’ New Video Conference Platform Company

  • James has been working on a new video conference platform:
    • It will be able to record video and audio for calls
    • It will have audio mixing built into the service
    • Have the ability to change backgrounds and filters
    • It has better event organizing features (ticketing and tipping)
    • Has social networking and discovery built-in 
  • James has about 4 people working for him to build this
    • He has put about $100,000 into it  
      • James plans to launch it in the next few weeks

Corona Cleaning Services

  • Fortune 500 companies spend over $100 billion on compliance 
  • Expect to see companies pop up that provide coronavirus cleaning services and certify that the space has been sanitized
    • “It’s absolutely a 10-100 billion dollar industry that hasn’t even been one dollar in revenue created yet” – James Altucher
  • Two possible business models:
    • A subscription service where the company comes in weekly or monthly to clean the space
    • A subscription basket where the company sends you the tools (masks, UV light, cleaning products) and you need to clean the space yourself

The Paid Newsletter Business

  • Companies like Substack have made it possible for anyone to start a paid newsletter service in just a few minutes
  • In the newsletter business, you want to make 99% of your content free and charge for the highly-specialized content
    • You can also create a private-paid Facebook group (James is a huge fan of The Trends Facebook group)
  • James is a fan of having affiliate links on newsletters
  • Sam charges $300 annually for his newsletter
    • James recommends charging $100 or $2,000 for a newsletter
      • You’d be surprised how many people pay thousands of dollars to join a paid newsletters or a private-facebook group

Additional Notes

  • 2020 has been a crazy year: Australian wildfires, possible war with Iran, impeachment hearings, COVID, riots, protests, and more
  • Sam is bullish on “dumb phones”- phones which usually only allow calling and texting
    • “Dumb phones are going to be a lot more popular than they are now” – Sam Parr
  • Chrome and Email plug-ins are a huge business
  • In 2016, a guy reached out to Sam asking if Sam could interview him for The Hustle because he was going to run for president. Sam rejected it because the guy had no political experience, and that guy was Andrew Yang.
  • Even though James is strongly against going to college for most people, he didn’t pick a fight with his kids because he knew if he forced them against it, they may never speak to him again
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Notes By Alex Wiec

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