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How to (Legally) Destroy Your Competition | Ep 740
The Game w/ Alex Hormozi
Building Network Effects for Business Growth
Creating a large platform can attract more users due to the network effect, where people are more inclined to join if others are already on it. Telecommunications companies like Verizon and AT&T utilized network effects by offering benefits like free texting within the network to attract more users. Apple leveraged a product ecosystem where their products work seamlessly together, creating a closed-loop system that encourages users to stay within the Apple ecosystem. Businesses can leverage network effects by structuring their products or services to create a strong customer base or product ecosystem.
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