Three signs an MLM offer is too good to be true
Like most people, I am sure that you are inundated with new launches of MLM programs nearly every day. I get offer to join in the pre-launch period, the launch period...you name it, and stern warnings that if I don't join immediately I might never get a chance to get into the named program again. Worse yet, if the program were to open up again, it might well be at an outrageously high price. So I'd better get my credit card immediately, or else....you know the rest of the story.
I like to research a bit on any program and find out who the owners might be, and see if they have any sort of track record. You can also Goggle the program name, or the owners name and find a wealth of information. Let the buyer beware!
I have several mental red flags that go up when I see certain MLM offerings, and I always keep in mind that the person who is going to make the most in any program is the owner. The owner needs affiliates who will sell his product or service, and he will pocket the majority of the money and pass along money to the affiliate as compensation for promoting his program. The system can work, and many people have done well in this business set up...but the statistics say that more than 90% of internet marketers fail, and I have no numbers for the failure rate of MLMs but they seem to come and go at an astonishing pace.
Three red flags:
1. Red Flag number 1: Imagery on the offer page that depicts yachts, country club living and a new Ferrari. Images are a powerful mental motivator and MLM owners know that if they can get you to mentally "sit" on that yacht or "in" the Ferrari they have a good chance to entice you to get your credit card out. My experience is the more of these pictures on a page, the more likely you may get yourself involved in something that has little chance of success. While adding some "fluff" to an ad is a great idea, these are not images a high percentage of joiners are going to attain. Maybe a few will, but my experience has told me otherwise.
2. Red Flag number 2: Any mention of the word "millionaire". And why not? Everyone wants to be a millionaire, which is exactly the catch. It takes time and hard work to make real money in this business. More than anything, it takes a great reputation and people willing to spend their money on a product you, or your reputation, endorses. No, there won't be millions of millionaires as a result of internet marketing...a few, maybe. The time frame for this "millionaire status" is often amusing, too. Some make hilarious claims that you can be a millionaire in 90 days. Who wouldn't want to be a millionaire in 90 days? Common sense tells us that it is highly unlikely you will even make a reasonable amount of money in 90 days, let alone be a millionaire. It takes discipline and hard work to build a great list and downline.
3. Red Flag number 3: Many programs simply will not divulge just what product they are promoting. This one drives me nuts. I want to promote programs with quality consumer products, products that are of real value. I recently received af offer for a free download of a "brillianant" social networking scheme, and I thought, why not? The advertizer promised that the download alone would open my eyes and I would see the light. Ah....erm...the book was fine, just a rehash of a bunch of well-documented information. I already knew that you were supposed to optimize your site for Google, and build links, etc, etc, etc. No, the book did not make me see the light, on the contrary, it gave me a fairly good insight into the quality of the program. Not much there...
I avoid the MLMs that are basically Ponzi schemes. Many programs avoid this designation by distributing some ho hum information and encourage you to sign up new affiliates, who in turn need to sign up new affiliates...but the real problem with these programs is they are schemes to build matrices, not deliver products. The life of these pseudo "Ponzi Schemes" is very short and they tend to fade from popularity, and profitability, very quickly.
My advice is develop your own product, or find a product you believe in deeply. It's far easier to tout the benefits of something that is of real value to someone.
Why would anyone walk away from Wall Street and start an internet marketing career?Well, I did.But not without months of struggles and disappointments. And did I mention aggravation? I wasn\'t very good at the beginning.But success came to me in time, and then more success, and it came in unexpected ways and with unexpected products. Needless to say, I ended up marketing products I evolved in to...I always thought I would teach the world to trade futures, after all, that is my area of expertise... but my business now has nothing to do with trading the markets, though it is still a goal of mine...no, I think to be successful on the internet, you have to learn to be successful on the internet...if that makes any sense?So I found myself attracted to programs that are both legitimate and informative, and I shied away from programs that promised millions...You can also read my trading blog at The Fractal Trader and get some insight into trading. I also write extensively at Making Residual Income
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