Shiny Object Syndrome
This post is going to tick off a few people out there. It’s a warning about the ‘Shiny Object Syndrome’.
What exactly is the Shiny Object Syndrome, you might ask?
This is the phenomenon where gullible people fall for the next big program or MLM (multi-level marketing) product that promises them unlimited fortunes. Or it’s the next new tech tool that will dramatically increase your online sales beyond your wildest dreams.
I’ve had many people, too many actually, whom I granted time to listen to their network marketing pitches about the revolutionary program or product they are promoting. It’s amazing how these people got hooked in the first place.
But some things that I observed — first, their pitches are usually not that professional, certainly not by corporate sales standards. This is an area that I know very well since I was in high level corporate sales (pharmaceutical sales) which required continuous training for over 14 years.
I can tell the difference between a good sales presentation and a bad one. Unfortunately, I have to report that the pitches I received from people with Shine Object Syndrome are pretty poor.
Can’t Provide Evidence Of Promised Results In Network Marketing
The other factor which is severely lacking in these network marketing presentations is that when it comes to promised results in terms of money to be made, they can’t provide any evidence of many people who are actually making a killing through their programs. Needless to say, the folks doing the pitches are not doing that well either via their same programs they are trying to get others to join.
Sure, anybody these days can show a testimonial from the company or even a video to boast how much one of their stars is making. But when it comes to showing hard evidence (via copies of commission cheques, sections of tax returns, etc.), there usually are none.
If these people are really bringing home the goldmine, they do have to report their earnings for tax purposes, do they not? Where is this proof and what percentage of people who sign up in these multilevel marketing ventures are actually making significant earnings?
Some of these folks will even claim that once potential recruits see their programs at their website or on paper, they will love it. To me, that’s another way of telling me that they don’t have any evidence I’m looking for but their grandiose plans will make up for it.
Well, I’m pretty sure that Nortel also had some pretty nice business plans on paper and look how their results turned out!
My Final Position On Shiny Object Syndrome
Fortunately for myself, I no longer fall for Shiny Object Syndrome. I don’t care about how much upside potential any program or MLM product promises, even if the promoter claims that this is a ‘once in a lifetime’ opportunity.
It’s the old line that warns us that we better get in at ground level before things really take off. Okay, sure, I didn’t buy Apple stock during the early years either but I’m not exactly losing any sleep over it.
I’ll stick to my proven path of real estate investing, even if it’s boring compared to any MLM venture. If you have a good solid system in business or investing, you don’t worry about missed opportunities since you learn to uncover other ones.
Even if I’m simply asked to refer other people to such programs – I have a reputation to keep so I don’t want to be labelled as a spammer or be connected with any venture that is questionable out there. If the program is not within my interest areas, then there’s no room for it on my table. Furthermore, if a program requires recruiting other members in order to be successful, I will make sure that I distance myself away from it
But I’ll take that even further. From this day on, I refuse to sit down and listen to anymore pitches from anyone, even friends, who have contracted Shiny Object Syndrome. Listening to these pitches are a complete waste of my time.
It’s not surprising to me that anyone who did promote such ventures in the past, are no longer involved with the companies that started them. I guess the big bucks did not materialize as they had hoped for.
So if you have a service or product that does not fall within any of my areas of interest, especially if it involves recruiting other members to make the venture successful, I want no part of it.
I only get involved in ventures that will not tarnish my reputation and ethical business I truly believe in. I’ll stick to real estate investing to achieve my financial freedom as I’m pleased with the results I’ve achieved so far.
When I do JV partnerships with people in real estate investing for example, I don’t hold any of the numbers from them. I show them all the receipts from expenses and the rental cheques if requested. I’ve got nothing to hide and don’t promise my JV partners that they will be swimming in gold coins anytime soon. I show them what is realistic, achievable and what has been accomplished in the past.
I’m now immune to the effects of Shiny Object Syndrome.
