Monday, September 23, 2013

EDITORIAL OPINION: Where Is A Reputation Tracker For Network Marketing?

NOTE: Editorial Opinion is my personal thoughts on the state of the network marketing industry. 

The entire network marketing industry is overdue for a reputation tracking system, for companies, executives, and affiliates. And this would be maintained, much like credit bureaus track credit history, by similar private entities.

If you join a company that claim to be "started by veterans of MLM that has combined 20 years of MLM industry experience", don't you want to know who they are, and whether their experience are successes or failures? And if they are successes, did their DOWNLINES enjoy success as well? Or are they just cloning themselves with their downlines? If they are failures, don't you want to know WHY they failed? Are they bad at management, operated a scam, or just right business wrong time?

If you are joining someone as a downline, don't you want to know who your upline really are? What schemes / biz have they joined before? What were they promoting? Would you join someone if they have a history of pushing shady businesses, or worse, businesses that turned out to be scams?

Companies can publish their stats, like income disclosure statements, in a COMMON format (right now they are free to mangle the sheet as long as it contains the right fields).

Frankly, a lot of this is just due diligence, which is SORELY lacking, a very surprising fact given that network marketing is founded on social interactions, and thus, relies a lot on trust, and trusting without due diligence leads to one getting scammed.

Now you're probably thinking, no way! That's invasion of privacy! You will want to read on.

HILARIOUS: Ever heard of Comic Book Ponzi?

Yes, there really is such a thing as comic book Ponzi. Three men, WHILE IN PRISON, concocted a scheme where they claim they will buy up old film and comic book rights and recut them and make them into documentaries and license them out to make movies and whatnot. Through some fast talking about up to 150% gain short-term they amassed over 7 million in investments.

The truth is, of course, that they made almost nothing. In two-month period in 2007, out of all the deposits... $8000 was from sale of movies, but $1.7 million was from investors.

All three were serving sentences for some sort of fraud when this scheme was concocted. And in May 2013, they are going back to jail.

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